ABSTRACT
Delinking was the almost unanimous reaction of Latin American governments to the 1929–1930 debt crisis. Default enabled several of these governments to push forward processes of extensive capital accumulation oriented toward domestic markets, which in turn bolstered economic and social differentiation and contributed to the establishment of national-popular, devel-opmentalist regimes. However, during the 1980s every Latin American government resorted to international financial rearticulation in order to manage the new debt crisis. Particularly relevant was the leverage this decision got both from U.S. government agencies and from multilateral organizations (the International Monetary Fund [IMF], World Bank), which combined political pressure and financial resources to prevent the repetition of the historical precedent and the building of any type of debtors' cartel.
