ABSTRACT
Latin America was probably hit harder by the world economic depression that began in 1979 than any other region. The economic devastation that is leading to the ruination of Latin America has some obvious social and political consequences as well. Latin America not only faces a desperate and unprecedented economic crisis, but it has largely exhausted the development models set forth in the past. Latin America is currently undergoing its most severe crisis since the 1930s. The origins of this crisis are deep-seated, complex, and numerous. The crisis has affected some of the Latin American countries more than others, but in all of them it is severe. The inflation rate in several countries is running over 1,000 percent per year, wiping out the heroic efforts of lower- and middle-class Latin Americans to save or to live on fixed salaries.
