Line | During the 1980s, many economic historians |
studying Latin America focused on the impact of | |
the Great Depression of the 1930s. Most of these | |
historians argued that although the Depression | |
(5) | began earlier in Latin America than in the United |
States, it was less severe in Latin America and did | |
not significantly impede industrial growth there. | |
The historians argument was grounded in national | |
government records concerning tax revenues and | |
(10) | exports and in government-sponsored industrial |
censuses, from which historians have drawn | |
conclusions about total manufacturing output | |
and profit levels across Latin America. However, | |
economic statistics published by Latin American | |
(15) | governments in the early twentieth century are |
neither reliable nor consistent; this is especially | |
true of manufacturing data, which were gathered | |
from factory owners for taxation purposes and | |
which therefore may well be distorted. Moreover, | |
(20) | one cannot assume a direct correlation between |
the output level and the profit level of a given | |
industry as these variables often move in opposite | |
directions. Finally, national and regional economies | |
are composed of individual firms and industries, | |
(25) | and relying on general, sweeping economic |
indicators may mask substantial variations among | |
these different enterprises. For example, recent | |
analyses of previously unexamined data on textile | |
manufacturing in Brazil and Mexico suggest that the | |
(30) | Great Depression had a more severe impact on this |
Latin American industry than scholars | |
had recognized. |
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