- Great Depression in Latin America
The Great Depression which followed the US stock market crash of 1929 impacted heavily on the countries of
Latin America. Before the global Great Depressionof the 1930s, links between the United Stateseconomy and Latin American economies had been established through US investmentin Latin America and Latin American exportsto the US. As a result, Latin Americans felt heavy reverberations when the US market crashed in 1929. Chile, Peru, and Boliviawere, according to a League of Nationsreport, the countries worst-hit by the Great Depression. The rise of fascism also became apparent in Latin American countries in the 1930s due to the Great Depression. In particular, Getúlio Vargasof Brazilwas a staunch supporter of the fascist movement and imitated the Italian government. Fascist governments were the result of a desire for nationalism, which rulers like Vargas played on through propaganda.
The Great Depression also lead to the beginning of the industrialization process in Brazil, as the country needed an economic alternative do the highly devalued
coffee, Brazil's main commodityat the time. the Getúlio Vargasgovernment started to purchase and burn coffee from the farmers, in order to avoid their complete bankruptcy.
*Modern Latin America, Fifth Edition, T. E. Skidmore and P. H. Smith
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