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The countries that were hardest hit in the immediate aftermath of the oil crisis have made the best long-term adjustments to the oil shocks Refute this statement with examples How were Argentina and Brazil doing pre shock For this presentation we have chosen to refute that the countries that were hardest hit in the immediate aftermath of the oil crisis have made the best long-term adjustments to the oil shocks Considering the data which was available to us we have chosen Argentina and Brazil to refute this statement as the evidence shows that both these countries were amongst those hardest hit At the start of the 19th century South American countries started to borrow large sums of money from abroad After the second world war this borrowing increased substantially as these countries found it all too easy to keep on borrowing money instead of trying to find where the majority of this money was going to as much of it was unaccounted for In addition this foreign borrowing also masked the need for domestic economic restructuring Both the political and industrial power was to be found in the hands of either the military or large wealthy families Therefore a large proportion of this foreign borrowing was spent on the military or put into the hands of corrupt upper class families instead of fuelling the poorly developing economy There were flows of foreign capital in the form of investments not loans into these countries but again this money because of the high level of corruption was rarely seen by those people who needed it Thus the high level of corruption prevented any benefits either through loans or profit from benefiting the working class through higher wages improved health and education It should be noted that the working class constituted the majority of the population in both Argentina and Brazil At the same time there was a huge increase in the drug
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