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Economic Development of Central America Econ. 4200 - Spring 2004 – Dr. Taylor - page 83 / 153

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Embargo against Cuba in the early 60’s diverted demand and preferences to Central America.

Cotton, sugar and beef production had complex, capital-intensive forward-linked processing activities which led to significant investment.

Development of new agricultural industries put a strain on the poorly developed financial systems => led to banks and bankers becoming more important in systems.

UFC became United Brands in 1970 and sold off Guatemalan operations to Del Monte.

What was the “Green Revolution” and who benefited from it?

Note: Despite this, food imports rose in region during this period. There was a rise in general hunger due to domestic relations of export production and the resulting concentration of income.

Due to rising productivity in agriculture, chronic labor shortages came to and end in the region.

This put pressure on rural people to migrate to cities.

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