ECON224unit 4 IP

ECON224unit 4 IP - Running head: Unemployment Rates have...

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Running head: Unemployment Rates have skyrocketed in Argentina. Unemployment Rates have skyrocketed in Argentina. ECON224- Unit 4 IP Cheri Bolin August 11, 2011 Abstract
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Unemployment Rates have skyrocketed in Argentina. Unemployment in Latin America is rising to levels that exceed those of the so-called “lost decade” created by the debt crisis of the 1980s, according to a recent report released by the United Nations-sponsored Economic Commission on Latin America and the Caribbean (or CEPAL, the agency’s Spanish acronym). At the same time that the jobless rate for adult workers is setting records in many parts of the region, child labor is growing even more rapidly. Debt relief programs, the return of capital investment, a return to controlled inflation and the decline in capital flight all failed to staunch the steady growth in the ranks of the unemployed. Even as economic growth rates have grown moderately, unemployment continues to rise unabated. Region-wide, the jobless rate has risen at least 10 percent over the last decade, though in some countries it has shot up far more precipitously. In Argentina, unemployment rose from 8.8 percent in 1990 to 19.7 percent in 2002. In Argentina, it is now estimated that over 40 percent of the population is living below the official poverty line. The rise in unemployment in the region is bound up with the wholesale privatization of state-owned enterprises under the structural adjustment programs imposed during the 1980s and 1990s. The report also attributes the failure to generate new jobs to a shift in “trade patterns, oriented towards primary goods and the intensive manufacture of raw materials,” as Latin America has been more closely integrated into the global capitalist economy. With millions of Latin American workers left without jobs and masses confronting grinding
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This note was uploaded on 12/10/2011 for the course ECON 224 taught by Professor Morales during the Spring '11 term at AIU Online.

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ECON224unit 4 IP - Running head: Unemployment Rates have...

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