Desarrollo energético en América Latina y la economía mundial

DESARROLLO ENERGÉTICO EN AMÉRICA LATINA y LA ECONOMÍA MUNDIÁL short run, and internal investments recognizing changes in the inter. national C08t structure (long run) . The interna,tionaI economic envi– ronment must therefore accomodate export expansion and be flexible enough to aIlow countries to manage their debt in an efficient manner. This latter is particular1y important since many developing countries. particularly LDCs, are not experienced debt managers. They are also given the task of managing economies that are subject to a wide variety of shocks other than those implied by energy. The latter half of the 1970's has also wittnessed debate on a New International Economic Order (NIEO). Resolutions pa<ssed by the UN General Assembly in 1974 expressed a determinatíon to bring changes in the international economic order that are more conducive to development. These measures have been almost unanimous}.y suppor– ted by developing countries, and caH for trade reform, debt resche– duling when needed, increased aid flows and other steps. RecentIy however cracks have begun to appear in the eommon position of developing eountries and divisions seem to be taking place along lines oI income leve!' For example at the 1979 Manila UNCTAD meeting, Brazil, Mexico and other IDCs made it clear that they wanted no part of debt rescheduling schemes, for fear that that would weaken their own future ability to borrow hea;vi1y when necessary. Diseussions of price support for raw materials exports are also beginning to feel the frosty attitude of some IDCs, sinee they are becoming increasingly Iarge importers of these goods. The energy crisis added new fractures to the developing country bloc. First, IDCs can obtain loans on better terms than LDCs. The la. tter also find a given debt burden more of a "burden" since they face a greater degree of uneertainty and instability in their eeonomies. By inereassing the need for loans, oil price inereases have helped de– monstrate that a sound credit rating is something of great value when faced with a need for short term, flexible financing. LDCs feel that an appeal for general debt relief will weaken their ability to seeure new loans, but will do nothing to ensure that new "erises", requiring their support from demands for debt relief, but are beeoming openly hostile to the idea. In the area of trade reform too, IDCs are finding that the old inter– national economic order has not served them too badly. Analyses have shown that earlier steps to gain preferences for their exports in MDCS) systems oi trade perferences or measures to increase (not just ralization occuring within the CATT framework. (Balasa, 1978; Baldwin 235