U.S. Aid To Latin America
Because of the program, economic assistance to Latin America nearly tripled between fiscal year 1960 and fiscal year 1961. Between 1962 and 1967 the US supplied $1.4 billion per year to Latin America. If new investment was included, this amount rose to $3.3 billion per year.
But economic aid to Latin America dropped sharply in the late 1960s, especially when Richard Nixon entered the White House.
Authors L. Ronald Scheman and Tony Smith state that the amount of aid totaled $22.3 billion.
But this amount was not necessarily net transfers of resources and development. Latin American countries still had to pay off their debt to the US and other first world countries.
In addition, profits usually returned to the US, and profits frequently exceeded new investment. In March 1969, the US ambassador to the OAS, William T. Denzer, explained to the House Committee on Foreign Affairs:
"When you look at net capital flows and their economic effect, and after all due credit is given to the U.S. effort to step up support to Latin America, one sees that not that much money has been put into Latin America after all."
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