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Cocoa, Finance and the State in Ecuador, 1895–1925
Author(s) -
HENDERSON PAUL
Publication year - 1997
Publication title -
bulletin of latin american research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 33
eISSN - 1470-9856
pISSN - 0261-3050
DOI - 10.1111/j.1470-9856.1997.tb00049.x
Subject(s) - opposition (politics) , modernization theory , politics , state (computer science) , economics , economic history , economy , political science , economic power , political economy , economic growth , law , algorithm , computer science
— In 1895 liberal forces, dedicated to the modernisation of their country's economic, social and political structures, came to power in Ecuador. The transformation was to be brought about on the basis of income from the profitable cocoa trade. Closely linked to the agro‐mercantile élite of Guayaquil, the liberals embarked upon an ambitious programme of reform. By the early 1920s, however, their hopes had been shattered by the decline of the cocoa trade and the impact of the First World War. Heavily indebted to Guayaquil banks and facing mounting domestic opposition, the liberals were overthrown by the military in July 1925.