progress oftheSouthwouldbeofbenefit tothem.Incontrast, therearemany countries whichmaintain anattitude ofhistorical short-sightedness whichis reflected inthepersistence ofprotectionist policies, inthesubstantial reduction oftheflowofcapital forfinancing development andanincreasing deterioration inthe.terms oftrade. Therefore, werepeatthatwearenotlooking forcharity, butfortheconcrete willtofindsolutions whichwouldbetoour mutualadvantage andwhichcouldputanendtothisworldrecession. Thesituation isparticularly serious insomecountries represented here because theyhavesuffered fromextremely severeclimatic conditions whichhave causedhungeranddisease. Inothercountries, difficulties havebeencompounded bypaymentobligations deriVing fromanexternal debtthatwascontracted ina chaotic international marketandatrealinterest rateswhichhavebeenthehighest inhistory~ InLatinAmerica, together withtheCentral American crisis, theothermajor question ofconcern toourregionisprecisely thatoftheexternal debtofthe countries ofourregion. Ofcourse,thisisasubject whichaffects almostthe wholedeveloping world,buttheformithasassumed inLatinAmerica hasprobably hitthatregionharderthanotherregions. Indeed, alargeproportion ofour external debtisconnected withfloating ratesofinterest. Inpractice, thisBHS/td A/40/PV.5 63 (Hr.Caputo, Argentina) hasmeantformycountry, forexample, thatoverthelastfouryearstheexternal debthasincreased by50percentasaresultofchanges intheratesofinterest which,asisonlytooclear,areentirely outside ourcontrol andindependent of ourwill. Inrecentyearsourregionhasseenexceptional political change. Almostall ourcountries haveputauthoritarian regimes behindthemand,afteraprolonged struggle forfreedom anddignity, democracy isnowflourishing inourpartofthe Americas. Butifthisexperience ofoursshowsthatthepeoplearemobilizing in th~..rtameofliberty toachieve democracy, history teaches usthattheyarealso mobilizing inthenameofwellbeingtomaintain democracy. Inotherwords,growth isdirectly linkedwiththestability ofthishardwondemocracy. Thetruthis thatthisgrowthisseriously jeopardized byourcapacity togenerate resources. Thisisparticularly.true ifalargeproportion ofthoseresources areswallowed up precisely bypaymentoftheinterest onthedebt. Ourcountries ~renowbeingaskedtoputintoeffectinternal adjustment programmes, whicharefrequently necessary fortheproperorganization ofour economies. Butthoseprogrammes, whichcallforausterity andeffort, tobe successful alsorequire prospects ofgrowth, andhencewellbeing.Itisthe expectation ofgrowthwhichmakessenseofthecurrentefforts. Thereforeitis impossible toconceive ofastablesituation inwhichausterity wouldnotbe accompanied bygrowth, oratleastbythehopeofgrowth. Thus,thequestion of resources fordevelopment issomething todaywhichhasaclearcutpolitical corollary, because theultimate stabilization ofourdemocracy woulddependonour obtaining thoseresources. Inthecircumstances, theproblemofexternal debt becomes aneminently practical andpolitical problem, andbythatImeantosay thatalthoughitisvitaltocontinue thedebatewithregardtotheneedforanew IBHS/td A/40/PV.5 64 I(Mr.Caputo, Argentina) worle':economic order,keeping aliveourdemandforinternationai justice, noone canreasonably supposethatweshal1 achieve immediate re8uli;l!i :e~oiiiiiuencuebci;e. However, ourcountries needurgentsolutions which,whilesupporting ourgeneral demands, willmakeitpossible tosolvethespecific andveryserious blockages whic:hexisttodaytoourgrowth. Inotherwords,thereisatimeforglobaldebate andatimeforexploring immediate measures. Wethinkthosetwoapproaches arenot contradictory andthat,furthermore, theyareactually complementary. Butwhat doesseemaproblem to~sisthefactthatgeneral discussion prevents usfrom makingprogress inthesearchforsolutions whichwouldmakeitpossible to retrieve aproportion oftheresources whichtodayareearmarked forthepayment andexternal debtservicing. Itisvital,therefore, thattheindustrial countries shouldalsoshoulder someresponsibility andundertake toeliminate thedisruptive factors whichhavecausedthepresentcrisisofindebtedness. Thiswasthesense oftheappealissuedbythe11LatinAmerican countries whichsubscribed tothe Cartagena consensus ofJune1984. TheGeneral Assembly hasde~ided toadoptonitsagendaofthefortieth anniversary oftheUnitedNations anitementitled "TheUnitedNations forabetter world·. Therefore, weshouldaskourselves onthisoccasion whatisthisbetter worldtowhichweaspireandhowwouldweliketoseeitbrought about. Weareconvinced thatthepeoples oftheworldaspiretoafutureofpeace whichwouldmeanmorethantheabsenceofwarandconflict. Whattheywantabove allisasituation whichwouldmakeitpossible forthemtoenjoythefruitsand
**Analysis**
The text primarily focuses on the economic development of Latin American countries, particularly in regards to their external debt, trade, and economic stability. It also touches on the theme of democracy and its relationship with economic growth. The discussion is centered around the idea of finding solutions to the current economic crisis and the need for international cooperation to achieve this goal.

**Category**
Economic development, International trade