Word: apra
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Dates: during 1960-1969
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...also a conservative newspaper publisher, a budget balancer, and the most orthodox of economists; his idol is West Germany's Ludwig Erhard. Yet he is running, in economic policy at least, a government whose dominant political base is a mass leftist party called APRA. Their dislike is mutual...
Beltrán got his job through a strange chain of circumstances that began with the election of President Manuel Prado in 1956. Like Beltrán, Prado belongs to the aristocracy of 30 or 40 interlocking families that dominate Peru, yet he was elected by APRA on his promise, which he kept, of restoring the outlawed party's legality. APRA's advice to Prado was to develop Peru's backward land by deficit financing. Against his own preferences Prado acquiesced, and government presses cranked out endless paper sols to pay for the expansion. He was soon...
...APRA was not pleased at the prospect, but it went along because Beltrán has a well-calculated economic plan. Hoping for U.S. development loans and well aware that the U.S. requires prior approval of the conservative International Monetary Fund, Beltrán (who knows and admires the U.S., is married to an American) imposed an iron austerity on Peru. When he gets Peru's economy in orthodox order, which will please him as much as Washington, Beltrán plans to ask the U.S. for $100 million, figures that the U.S. can then hardly refuse...