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67 Cards in this Set

  • Front
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Mexico Presidents
Carlos Salinas 88-94 - PRI
Zedillo 94-00 - PRI
Fox 00 - 06 - PAN - PAN
Calderon 06-12
Mexico - PRI
held control in 2000, through Zedillo.
Was nationalist and interventionist until they turned fre-market and liberalized.
Still dominant in camara de diputados (lower house) but not in senate.
Mexico - PAN
center right. Vicente Fox was former president of Coke - Mexico. He failed because PAN didn't have a majority and had low credibility due to coke bkgd. People had very high expectations for hin, and he proposed FTAs with Japan and singapore and got them with EU, and associate of Mercosur. won in 2006 (Calderon). PAN closer to catholic church than PRI. has plurality in Senate.
Mexico - PRD
AMLO leading in 2006 election until the very end. He led the coalition fo the good of all.
Mexico - Carlos Salinas
reformer. Restructuring without rights, then restored democracy after. Privatization of SOEs, reduced tariffs, NAFTA, but Pemex still state-run and inefficient, without any infrastructure investment.
Mexico - Causes of 1994 peso deval
bkgd: 1982 debt crisis due to over-reliance on oil. Then, currency was pegged by Salinas in anticipation of 94 elections in an attempt to ensure growth and thus political support. Led to good growth with low inflation

then political concerns (Assassinations of candidates as well as uprisings in Chiapas (leftist Zapatistas) along with expansionary fiscal and monetary politicies, build-up of ST debt, and delayed devaluation and adjustment. had fixed exchange rate, large current account deficit, large budget deficit, small foreign reserved, large foreign debt, and high political risk
Mexico - Felipe Calderon
PANista. Won in 2006. Has achieved pension reform and some fiscal reform, but future market reforms still needed = energy, labor, others. Much depends on his leadership ability. Approval rating fell to low of 47 percent in march 2010.
Mexico - Retail in Mexico
mom and pop stores had long dominated Mexican retailing, but this changed quickly in the 1990s due to improved IT systems, evolution in distribution, more accessible business environment, and upsurge in foreign investment. Many JVs.

Classic bargaining case. Walmart had capital, Mgmt info systems, brand, mgmt knowledge, and sourcing excellence. Cifra had local knowledge and the existing space/stores. lessons: in volatile emerging mkts, deep pockets help. also local firms can facilitate entry. finally, need to anticipate trends, such as NAFTA.
Mexico - Packenham Model, current and future
reforms are urgent because China joined the WTO and MX hit hard by the global recession (-6.9% GRP growth in 2009.)

Calderon: Moderately consolidated system, but PAN lacks majority. Poor political credit because PAN is rightist, so unions don't trust him. Good leadership skils, but the fact that AMLO came so close by criticizing the Washington consensus shows a lack of political consensus.

PRI likely to win in 2012 because the PAN is weakening and the PRD not a real factor.
Mexico - background
108mm, golden triangle, $14K GDP/capita (high), 49% under 20 years, main exports petroleum, maquilas, tourism. Poorly privatized TelMex and America Movil (Carlos Slim), Porfiriato Era gave foreigners generous consessions so 90% of mexicans had no land. led to revolution in 1910 with Madero (MC), Villa (unemployed urban workers in North), and Zapata (southern peasants) - the results of the revolution still seen today. economic nationalism. PNR survived revolution, turned into PRI, which dominated through 2000. led to $51B bailout, austerity measures, and recesion. then Zedillo was elected and liberalized. end to dedazo, no more rubber stamp congress, independent judiciary. was a hero. non-oil fiscal revenue base still weak. shallow credit markets. US is 81% of Mexico's market. Merida Initiative is Calderon's biggest foreign policy achievement. drug violence spreading to U.S. Zetas are the former enforcers of the Gulf Cartel. is this violence a sign that MX is finally standing up? Luz y Fuerza is the SOE electric distributor in DF.
Chile Presidents
Allende 70-73
Pinochet 73-90
Aylwin 90-94 Christian Democ
Frei Ruiz 94-00 same
Lagos 00-06
Bachelet 06-10 socialist
Pinera 10- national renewal
Chile - Chicago Boys
influenced Pinochet after 1975. Studied at Chicago under Milton Friedman. Classic liberalism. Drastic departures of previous policies of printing money to pay deficits. Departure from Prebisch and ISI. Trendsetter in hemisphere. essentially liberalization. succeeded due to timing, intellectual coherence, and military identification with ordinary citizens.
Chile - Pinochet
took over following the coup. Explained it with national interest (Allende had cause inflation and deficits), biz intersts (class polarization), and institutional interests.

Pinochet ended the ISI policies. Started focusing on areas of competitive advantage. 80 - dictator for now.

refernedum in 1988 PInoche vs democracy. democracy won. military allowed elections with military restrictions. Pinochet became senator for life, got immunity. military got appointed senators during democratization
Chile - privatization of pension funds
Moved towards 401k-ish privatized pension funds.

paid for current generation of retirees with privatization money. led to 14% annual returns. Chileans contribute 10% of their pre -tax wages to a personal retirement account; under the scheme, workers can add another 10% each month. The invested amounts increase tax-free, with tax levied only when the money is withdrawn for retirement.

thus now a huge consensus in favor of market oriented policies. ALSO the poorest now get basic retirement benefits.
Chile - Michelle bachelet
she persuaded the miiltary to give up senator for life positions. Very persuasive. Full dmoecracy. Issues for her include more FTAs, labor reform. Took the windfall profits from high copper prices and put $20 billion into sovereign wealth funds and invested it, earning average annual returns of 7.2% That let Bachelet unleash a $4 billion fiscal stimulus, equal to 2.8% of GDP.
Chile - Sebastian Pinera
won the 2009 election by a few percent. Now in office. He was the first rightist to win since the military regime. Poor political credentials even though he wants reform. Has consolidated political system, poor cred, good leadership, and high consensus.
Chile - Packenham Model, current and future
consolidated party system. Center-left CD coalition (concertacion democratica), and center-right Alianza por chile.(APC - now Coalitcion por el cambio)APC now has almost 50% in senate and 51% in CD.

Bachelet has good political cred, good leadership skills, high political consensus. Future military intervention unlikely. looking ahead to strong growth. strong balance of payments trend.

Pineras - earthquake will dominate his term
Chile - background
small market, but friendly to investment. Good test market in Latin America. most of the population in Santiago. geographic isolation, tight-knit business community. low level of corruption. high GDP/capita ($15K)

Exports copper and cellulose (primary products).

Associate member of Mercosur (full members have to share in common external tariffs). Chile has extensive trade agreements with the US and a uniform 6% external tariffs for all goods (very free market), so can't be full member. 1973 military coup because Socialist Allende didn't have majority, so vote went to congress, who chose him, but he never had mandate. his economic nationalization and land expropriation led to shortages. upset the landed classes. made people nervous. coup explained by all three models. Allende had disregarded the constitution, promotion miltary officers who supported him, and created independent armed groups.

CORFO economic develoment group. has law that there must be a structural surplus of 0.5%. balance rolls over. very LT view. this is a guard against the variability in copper prices. first country in LatAm to privatize telecomm industry (CTC)
Chile - "Healing Chile's Malaise"
despite growth during Pinochet era (poverty fell, inflation gone, per capita GDP quadrupled), growth of ecnonomy still slow, so Chile wants to nurture knowledge-based economy through education and innovation. So the center-left concertaction coalition in trouble, thus Pinera won. despite Bachelet's success, still, education is lagging. Last year, 60,000 Chileans joined a new nonprofit group called Education 2020 that is lobbying for better schools. also trouble attracting high-tech firms.
Peru Presidents
Alan Garcia 85-90
Fujimori 90 - 00
Toledo 01 - 06
Alan Garcia 06-10
Peru - Albert Fujimori
1990-2000. Following a Decade of economic and social instability, he ended hyperinflation and advanced reforms to liberalize. Turned the situation around. at first, couldn't get anything enacted, so he shut down congress with the military's approval. enacted a lot of legislation. market-oriented reforms. ended subsidies, slashed tariffs, privatization electroperu/cpt/entel. foreign investment rose. tourism grew. privatized pension funds. govt collapse in corruption scandal.

Neo-liberal. former professor.

elected to invalid third term in 2000-2005. resigned. called him "Chino-chet"
Peru - Fujipopulism
when he took office in 1990, 2,600 pct iflation, $23B foreign debt, political violence, Alan Garcia had single digit approval. BUT By 1995, when he was re-elected, infl was 15 pct. Growth was 12.9 pct, was paying its debt, violence declined.

Fuji had no party ties. he was only modern head of state who maintained 50 pct approval rating throughout his five years. allied with the military. Peru had no bargaining capccity, so Fujimori played on US concerns about drag trafficking to get assitance and economic aid. had personal contacts with Chile and Bolivia, easer border tensions.

captured Abimael Guzman. privatized 51 firms in 1995. meanwhile the Brady Plan to restructure LatAm debt reduced Peru's debt by 45 pct. he had personalistic, anti-instutional approach. direct democracy.

repentance laws provided benefits for geurllas who surrendered. 5,516 Shing Paths and 814 MRTAs surrendered. he pushed 13 people to run against him, so the opposition was divided. geurilla problem reduced but not eliminated.

new law allowed his re-election.

rallied around the flag through war with Ecuador in Jan. 1995. economy stabilized.
Peru - Abimael Guzman
head of shining path. crazy man, arrested by Fujimori. Terrorism then subsided. his arrest was evidence of Fujipopulism.
Peru - Sendero Luminoso
created 1980 by Abimael Guzman. Violent, Maoist, narco-funded. Extremist. Tied bombs to kids, had 15,000 adherents at peak.
Peru - MRTA
Movimiento Revolucionario Tupac Amaru (1780-1781, an unsuccessful in Indian revolt) - geurillas in the 1980s who took name from him. Based in Lima. Marxist-Leninist.
Peru - Alan Garcia
He had first run in 1985-1990 (APRA), but his populism was a disaster. defaulted on debt, nationalized American oil company, import quotas. spending went up, tax revenues went down. hyperfinlfation.

came back as an "even i" candidate and won the 2006-2011 election

Targeting investment in transport, energy, and water infrastructure.

Still needs to rebuild cred of democratic institutions, maintain social stability, reduce poverty. Has weak congressional position.
Peru - Ollanta Humala
economic nationlist. Ran in 2006 against Flores and Garcia. running again.

Peru is a great place to invest, but this could change if he wins in 2011.
Peru - Luis Castaneda
running in 2011. Mayor of Lima. Has undertaken many public works projects. Hugely popular. Overtook Keiko for first in 9/09. Center-right. Lawyer. Trained in Peru, Sweden, Mexico. Ran in 2000 with the national solidarity party, which is center-right.
Peru - Keiko Fujimori
running in 2011. Congresswoman now. Fuerza 2011 party. Right-wing. The successor to Alan Garcia. Was in first place, but now falling. Married to a guy from New Jersey. Columbia B school. Would pardon her father if elected.
Peru - Packenham Model, current and future
Garcia has good cred (APRI) fragmeented, so no majority, but has fragile coalition. (36/120.) good leadership skills. Mdeium-low but increasing consensus. Current issues: US-Peru FTA in 2009. Also FTAs with China, Chile.
Peru - background
currently the most promising market in South America. Economy has stabliized due to politicies started by Fujimori. has FTA with China and US. 28MM people. 20% in Lima. Very low GDP/cap of only $5K. Roads have been under reapir. resentment against Chile for war of the pacific.

Deregulation of the ports made them more efficient. Callao port (in Lima) will be privatized later. deregulation of important airline industry. privatized electricity, some oil resources. private telecom.

APRA party was the first party founded in Peru with an actual doctrine. was first mass-based genuine political party. popullist but pragmatic and middle class. had virtually disappeared, but now significant again.

military had been caught up in dependency theory in 68-80, so when prez tried to sell oil rights to the US, coup for national interest led by Velasco and Bermudez. this had longlasting economic consequences, ruining Peru's economy. nationalized 180 SOEs, badly run agrarian reform. heavy ISI. followed Soviet models that didn't take advantage of Peru's competitive advantages. unemployment still high.
Venezuela - Irene Saez
miss universe. Lost election to Chavez in 1998 because he remained independent, but she sided with a party.
Venezuela - Hugo Chavez
elected 1998 in a bolivarian revolution. Took office in 1999. MVR (movimiento quinta revolucionaria) became part of a larger coalition of leftist parties, the Polo Patriotico. Chavez in 2007 organized the PSUV - partido socialista unificado de Venezeual). relected in 2000 with 59% of vote. attempted coup in 2002 due to Chavez's intereference with oil (PDVSA) andstrike. decrees on land reform, oil royalties, ange key groups. chavez forces fire on civilians, then military/civilian coup follows. march on palace. (for national interested, business, and instittuional interested). lasted 2 days. Pedro Carmona was interim president. Chavez supporters took to streets. then he repalced PDVSA workers with cronies as he had done in the military. inflation increasing, large budget defiicts. he helps pockets of people, but doesn't systematically improve life. CD (coordinadora democratica) umbrella group of opposition, organized recall referendum. Chavez won in 2004, then again in 2006 presidential landslide. he then lost 12/2007 referendum on indefinity re-election, which passed in 2009. Fondo Nacional de Desarollo (Fonden) and PDVSA provide him with parallel budget, non-transparent. plans 21st century socialism. electric shrtages hurting popularity.
Venezuela - Bolivarian Revolution
Bolivar was the great liberator. Chaez called for Boliaarian revolution - areferendum on csonttituonal assembly to rewrite constitituion. 90% of voters approve. Created new 165 member unicameral national assembly. MVR won 92 of 165 seats.
Venezuela - Hugo Chavez case
before the 1960s, most of LatAm was open to free enterprised. Then, most adopted ISI type policies. This autonomy and protectionism came with ad hoc govt invervention in economy. Venezuela nationalized oil in 1975. (Carlos Perez) and used money to fund SOEs, so Venezeula missed out on FDI. Ven was member of Andean Pact, which was essentially autarky. in 1980s, oil prices fell, so did Venezeuela's revenues. debt grew to $35B. IMF offered to help with conditions. pushde country back toward nationalism. thus in a sense Chavez was nothing new; appealed to longstanding vision. e.g. telecom was monopoly until 1991, and they missed out on all the innovation in this industry until the privatization to consortium headed by GTE. in finance, govt maintained control. in oil, same despite loosening in the 1980s tha tallowed liberalization of techincial assitance and servies through JVs. by 1994, 100 percent WFOE allowed to develop marginal oilfields. liberlization hurt the poor due to price increased. riots, then 1992 coup led by Chavez. failed. jailed. ran in 1998 to oppose savage liberalism. when he was eleted in 1999 he allowed repatriation of profits, then did about face in 2003. 2001 hydrocarbons law increase govt revenue from oil. cancelled oilfriend contrascts. (bargaining shifting, sort of). he wanted the foreign companies to renegotiate. he also created new govt bank to take over deposit s of all state agencies. 2001 land reform - redistribution. encouraged takeovers of factories and employee involved in managerial decision making. created state owned mining company. traded oil for Cuban doctors. government owned shops sod staples to poor at 40% discounts. price ceilings lead processors to refuse to buy corn. uenmployment fell due to job creation programs taht were driving fiscal deficits. huge state spending increases. in response to NAFTA, sought to foment anti-american socialist revolution. supported Sandinistas, Humala, Evo Morales, Mexico. created Telesur as propaganda TV. gave loans to Argentina to pay off IMD. also bought Citgo and offered cheap oil to poor people in the U.S. local and state governments accepted.
Venezuela - Packenham Model, current and future
Chavez has good cred, but unwilling to make reform (the model demands democracy and willingness). Consolidated party system. Poor leadership skills, low political consensus.

Growth expected to restart in 2011. Has high inflation now. Weak contract rights, growing bureaucracy. dual exchange rate system. if it weren't for oil, who knows.
Venezuela - background
27mm people. $11K GDP/capita (average). 80% urban population, high income inequality (80% poverty). Oil is huge. OPEC member. Oil created dependence and corruption. 92% of exports from oil revenues. Cheap airfare. Small rail network. Not all roads paved outside of Caracas.

Electricity renationalized under Chavez in 2007. nationalized telecomms. deomcracy emerged in 1959. AD (accion democratica) and COPIE compete in election. Betancourt of AD wins. oversees adoption of tolerant constitution in 1961. left wing parties tolerated. Caldera led 17-party coalition through 1999. elected president again at age 80. implemented IMF austerity measures. (good political cred for economic reform).
Colombia - Andres Pastrana
president 1998-2002. Policies to create DMZs as appeasement to cartels. But then they ended up attacking cartels in these zones. Had trouble solving the larger political economic problems of Colombia.
Colombia - Alvaro Uribe
president 2002-2006. And 2006-2010. Changed constitituion so he could run again. Hard-line approach to cartels. Proclaimed himself independent, moving away from leftist party. Packenham doesn't really apply here. Not so important to be from the left. Won landslide in 2006 for second term.
Colombia Presidents
Pastrana 98-02
Uribe 02-10
Colombia - Juan Manuel Santos
frontrunner for 2010 election and Uribe's foreign minister of defense.

Uribe's coalition controls 70% of senate and 60% of chamber of res. Uribe was like a savior, so what will happen here? Colombia no longer seen as a failed state. Santos noted for his quick temper more than his diplomacy.
Colombia - Apertura
begun by President Gaviria in 1990. Opening to free trade. Success with investment incentives, privatization, elimination of subsidies. Colmbia has never had to reschedule debt.
Colombia - FARC
Marxist-Leninst. kept fighting, inspired by Castro, after the national front was created. Peasant army, claims to represent poor. Drug trade, kidnappings fund it. Largest insurgent group in the Americas.
Colombia - ELN
Marxist military group. Since 1964. Kidnappings, terrorism, smaller than FARC. now confined to isolated areas.
Colombia - AUC
paramilitary group in the 1990s. Rightist group. Was ruthless. Hunted cartels. Terrorist org. now demobilized but some links with organized crime remain. Uribe convinced them to give up and get amnesty.
Colombia - M-19
disbanded after the 1970s, when the national front system ended and the political doors were open for further participation and candidacy. Amnesty for M-19 members. M-19 became a political party.
Colombia - Plan Colombia
1998. under Pastrana. $7.5B plan to fight geurillas, combat narcotraffickers, and develop alternative crops. US supplield more than $1.3B.
Colombia - Packenham Model, current and future
Uribe's prospects: medium cred (comes from rich family, but father was tortued by FARC so he could relate to people), consolidated political system. Good leadership (changed constitution so he could run again), high consenssus. But most reforms have already been made here, so this doesn't really work well as a model. growth expected in teh coming years. small curr account deficit.
Colombia - background
46mm people. Strategic location. GDP/capi only $5K - 46% overall poverty rate. Historicallly, lots of violence and two political parties - conservatives (strong central govt, strong support of church, large landowners) and liberals (federation of states, separation of church / state, professional (middle class). cycles of violences in the 1900s and the 1950s. in 1958 the two groups came together in a National Front to end violence. started power sharing agreement. alternated presidency, parity in legislative bodies and cabined. this was stable but not representative. FARC and ELN thus kept fighting because they didn't have representation. drug cartels Medlling (Pablo Escobar, killed 1993) and Cali cartel. ATPDEA (andean trade promotion and drug eradicationa ct) provided Colmbia, Ecuador, Bolivia, and Peru free access to US markets. colombia and peru have now signed FTA with US to replace this. our ally in the region.
Costa Rica - Pepe Figueres
in 1948, was a fraudlent election. Called himself temporary dictator. Abolished military, new constittution. Created PLN. President in 1953-1957. Was historically leftists, he strengthened social welfare programs of predecessors.
Costa Rica - Jose Maria Figueres
in 1994-1998, he tried to regain safe-haven status for Costa Rica. Continued efforts for structural adjustement. High tech startegy for economic diversification.
Costa Rica - Oscar Arias
peace plan for Central America to end dispute with Contras in Nicaragua. Effeorts for structural adjustment and economic diversification. Won in 2006 with 41 percent of vote. "even he" wanted cafta. Had good cred because he was from the PLN. However once the PUSC went down, he looked more right relative to Solis.
Costa Rica presidents
Pacheco 02-06
Arias 06-10
Chinchilla 10-14
Costa Rica - Otton Solis
ran in 2006. Was anti-cafta. CBI already created FTA, but Bush43 tried to replace this with Cafta. He lost to Arias in a close race.
Costa Rica - Laura Chinchilla
beat Solis in 2010, but Solis still got 26 percent of vote. She thus didn't have a consensus.

still needed treforms: FTA with china and EU (will both be tough to enact), tax icnreases to fund plan escudo. also need to eliminate subsidies for EPZs. slow devaluation forthcoming. need to dismantle state monopolies (ICE). competition exists.
Costa Rica - CINDE
provided large amount f air assitance. Created by Oscar Arias Sanchez. Export promotion. CR had losts its niche as a safe haven.
Costa Rica - evolution of economic development strategy
Costa Rica - Intel Site Selection
 LatAm key because close to US, low labor costs, and global diversification. Looking for political/economic stability, no unions, infrastructure, relectirc reliability, secure location, ability to negotiation, transparency, educated workforce.

Lessons: bargaining. Predictability, transparency, and having established rules of the game sometimes more important than govt doing whatever you ask. Linkage effects.

CR has decent education (changed), few unions, low wages, few daily flights (changed), no special energy rates (changed), Zona Franca incentives, and safety.

MX had plenty of tech and low cost labor, white unions, good infrastrcture in golden triangle, cheap energy,some local incentives, and NAFTa.

Brazil had adequate education, militant unions, Brazil cost, reasonable enrgy, federal incentives only (none in Sao Paolo), security concerns, strong currency (bad).

Chile had good education, low power unions, modern transpo but far from US, no incentives outside of poor regions (CORFO), and capital controls that scared Intel despite not being relevant really.
Costa Rica - Packenham Model, current and future
Arias had fragmented system, good leadership, medium-low consensus. Good cred. (example of consensus was that Solis nearly won despite being anti-cafta, whereas Arias was pro-cafta. This was main issue.

Chinchilla has good cred, but since PLN was increasingly centrist, not great. frag system, good leadership (won in landslide), medium-low consensus. PLN doesn't have majority, but with alliances they have a simple majority. BCCR moving toward inflation-targeting regime.
Costa Rica - background
only 4mm people. $10K GDP/capita. Main commercial products coffee and bananas. Transportation and distribution infrastructure still state owned. Little gold and silver, so sparse colonization.

Generally democratic with the exception of 1948 Jose Fugeres election. 1998-2002 Miguel Angel Rodriguez and the PUSC sought to reduce budget deficit, privatized ICE (electric) and banks, insurance, etc. but failed due to politics. he was jailed for bribes.

in 2002 Abel Pacheco from PUSC privatized telecom, energy, ports, airports, but was delayed for years. pres can only run once in a row, so they generally can't get much done or twist many arms.
Mercosur -
Following the abandonment of negotiations for FTAA in 2005, countriesfocused on regional integration without the US. in 2008 Silva led an FTAA alternative, referred to as Unasur (the Union of South American Nations). Mercosur and the Andean Community have been relatively effective in reducing external barriers to trade, liberalising investment flows and helping to ease political tensions within the region. But both blocs remain far from agreeing a customs union, let alone moving towards the establishment of a common market. Mexico and Central America have historically profited from their ties to the US, making integration with their southern neighbours a lower priority. One of Unasur's goals is to unite Mercosur and the Andean Community while working towards a transnational entity with a single currency and a parliament modelled on the EU. But Unasur has been slow to get off the ground. Chile and Peru have already signed FTAs with China. Chavez hurts integration prospects.
Other Trade Pacts -
DR-CAFTA -
-much delay. US resistance came from textile and sugar producers as well as those who think this favors large businesses

-offers significant advantages for US business and industry, encompassing trade in both goods and services, and further opens a market that is geographically and culturally closer to the US than many other regions.

-American firms can come in and establish consulting, banking, IT, and other services that were very difficult to get off the ground in the past. gist is that business would prefer to have China like facilities closer to home in a more similar culture if possible.
three theories of military intervention -
-Marxist theory (military serves the bourgeoisie),

-National Interest / New Professionalism theory (broad professional training in economic development and internal secuity has created 'new professionalism' in military)

-institutional interest approach (military defends institutional interests - hierarchy, prestige, budgets, internal order, and stability)
bargaining models -
Robert Grosse on "Business-Government Relations" pp. 78-85 -
eight dimensions to power in MNE/state bargaining:
-proprietary knowledge (favors firm)
-marketing skills (favors firm) and export dependentce (favors firm when it has extensive network of foreign affiliates)
-economies of scale or scope (larger economies of scale = favors firm)
-ease of moving (favors firm)
-raw material (more favors govt)
-dependence on local mkts (favors govt)
-transparency (favors govt)
-highly competitive industry? (favors govt).

two additional: state of the LatAm economy (recession favors firm), obsolescing bargain (sunk costs favor govt)
The country that did not join the League of Nations
even though it proposed its creation was __?__.
maggie s is going to sit by me on the bus and is going