Peter V. N. Henderson
While Europeans basked in the glory of their so-called century of peace between the end of the Napoleonic wars (1815) and the onset of World War I (1914), Latin Americans knew no such luxury. Conflict became a way of life for Latin Americans attempting to construct nation-states. Liberals and Conservatives dueled with one another for political power, while caudillos (military strongmen) added their unique twisted logic to the political process. Historians have spilled considerable ink detailing these internal conflicts that complicated Latin America’s struggle for effective state formation in the early national period but have paid much less attention to the external wars over disputed boundaries that involved every South American nation during the 19th century. As historian Robert Burr described it: boundary conflicts were the “congenital international disease of Spain’s former colonies.”
Stephen W. Campbell
The Transatlantic Financial Crisis of 1837 produced a global depression that lasted until the mid-1840s. Falling cotton prices, a collapsing land bubble, and fiscal and monetary policies pursued by individual actors and financial institutions in the United States and Great Britain were all responsible. A comprehensive understanding of the panic must take into account the global movements of gold and silver that linked Mexico, China, the United States, and Great Britain in complex networks of credit and debt. In the United States, businesses, banks, and individuals declared bankruptcy; states defaulted on their debts; commodity prices dropped; credit instruments lost their value; and unemployment rose amid a general atmosphere of pessimism and an erosion of confidence. The severity of the panic prompted politicians and financial theorists to reevaluate their ideological assumptions regarding the proper role of governmental regulation in an economy. In a larger sense, the panic demonstrated how the expansion of slavery in the United States, British imperialism, financial speculation, and recurring cycles of boom and bust were emerging as defining features of modern capitalism.