| Book Review | The American Historical Review, 108.4

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| Book Review | The American Historical Review, 108.4 | The History Cooperative

Jon V. Kofas. The Sword of Damocles: U.S. Financial Hegemony in Colombia and Chile, 1950–1970. Westport, Conn.: Praeger. 2002. Pp. xix, 238. $64.95.
Jon V. Kofas analyzes the impact of the "austere monetary, fiscal, and trade policies that the International Monetary Fund (IMF), the World Bank, and the U.S. government" imposed on Colombia and Chile between 1950 and 1970. His case studies substantiate the general conclusion that, despite claims that free-market reforms and austerity measures would promote economic development and improve the general standard of living, "the record of the past fifty years clearly indicates that has not been the case for the underdeveloped countries" (p. xi).	1
Kofas conducted impressive research in British and American archives. In addition to the standard diplomatic sources in State Department files and the British Public Records Office, he also mined the archives of the World Bank, the IMF, and the Eisenhower and Truman presidential libraries. Kofas certainly can not be cited for a failure to consult all the relevant documents in the most important archives. Unfortunately, he does not cite Colombian or Chilean archival sources, but the relevant government archives are probably off limits to historians. In any case, the extensive bibliographical listings of published works on Chile and Colombia reveal that Kofas did not neglect the secondary literature on either country.	. . .

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