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American ValueMigrants, Money, and Meaning in El Salvador and the United States$
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David Pedersen

Print publication date: 2013

Print ISBN-13: 9780226653396

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226922775.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 21 September 2021

A Roadmap for Remittances

A Roadmap for Remittances

Chapter:
(p.28) Chapter One A Roadmap for Remittances
Source:
American Value
Author(s):

David Pedersen

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226922775.003.0002

This chapter focuses on the period between the late 1970s and early 1990s, when El Salvador became increasingly oriented around remittances sent mostly by Salvadorans living and working in the Washington DC metropolitan area. It examines how migrant remittances changed from US dollars used to store and exchange wealth in El Salvador into interest-bearing capital. By tracing this quantity-to-quality transformation, the chapter reveals a critical moment in the asymmetrical development of El Salvador and the United States over the past five decades. It first looks at British photojournalist Robin Lubbock's travel to El Salvador in spring 1989 to observe developments related to the national elections. Lubbock also ventured to other locales around the country, including the pueblo (small town) of Intipucá in the Department of La Unión. The chapter then analyzes El Salvador's foreign exchange inflows and gross domestic product, and considers the World Bank's “country study” of El Salvador subtitled Meeting the Challenge of Globalization.

Keywords:   remittances, El Salvador, United States, Robin Lubbock, elections, pueblo, Intipucá, foreign exchange, gross domestic product, World Bank

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