Many factors including: the cost of imported capital goods, the neglect of exports, government investment based on foreign loans, the use of petrodollars, and loan pushers, contributed to the growth of external debts in Latin America between 1960 and 1990. Additionally, floating and rising interest rates, and the rise of official corruption only exacerbated the debt crisis they were facing. Latin America had an inward-looking import substitution industrialization policy, neglecting exports, which led to inferior substitutes that were more expensive than products in the global market. In addition, the agrarian structure in Latin America and their under-utilization of resources led to higher manufacturing costs, large scale migration to urban areas, and urban unemployment. The build-up of inefficiency resulting from import substitution industrialization, as well as the problems caused by the agrarian structure in Latin America increased the appeal of looking outward for assistance. By the mid 1970s, the Organization of the Petroleum Exporting Countries had successfully organized their control on exports which led to a phenomenal rise in the price of crude oil. Oil shocks such as the one experienced in 1973 when OPEC quadrupled the price of crude oil meant that Latin America would need more money to satisfy its consumption. On the other hand, the OPEC countries had an abundance of petrodollars that they sought to invest. This lead to loan pushing, a technique used by international banks to sell loans to the Latin American and other governments in much the same way that a car salesman would sell a car; it was an eager sale. The banks took an aggressive and systematic approach to selling loans to Latin America with the belief that a government would never default on its loans. This ease in which to get loans, coupled with the intensifying need for them