Economic Policies Of Latin America Essay

Economic Policies Of Latin America Essay

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The historian Ronn Pineo wrote “Beginning in the 1980s nearly all of Latin America began to take part in a great experiment, the adoption of capitalist free market economic policies.” (1) This great experiment began with the promotion of democracy and free market that promised a better future for Latin America. Neoliberalism, the economic ideology that promotes free-market capitalism, laid the foundation for many of the US military interventions and economic policies that caused a dramatic transformation of Latin America. This promise of a “democratic” government came from a policy initiative labeled as polyarchy. Polyarchy is “ a system in which a small group governs and mass participation in decision making is limited to choosing leaders in elections that are carefully managed by competing elites” (Lecture: Polyarchy and Resistance). It, however, was a sales pitch to continue Latin America’s subordinate position in to the global market. As a result, much of Latin America, by the late 1980 through the early 1990s, transitioned into this form of “democracy”. Consequently, Latin America suffered and still suffers today from underdevelopment, high levels of socioeconomic inequality, and immigration. Globalization of capital, off-shore production, and new technologies have created structural barriers and have led to economic and social inequalities among the Latino communities in the U.S.
The focus of the United States foreign policy changed throughout the course of the 20th century. Economically, the foreign policies changed from economic state-led development to neoliberalism. Politically, the United States changed from supporting dictatorships to the promotion of polyarchy, which handed power to transnational elites in the 1980s....

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...’s socioeconomic life and reorganized the political power from dictators to the transnational elites. The United States, through its “democracy promotion” of polyarchy, has enforced neoliberal
policies in Latin America. This lack of agency and control to regulate the political and economic life of Latin America has affected the country 's social, economic, and political life. And because Latin Americans have not be able to“ write their own history” they “do not control their own future” (Lecture 1). As a consequence, Latin America now stands as one of the most underdeveloped and poor continent. As a result of neoliberalism and polyarchy, Latin Americans have become forced to migrate into other countries to escape these problems. Yet the fact of the matter remains that migrating to the U.S. does not change the struggles that the Latino community has to face/endure.

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