History Of Latin American Economy On Latin America Essays

History Of Latin American Economy On Latin America Essays

Length: 808 words (2.3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview


Latin American economies have had their ups and downs in the past. Different policies and ways to improve the economy have flourished and some have failed miserably. Some simply did not last as long as they thought it would. Things like import substituting industrialization had a huge impact on Latin Americas economy. World War 2 opened a lot of doors for Latin America in terms of trade and industrialization. They gained access to imports from Europe, Japan and the US. The US wanted to acquire raw materials from Latin America. With all these opportunities popping up, Latin people got a chance to really start industrializing. The idea of a newer economic philosophy called import-substituting industrialization. “Import- Substituting Industrialization (ISI), derived from dependency theory, because the dominant economic policy of the post-World War II period” (Hillman 152). Industrial production went up more than 30% between 1938-1945 because of Import- Substituting Industrialization and helped Latin America make a healthier economy that could sustain itself. “If income was concentrated at the top of the distribution, then the lower income groups would not constitute a market for local production; in this case, the benefits of exports would not initiate a self-sustaining process of economic growth,” (Hillman 152). The Latin countries changed their economic philosophy because of the uneven distribution of land and wealth and income equality were running rampant. Import-Substituting Industrialization in these countries started a self-sustaining process of economic growth. In between the 1950’s and the 1970’s, Import-Substituting Industrialization was very successful. “Industrial Production grew at the rates of 5.2 percent, 6.3 percen...


... middle of paper ...


...eso was equivalent to one American dollar so the peso money supply depended on the quantity of dollars that the currency board possessed so that the government could not print any more to pay for its deficits. The problem was that dollars flowing outwards would decrease the money supply and the government could not pay for its budget deficits since they could no longer print any money. In 1994, the Mexican government lessened the value of a peso. Because of this, they lost a ton of trades and investments. Neo liberalism had the worst effect on Mexico “wages declined 40 to 50% in the first year of NAFTA while the cost of living rose by 80%. Over 20,000 small and medium businesses have failed and more than 1,000 state-owned enterprises have been privatized in Mexico. As one scholar said, ‘Neoliberalism means the neo-colonization of Latin America.’” (Martinez, Garcia).

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The History of Modern Latin America Essay

- The history of modern Latin America begins after the Second World War when the economic changes wrought by the war, namely the shift towards manufacturing and urbanization, produced political and diplomatic changes across the Americas. The end of the war led to increased imports from the West, reducing the competitiveness of Latin American industry. Additionally, falling crop prices led to increasing urbanization. The result of these economic and demographic shifts was the rise of a populist movement throughout Latin America....   [tags: Latin America]

Better Essays
2181 words (6.2 pages)

Essay The First Conquest Of Latin America

- The first conquest of Latin America by the Europeans powers started during 1490s, in the Caribbean. Every country in the Latin America was colonized by the European power. Most of the European powers were motivated by the rich natural resources of Latin America. The early conquer in Latin American were the Spaniards, who came to Latin America to extract economy from natural resources of Latin America. The extracted economy from colonies was sent back to the home countries. Likewise, the colonization of Latin America by the Europeans has tremendously affected in economic, political and social sectors....   [tags: United States, Latin America, Colonialism]

Better Essays
702 words (2 pages)

The Struggle for National Identity in the Countries of Latin America Essay

- Following an independence revolution a nation tends to proceed into a period where they learn independence and can function on their own with their own identity. They learn to respect the rights of its citizens, provide national security, instill a sense of patriotism, and learn to handle economic endeavors in a way to benefit the nation as a whole. After their revolutions for independence, the countries of Latin America did not achieve many of these milestones. The countries of did not show any signs of becoming anything close to independent after their revolutions....   [tags: Latin American History]

Better Essays
1806 words (5.2 pages)

Latin America’s Switzerland is Costa Rica Essays

- Costa Rica is known for having Latin America’s oldest democracy, as it was established and uninterrupted since the 1950s. More importantly, it is one of the few countries without a standing military force. Today, they are under a presidential constitutional republic, lead by Laura Chinchilla, whom is the president since 2010. Costa Rica is in Central America, between Nicaragua (north) and Panama (south east). Christopher Columbus first visited it during his fourth and last voyage to the New World....   [tags: Latin America, Government, History]

Better Essays
1251 words (3.6 pages)

Essay on Latin America After The Wars Of Independence

- Latin America after the Wars of Independence, were looking to modernize the nations after years of unstable politically and economically. This new idea called “progress” was to change Latin America for the better of the nations that took part of the progress. More European influences came during the period to help nations progress even further. The relationship of Latin America and United States/Europe has been linked together ever since the days of the colonial times. . I agree with the diffusionist theory that it benefited Latin America more than there were negative....   [tags: United States, Latin America, Argentina]

Better Essays
1164 words (3.3 pages)

The Latin American Debt Crisis Essay

- The sub-region of the Americas which nations speak Romance languages is a region considered Latin America. The region is very diverse when it comes to people but also the geography and natural resources of its nations. The people and resources of the region combined to an approximated gross domestic product of over US$ 5 trillion today after its discovery in the late 1400s. However, Latin America’s history as a whole was not all pleasant. There were many times in the region’s history filled with adversity, while aspects of the positive cultures that discovered the region permeated into the region some it is negative ideals went in as well....   [tags: Brazilian economy]

Better Essays
1969 words (5.6 pages)

Latin American Culture Essay

- Latin American Culture Latin America represents 1/10 of the world's population, and geographically can be located from the land extensions of Mexico, until the Patagonia at Argentina. Some of the most relevant elements of today's culture in Latin America are; Religion, Values, Attitudes, Social structure, Social stratification, Language and Gift-giving hospitality. The predominant religion throughout history in Latin America has been Catholicism. From big cities to small villages, churches, basilicas, and cathedrals are found....   [tags: Hispanic Latin America South America Latino]

Better Essays
1056 words (3 pages)

Latin American States Are A Weak State 's Deeply Affected By Capitalist Relations Globally

- THESIS: Many Latin American states are a weak state’s deeply affected by capitalist relations globally which has resulted in zones of order and disorder especially in Guatemala characterized by a history of violence entangled with modernization efforts from national and American actors; all of which has resulted in mass migration. Note: Below references is outlined according to progression of essay outline not alphabetically. Rotberg, Robert I. 2003. “Failed States, Collapsed States, Weak States: Causes and Indicators.” In Robert I....   [tags: United States, Americas, Cold War, Latin America]

Better Essays
1685 words (4.8 pages)

Post-Depression Industrialization in Latin America Essay

- Post-Depression Industrialization in Latin America For most of the first century after independence, all republics in Latin America followed an economic policy of export-led growth based on primary-product exports. The tremendous economic crisis of the 1930s that had a crushing and widespread impact on Latin America; precipitated by the global economic depression, forced Latin American nations to re-evaluate this exogenous economic growth model and to transform their economic policies in the direction of long-neglected diversification of the economy, particularly toward an endogenous model oriented to industrialization....   [tags: World History Latin America Essays Papers]

Better Essays
3104 words (8.9 pages)

Essay on Latin American Dictatorship

- Latin American Dictatorship It is impossible to separate the history of military dictatorships in Latin America from the history of economic exploitation and of US intervention in the region. The history of slavery and other forced labor in the pursuit of large-scale agriculture and resource extraction in the time of the colonies has created a legacy of economic exploitation. This poverty and inequality has in many cases led to popular uprisings and calls for reform, which provided the reason (or the excuse, depending on your point of view) to use military force to restore discipline....   [tags: World History]

Better Essays
860 words (2.5 pages)