The way in which the export of primary products shaped the economics of Latin America.
Answer to Problem 1RQ
Dating to the colonial period, in history, Latin American economies have been led by the export of primary products. After independence, neocolonial relations between Latin American governments and both the United States and European states sustained this pattern. More lately, the significance of export-led industries in the primary sector remains to be accentuated through the formation of trade blocs, such as NAFTA. Such a reliance on the export of primary products upholds Latin America in a predominantly susceptible position with regard to the global economy fluctuations.
Explanation of Solution
The copious natural resources of Latin America were its wealth historically. During the colonial period, gold, silver and sugar created considerable wealth for the colonists. After independence in the nineteenth century, a sequence of export explosions presented commodities, such as coffee, bananas, grains, cocoa, rubber, tin, petroleum, copper and wool to a growing world market. A bequest of this export-led growth was the development of a trend to focus on one or two major commodities, which were a pattern that continued into the
The trend in Latin America since
Most Latin American governments have incorporated neoliberal strategies as an effort to bring economic development. Consequently, exports have increased, along with direct foreign investment in the region. Though the region had growth between
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