Latin American Economic Development

Paper Summary:

This paper examines that Latin American economic development in the late nineteenth and early twentieth centuries was hindered by a number of geopolitical and socioeconomic impediments. The author points out that Latin American nations were all struggling with the negative legacy of colonialism and imperialism at this time and their governments encountered significant difficulties as they sought to establish modern economic systems. The paper stresses that one major impediment was that despite their wealth of resources, these emerging countries lacked sufficient capital and labor to build land transportation networks.

From the Paper:

"Latin American economic development in the late nineteenth and early twentieth centuries was hindered by a number of geopolitical and socioeconomic impediments. Latin American nations were all struggling with the negative legacy of colonialism and imperialism at this time and their governments encountered significant difficulties as they sought to establish modern economic systems. One major impediment was that the emerging countries of the Western Hemisphere, despite their wealth of resources, lacked sufficient capital and labor to build land transportation networks. (Conde 90) Without such an internal communications infrastructure, economic progress is difficult to attain."

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