History of Latin America: Neo-Liberalism - Term Paper Example

In addition, far-reaching implications are often associated with this approach specifically in Latin America for both economic management, as well as political stabilizations in addition to societal organizations and Cultural dynamics. Neoliberalism policies put into consideration the development of globalization as well as modernization aspects in the nation via development of integrated free markets. Privatization is also given credit in the aspect of neo-liberalism development in Latin America in order to create a shift of economic responsibility from the government as well as corporations into self-indulgence and accountability.

Canada, Chile, and Australia are also among those nations that have recently tried to adopt the Ne0-libearl approach in the economic stabilization strategies (Phillips xi). The discussion in this paper investigates into the history of Latin America, mainly focusing on the Neo-liberalism issue that has recently been emphasized on in the country. The understanding of this will be boosted by the provision of an overview of the history of Latin America and the concrete definitions of Neo-Liberalism approaches.

A critical and a positive perspective of Neo-liberalism will be closely examined and the merits of the critical one over the positive one be viewed. The functional potential of Neo-liberalism is deemed crucial for discussion at this juncture. 2.0 An overview of history of Latin America Latin America, being one of the most famous and prominent countries in the world has a kind of memorable history. It is characterized by various events that have helped shape the future of the country up to date.

It was among the first states to gain full independence on the early 19th century, and at the same time facing tremendous events, whose end marked the beginning of progress. First, the country faced the challenge of colonization by British and other forces who caused the country’ freedom to be deprived. The kind has played a pivotal role in the proposition of new strategies implementation, which include Neo-liberalism economic approaches (Phillips xii). It is also marked by the presence of different ethnic communities in the land who also had conflicting ideas about progress, civilization, as well as freedom.

Furthermore, the economic, political, and social status has definitely developed poorly, creating the need for some critical attention. More important, the Latin America was not an exception when it came to the world wars which touched almost all European states, since they participated in the first and the second world wars as well as the cold wars, events that awakened them to stand strategically in the recent years to reconstruct the distorted economy. Neoliberalism approach has been adopted historically in the country, though its propositions have rampantly acted as sources of conflicts in regards to the social, political and economic realms.

Therefore, economic stabilization attempts have sometimes proved impossible to accomplish and up to this point, their functional potential deems impossible since it is not easy for privatization of the economy with ease. Thus, the historical times have found the Americans busy trying to establish the best strategies for approaching Neo-liberalism (Phillips xiii). Defining Neoliberalism Neo-liberalism offers a detailed description of an approach that is market-driven that