Reconfiguration of the Latin America’s regional governance is one major feature for the global political economy in the last one decade. Regional governance is currently transforming and bringing in different forms of regional policies…
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The main question surrounding the issue of regionalism is whether it is a mere station towards neoliberal or more of pluralistic word that organizes coexistence for the popular support (Thomas 2008:56). What forms of dialect does the regionalism take? In addition, what is the linkage between the multifaceted processes due to the regionalism? To answer these questions regionalist may bring its true picture of contestation among rivals from all sides of intensity. In my essay, I will analyze regionalism in Latin America from the international economic policy with a specific focus to the Andean community, which is a sub region in the Latin America. From a theoretical standpoint, regionalism explains the integration process in the development of a balanced and harmonious society.
Reconfiguration of the Latin America’s regional governance is one major feature for the global political economy in the last one decade. Regional governance is currently transforming and bringing in different forms of regional policies, identities, and cooperation that transform the cartography of the Latin America. Latin America currently has assumed a different regional form of governance that builds the different rationale, which is not restricted to the US hegemony (Scott 2009:57). Regionalism driven by economic calculations represents a conglomerate project on the issue of commerce and political integration. In this conflicting scenario, the regional integration has redefinition from the regional projects that are substantially divergent in visions. The paper is concerned with the question of how transformation of the new regionalist can shape the thinking of the individuals on the political and social cooperation. Concepts used To help understand the issue of regionalism and the current issue in the Latin America one must consider these terms. A region implies the whole of Latin America whereas sub regions as a section of Latin America like the Andean or South America. Regional integration on the other hand is an agreement based on the intergovernmental or supranational model. It may involve economic, political, and social integration objectives (Lauren 2010:124). Lastly, regional trade preferences are agreements based on trade integration and cooperation on areas that promote democracy. Under this paradigm, the agreements result from conglomerate intentions of economic boost. Structural economic reforms of the Latin America The economy of the Latin America has shifted in its economic policy from its low achieving strategy to serious macroeconomic disequilibria (Lauren, 2010:32). Factors like high inflation, fiscal deficits, current account deficits, and financial sectors in critical trouble formed part of the foreign debt crisis in the early 1980s. After the poor economic management of the Latin America, it undertook structural reforms that placed the country on the path toward superior economic performance. Major structural reforms in the country occurred in the
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