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Integration Efforts in Latin America - Essay Example

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Integration efforts in Latin America Name: Institution: Introduction The early decades of 1950’s and 1980’s were in a significant prudence the “Golden Age” of expansion for the unfortunate states in the universe. Through this time, most of the countries made momentous trade and industry improvement…
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Integration Efforts in Latin America
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Download file to see previous pages Considerably, several Latin American countries were successful after the World War and established scientific, industrial and technical infrastructures, in generating organizational and managerial capacities, training workers and in developing multinational industrial structures. The Latin American countries’ economies grew spontaneously and soon they were competing with the strong economies in the world (Balasa et al. 1986, p. 34). Regional integration has had a momentous responsibility in the design of global and prolific policies in Latin American states. Balasa et al (1986, p. 36) notes that the conception of unity and integration among the Latin countries has existed since the wave of independence movements that swept the continent in the early 19th century. Spanish Empire Leader, Simon Bolivar, had dreamt of a united Latin America. Today, notable advances have been made towards regional integration. The success of the European integration prompted the Latin American countries to merge to form a regional block. This move was faced with development challenges (Iglesias, 2000, p. 24). The discussion on integration is a deep process delineated by efforts to harmonize policies between countries and yield dominion to a supranational body. Integration is described as an incessant learning and approximation process susceptible to crisis. Capannelli et al (2009, p. 10) notes that integration is typified by more integrated political, economic and social policies. Because of the colonial rule, dependency and underdevelopment, Latin American countries have been economically susceptible. Reliance on the exports of primary export products and the importation of manufactured goods resulted to competition to the domestic industries which prevented their development. The integration efforts made emerged to curtail the impacts of the unequal global economy relationship. In spite of the momentum for integration, diverse objectives among countries, vulnerability to international crisis and lack unity and trust among the member states have inhibited the integration process (Tiefenbrun, 2012). The Latin American Integration emerged after the great depression after the World War. These countries wanted to liberate themselves from the world superpower countries. With industrial subsidies and lofty tariffs, the Latin American countries believed that domestic companies and industries would have an opportunity to develop and reduce the over dependence on manufactured imported items (Hughes & Singh, 1991, p.78). To some extent, Latin American integration succeeded and failed. This paper outlines the failures and successes of the Latin American integration and the factors that caused them. Failures of Latin American Integration and the causes Because of the pressures of the first evolving world, Latin American countries have come up with many sub-regional integration organizations (Balasa et al 1986, p. 34), fundamentally to promote economic integration and trade liberalization. Unfortunately, most of them could not go beyond rhetorical political statements. For this reason, most of the regional integration processes failed. The primary argument is that the different goals and political systems by different Latin American countries brought about economic failure (Fishlow, 1991, p. 36). This is attributed to domestic causes other than international economic forces. ...Download file to see next pagesRead More
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