Latin America in the framework of the 21st century: progress and setbacks

Abstract

In recent decades we have been observing the decline of traditional market boundaries in world trade. The concept of "economic globalization" aptly captures its main properties and characteristics. Thus, the new dynamics of world trade impose new patterns of production and consumption on economies that are committed to belonging to the globalized world. Export and import flows in recent years have not only grown in a surprising way, but their composition and destination have also changed.
From a political economy perspective, when analyzing Latin America in the framework of the 21st century, it is imperative to study its links to world markets and the international economy, as well as its own intraregional economic ties. A retrospective look at the region shows its gradual incorporation into the globalized economic world.
In this sense, the main interest of this article is to highlight the advances and setbacks that have been observed in Latin America in the economic and political sphere in recent years, particularly with reference to the challenges that the characteristics of the international market acquire within the framework of economic regionalism, globalization and modern technological development.

It also analyzes from a scientific perspective the economic and political problems currently facing the region, which affect its economic growth and international competitiveness. In addition, they evaluate the great disillusionment observed in a considerable amount of public opinion in Latin America towards such reforms, with the possible exception of Chile and Brazil, where the transformations seem to have been more successful than in other countries of the region, which undoubtedly have a great weight in the Latin American concert, such as Argentina and Mexico.
On the other hand, the authors underline the fact that unlike other regions of the world such as Eastern Europe and some Asian countries like China and India, which implemented transformations similar to those in Latin America, and whose results have been surprising in terms of economic growth and in some cases social cohesion, in Latin America these reforms have not succeeded in increasing the quality of life of millions of Latin Americans, nor have they considerably strengthened the region's competitiveness.

Finally, this article analyzes the entire Latin American region; however, it concludes with a special emphasis on the cases of Mexico and Chile. The authors evaluate these two key countries in the region because the former was for several years one of the leading economies in Latin America and the emerging world in terms of the progress and scope of its structural reforms; however, today it is immersed in a great erosion of its international economic competitiveness. And the second, due to the enormous success of its structural transformations, as well as the considerable increase in its international competitiveness, which has made it a model to follow in the international economic scenario.