Latin America's Economic Progress Essay Example | Topics and Well Written Essays - 750 words

Latin Americas Economic Progress - examine ExampleThere is a persistent problem of political instability in the parting. Since the independence of Latin America, the political environment has not been stable enough to ease economic development. Dictatorship of military officials has great controlled the realm and this was one of the constraints in the way of economic stability. The economic factors such as ordain of inflation, rate of economic growth and income distri stillion, wholly pointed towards a deteriorating economic condition. Numerous economic reforms have been taken by the government but they have not been applied properly due to the prevailing political instability. fit in to a study conducted by Luisa Blanco and Robin Grier within the period between 1971 and 2000, in 18 Latin American countries there were 451 political assassinations, 217 riots, and 113 crises that threatened to destabilize the sitting government (Blanco & Grier, 1). Apart from Costa Rica, Colom bia and Venezuella, all the other countries in the region witnessed severe political instability. Regional Disparities The independence of the region widened the regional disparities and this is excessively one of the reasons hind end lack of economic growth in the region. ... Resistance to Change One of the reasons behind the failure of economic reforms is the prevailing resistance to change in the region. Any kind of change is considered to be hostile by the population of the region therefore it is not accepted completely. In order to facilitate economic growth, there are a number of factors that need to be changed in the region but due to the prevailing resistance to change in the region any modification in the economic policies or any introduction of reforms is not implemented properly. The development of strategy is done but the implementation phase is the real problem in the region. The restraining forces overpower the driving forces therefore the economic reforms are not i mplemented and the economic growth remains at a disappointing pace. Lack of Industrial study It has been said that the Latin American region is rich in inseparable resources but still the region has been unable to reach the heights of economic development it should have reached by now. The natural resources held by the region are benefiting the developed countries more rather than the Latin American region itself. This is due to the lack of industrial development in the region (Llosa, 17). In the absence of industries to process the raw natural resources, the region has been unable to produce finished goods. Instead, the Latin American region exports the natural resources it possesses to other developed countries at start prices and the revenue generated by such exports is not commendable. If the region had its own production facilities that put the locally produced natural resources to use, the economic condition of the region would have been different. With domestically produc ed affordable raw material, the industries would not only