Latin America: Economic and Political Transformations Coursework

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Introduction

In recent decades, the Latin American region has undergone profound economic and political transformations that have significantly changed the face of Latin American countries and their place in the world. Social problems, political crises, and elections are forcing the inhabitants of the region to increasingly take to the streets with various demands. The films show that countries can have a favorable trend in establishing democracy and economic stability.

Discussion

Thus, El Salvador can demonstrate sufficient economic stability compared to previous years. Their president placed the main emphasis in his election campaign, he did on the fight against corruption and the establishment of security (The World’s Coolest Dictator 6:05 – 7:16). As a result, the number of homicides has fallen sharply, and violence in the country, previously the leader in the number of crimes in the world, has approached the regional average (The World’s Coolest Dictator 8:20 – 10:13). However, the history of Nicaragua is marked by a long and constant crisis. With outward prosperity, Nicaragua remained among the poorest states in Central America (Nicaragua 9:30 – 10:15). A high level of property inequality persisted, and national wealth was concentrated in the hands of a privileged minority. A distinctive feature is the presence of a weak middle class, which slowed down economic development in general.

The films show how deeply rooted corruption and the rule of law are in Latin America. Regardless of the degree of the “democratic” nature of a particular society, corruption has an extremely negative impact on the economic development of any country (We Witnessed The Riots (7:33 – 9:02). It undermines the foundations of democracy, sows mistrust, and disillusionment in the effective work of government institutions and both foreign and domestic policy of the state. The president in Latin America is also responsible for maintaining the sovereignty of the country and has special powers in times of emergency by limiting the rights of the legislature (We Witnessed The Riots 10:12- 12:17). Presidents have the right of legislative initiative, by which they can issue decrees and take part in the formation of the judiciary, as well as hold referendums. Moreover, it has to do with the legacy of the Caudillos and their forms and standards of government. It reflects a system of one-man rule through violence or the threat of violence for political purposes.

I was surprised that the variety of power possibilities and a certain flexibility in the interpretation of their boundaries create ideal conditions for the concentration of enormous powers in the hands of the president. Presidents in Latin America, as a rule, are directly involved in the formation of the state budget, control over tax collection, distribution of national income, investment management, and social policy.

Conclusion

Mexico is a poor Latin American country with constant protests. In the period from 2021, the state’s economy has decreased by almost 1%, which is quite a lot for this country (Guevara et al. 121). Mexico has the second-largest economy in Latin America and is a major oil producer and exporter (Gaytan et al., 36). Although production has fallen in the past few years, about a third of government revenue still comes from industry (Gauss 53). Prosperity remains a dream for many Mexicans, and the socioeconomic gap remains wide. Mexico’s economy is highly dependent on remittances, millions of migrants working in the US, and has been hit hard by the downturn in the economy. In recent years, Mexico has enjoyed macroeconomic stability thanks to sound financial and tax policies. Mexico has become the most attractive country for investors in Latin America, it has the most favorable business climate.

Works Cited

Gauss, Susan M. “Made in Mexico.” Made in Mexico. Penn State University Press, 2022.

Gaytán, Marie Sarita, and Matthew L. Basso. “The Political Economy of Puto: Soccer, Masculinities, and Neoliberal Transformation in Mexico.” Frontiers: A Journal of Women Studies vol. 43, no. 2, 2022. pp. 28-61.

Guevara, Zeus, Antonio Sebastian, and Fabian Carranza Dumon. “Economy-wide impact of conventional development policies in oil-exporting developing countries: The case of Mexico.” Energy Policy, vol. 161, no. 2, 2022. pp. 112-127.

YouTube, uploaded by VICE News, Web.

‘The World’s Coolest Dictator | VICE on SHOWTIME’ YouTube, uploaded by VICE News, Web.

‘We Witnessed The Riots & Chaos During Venezuela’s Elections with Suroosh Alvi | VICE on HBO’ YouTube, uploaded by VICE News, Web.

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IvyPanda. (2023, November 19). Latin America: Economic and Political Transformations. https://ivypanda.com/essays/latin-america-economic-and-political-transformations/

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IvyPanda. 2023. "Latin America: Economic and Political Transformations." November 19, 2023. https://ivypanda.com/essays/latin-america-economic-and-political-transformations/.

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