Question

what were the principal elements of economic development of the Americas? how were the economies of USA, Canada, and Latin America different?

Answer 1

Latin America, as an area, has many states with different economic levels. Latin America's economy is an export-based economy that includes countries in the geographical regions of North America, Central America, South America and the Caribbean. A socio-economic model of the so-called Latin America was placed in the colonial period when the area was ruled by the Spanish and Portuguese empires. Until independence in the early 19th century, the colonial economy in Latin America flourished. Many parts of the region are favored by precious metals deposits, such as silver or tropical climates and near-shore sites, which allow for the development of sugarcane plantations. In the 19th century, after independence, many Latin American economies declined. By the end of the 19th century, much of Latin America was integrated into the world economy as an exporter. Foreign investment, construction of infrastructure such as railways, improvements in employment through foreign immigration, institutional strengthening and expansion of education have contributed to industrial growth and economic expansion. Many regions have developed economies, but “poverty and inequality have been deeply rooted in Latin American society since the colonial era.