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There are many problems with Latin Americas economic development Even though Latin America is working on being economically sound there are still glitches in the system The economic policies of Latin America negate democracy in many ways This includes the economic polices after the 1930s and after the 1980s The social structure of Latin America was based on Neoliberalism and the demise of women because of Neoliberalism The gap between the rice and the poor is becoming larger instead of decreasing This causes a huge problem for the economic development of Latin America Latin America is very rich in natural resources Between the period of 1860s and 1929 Latin Americas economy was based on exports 1929 is when the stock market crashed and the start of the great depression The fall of the stock market caused the prices of Latin Americas exports to decline This was a problem so there was a need for a new economic policy The Import Substitution model was born This was created because Latin America was too dependent on industrialization Therefore raw materials and machinery were imported The more industry increased the more dependent Latin America was on foreign exchange This caused a small domestic market with in Latin American countries Import Substitution Industrialization or ISI was based on the internal market of Latin Market Latin America wanted to better there own countries with their natural resources instead of shipping them to other countries Latin America wanted their own people to buy goods from with in the country to help the economy grow This would protect there own industries This policy worked for three decades For this policy there was a constant need for the flow of the money but did not work out as planned The rich who had all the money were not putting the money back into the country The money was being invested in other places throughout the world For every dollar came into Latin America
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