Abstract
The Latin American nations badly need to undertake a dramatic turn to modernization and innovative way of development. However, low growth rates of 1980-s and second half of 1990-s, marginal level of accumulation and investment, low investment activity of the governments, slow growth of productivity and several other reasons of economic and political nature prevent an effective modernization process in the region. In order to solve these problems Latin American countries should map out a concrete program of actions. This program should clearly determine the governments’ role in modernization. The relationships with the foreign capital should be revised and the foreign economic strategy of the region should be adjusted.
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