Integrating Latin America into the Global Economy: Strategies for Regional Economic Development

Abstract

The 1990s marked a transformative era for Latin American economies, characterized by significant political and institutional reforms aimed at increasing trade and financial openness. The economic development model adopted during this period emphasized market-led growth through liberalization measures, significantly reducing the state's role in the economy. However, by the decade's end, the anticipated economic and social benefits had not materialized in many countries, prompting a reevaluation of development policies. This paper revisits the theoretical frameworks proposed by the Economic Commission for Latin America and the Caribbean (ECLAC), grounded in Keynesian economics and a historical-structural methodology. ECLAC's analysis focused on the implications of deregulation and the liberalization of economic and financial policies, advocating for a regional development strategy that balances economic growth with equitable income distribution, employment opportunities, technological advancement, and social fairness. By analyzing Latin America's integration into the global economy in the 1990s, this study explores ECLAC's theoretical perspectives as viable alternatives to the reforms implemented during that period. Employing a bibliographic and reflective analytical approach, the paper underscores ECLAC's contributions to understanding the socioeconomic challenges and opportunities facing the region.