Movement toward regional markets in Latin America

Abstract

Latin American countries currently find themselves in a profound process of regional integration, both among the region’s nations and between these nations and developed and emerging nations. The process has involved significant structural reforms aimed at opening up their economies. Flows of trade and foreign direct investment are increasing in countries characterized by differing levels of development. The resulting benefits have been diverse, and the human and institutional capabilities strengthened have also varied considerably. Nevertheless, the unfinished development process and the economic, social and political problems experienced in the Latin American region have led to an intensification of criticism directed at regional integration and free trade.