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Agricultural Growth and Development in Latin America

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An Essay on

Agricultural Growth and Development
In
Latin America

Ismael Reyes Jr. ismaelreyes001@mail.fresnostate.edu 105336757

Econ 114: Economic Development of Poor Nations
Dr. Antonio Avalos
December 2, 2013
MWF 11:00am- 11:50am
Fall 2013

It is said that by the time we reach the year 2050, the United Nations estimates the population to have reach 9 billion people globally. Causing the demand for food to double, with much of that demand in developing countries such as Latin America. The development of the agricultural sector in Latin America was been going on since its been colonized, with most of its economy being largely based off of agriculture. So what is stopping Latin America from becoming a food superpower? Although with agricultural production continuing to rise around the world, Latin America’s progression has ben uneven having a lack of appropriate technological innovation and government regulation. Latin America has always have a problem with its timing. After independence became a new trend in Latin America, these countries were left to fend for themselves and develop their own economic strategies. Unfortunately, the development of these strategies took too long and happened too late for them to be able to follow the international trends in trade. Since independence, there have been three phases of economic development in Latin America: export-led growth, inward-looking development, and the promotion of nontraditional exports. During each phase, certain countries have managed to do something better than others based on what was emphasized in each strategy as well as the never-ending effects of the commodity lottery.
During colonial times, agricultural trade and development of Latin America was controlled by Europe. Unfortunately, the countries were very isolated because they could often only export their agricultural products to the country that had colonized them. This was especially true of Brazil, who only was allowed to trade with Portugal during colonial times. When these countries began to gain independence, they failed to make their own industry truly competitive because they lacked the capital with which Europe had always provided them. Unfortunately, this meant that Latin America continued to be highly dependent on Europe because they began borrowing money from them, especially from Great Britain. With…...

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