Latin America: Roads to 21st Century Capitalist Development

By James Petras — My Catbird Seat

Over the better part of the present decade, Latin American stock markets have boomed. Overseas investors have reaped and repatriated billions in dividends, profits and interest payments. Multi-national corporations have piled into mining, agro-business and related sectors, unimpeded and with virtually no demands by local regions for ‘technological transfers’ and environmental constraints. Latin American regimes, have accumulated unprecedented foreign currency reserves to ensure that foreign investors have unlimited access to hard currencies to remit profits. The decade has witnessed unprecedented political and social demobilization of radical social movements. Regimes have provided political and social protection for foreign and national investors as well as long term guarantees of private property rights.

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