Development in Latin America: Toward a New Future

Abstract

At the beginning of the twenty-first century, Latin American economies greatly benefited from the high international prices of primary products (commodities) and began a period of economic growth. This juncture coincided with a new period characterized by the questioning and widespread rejection of the neoliberal consensus and traditional forms of political representation, as well as intense social mobilizations. Subsequently, in various countries of the region, a cycle of protest against the neoliberal agenda was crowned by the emergence of left and centre-left governments with “progressive” policy agendas that combined heterodox economic policies — the use of revenues derived from the export of commodities to finance social programs oriented towards poverty reduction. Thus began the so-called Latin American progressive cycle, which would extend from the turn of the new millennium until 2015–16.