Globalization and the Role of the USA in Latin America Essay

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Industrialization was the metropolis' privilege; in poor nations, it was unsuited to the system of dominance of rich nations. The culmination of the Second World War saw European interests completely waning from the Latin American region, and the triumphant advance of American investments. Ever since, a significant change has been observed, in investment's focus. One step after another, one year after another, capital investments in mining and public services have lost prominence, while petroleum investments, and, in particular, investments in the manufacturing sector, have proportionately grown. Presently, one out of every three dollars Latin America invests is in the industrial sector (Galeano 1973; 205).

In exchange for minor investments, giant corporations' affiliates cross the customs barriers absurdly erected against foreign competitors, and take possession of the domestic process of industrialization. They export industrial units or, often, waylay and consume those that already exist. Moreover, such investments, which transform the factories of Latin America into nothing but cogwheels in the machinery of industrial giants, do not alter global labor division in any manner. No change is seen in the framework of interconnected channels through which goods and capital circulate between the rich and poor nations. A continued export of Latin American poverty and unemployment is occurring: raw materials required by the global market, on whose sales the economy of the Latin American region relies.

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Unequal exchange continues functioning as was the case earlier: meager wages in the region helps fund high pay in Europe and the U.S. In spite of its industrialization, Brazil continues its considerable dependence on export of coffee, and Argentina on meat sales; Mexico's manufacturing exports are very few (Galeano 1973; 207).

Foreign manufacturing capital began to flow liberally in the 50s, into Brazil. It received a powerful impetus from President Juscelino Kubitschek's development plan, which was put into operation from 1957-60. Those days marked growth euphoria in the region. Brasilia arose as though from a magic cauldron - in the wilds, where the Indians hadn't yet seen or heard of wheels, great dams and highways were constructed, and a new automobile was manufactured every 2 minutes by automobile factories (Galeano 1973).

As per a report by the Entrepreneurship and Competitiveness in Latin America program (ECLA), more than 80% of total investments taking place from 1955 to 1962 were from loans guaranteed by the state (ECLA/BNDE 1965). That is, over four-fifths of the investments of these concerns emerged….....

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