Poverty in Latin America and the Impact on Society Essay

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Latin America

Both social and financial inequality has been a contentious issue within society for decades. Poverty, particularly in Latin America has been a large issue as countries become industrialized. As many Latin American countries develop, the poverty gap becomes wider. Many rallies, protests, political movements and government upheavals have been centered on the issue of inequality. Currently, the problem is exacerbated by the economic struggles of many around the world. As many economies become global in nature, so too do there interconnectedness. A fiscal or monetary policy in one nation will have adverse consequences for an unsuspecting nation in another. We need not look any further than the current economic calamity within Europe as proof. In the United States and abroad nations are taking defensive action in the event of a Euro zone default which would have cataclysmic consequences for the global economy. Even more profound is the nature of inequalities as a result of this new found global economy.

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Latin America is no different in this regard as many of its fortunes, and thus its inequality are correlated to the global economy. As such, it is my belief that Latin America's poverty corresponds directly to the interconnectedness of the global economy, the demand for goods and services within its borders, and the overall structure of the country (Barrientos, 2009).

To begin, I believe it prudent to discuss why inequalities exist to begin with. Poverty exist when one population of society has a distinct economic advantage over another. This advantage compounds over time, much like compound interest in the financial industry. As these advantages compound year after year, the gap between those who have financial stability and those who do not widens exponentially. These advantages come in the form….....

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