Abstract
In the 1950, 1960s and 1970s, LA countries practised an economic regime characterized by market intervention and import substitution policies. Countries wished to shelter the development of their own industries and to limit foreign influence. They enjoyed a relatively stable economic growth that reached on average 5% during that period. However, the situation changed completely in the 1980s.
In view of the excess liquidity in international capital markets after the first oil price shock, LA countries borrowed heavily on international markets. This brought them into a severe debt crisis in the early 1980s, when interest rates substantially increased. Many LA countries slipped into serious recession and stagnation in the 1980s, which went into their economic history as the “lost decade.” Consequently, one after the other had to reconsider its economic model, starting to foster market-orientation and to integrate into the world economy.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Chile started economic reforms already in the late 1970s, earlier and more ambitiously than the rest of the region. Thus it experienced a better economic performance, and did not suffer a recession in the 1980s but grew at 7.3% in the period 1985–1997 (Corbo et al. 2005).
- 2.
Singh/Belaisch/Collyns/De Masi/Krieger/Meredith/Rennhack, Stabilization and Reform in Latin America: A Macroeconomic Perspective on the Experience since the Early 1990s, IMF Occasional Paper no. 238, 2005; Corbo/Hernández/Parro (2005), Institutions, economic policies and growth: Lessons from the Chilean experience, Central Bank of Chile Working Papers no. 317, 2005.
- 3.
ECLAC — Economic Commission for Latin America and the Caribbean (1999), Economic Survey of Latin America and the Caribbean 1998–1999, Santiago, Chile.
- 4.
ECLAC — Economic Commission for Latin America and the Caribbean (2006), Economic Survey of Latin America and the Caribbean 2005–2006, Santiago, Chile.
- 5.
ECLAC — Economic Commission for Latin America and the Caribbean (2006), Economic Survey of Latin America and the Caribbean 2005–2006, Santiago, Chile; ECLAC — Economic Commission for Latin America and the Caribbean (2007), Economic Survey of Latin America and the Caribbean 2006–2007, Santiago, Chile.
- 6.
Hummer, Integration in Lateinamerika und in der Karibik. Aktueller Stand und zukünftige Entwicklungen, Verfassung und Recht in Übersee (2005) 1, pp. 6 et seq.
- 7.
Hummer, Integration in Lateinamerika und in der Karibik. Aktueller Stand und zukünftige Entwicklungen, Verfassung und Recht in Übersee (2005) 1, pp. 6 et seq.
- 8.
SIECA — Secretaria de Integracion Economica Central Americana (2007), State of the Current Central American Economic Situation, Guatemala.
- 9.
SIECA — Secretaria de Integracion Economica Central Americana (2007), State of the Current Central American Economic Situation, Guatemala.
- 10.
Hummer, Integration in Lateinamerika und in der Karibik. Aktueller Stand und zukünftige Entwicklungen, Verfassung und Recht in Übersee (2005) 1, pp. 6 et seq.
- 11.
Hummer, Integration in Lateinamerika und in der Karibik. Aktueller Stand und zukünftige Entwicklungen, Verfassung und Recht in Übersee (2005) 1, pp. 6 et seq.
- 12.
CAN, Comunidad Andina, Secretaria General, Brief History, http://www.comunidadandina.org/INGLES/quienes/brief.htm (last visited 19/03/2009).
- 13.
Schirm, Kooperation in den Amerikas: NAFTA, Mercosur und die Dynamik regionaler Zusammenarbeit, 1997.
- 14.
Köpke, Implikationen der Handelsvereinbarungen der EU mit Zentralamerika und den Andenländern, 2006, Forschungs- und Dokumentationszentrum Chile-Lateinamerika, available at http://fdcl-berlin.de/?id=761.
- 15.
CAN, Comunidad Andina, Secretaria General, About us: http://www.comunidadandina.org/INGLES/who.htm (last visited 19/03/2009).
- 16.
European Commission (2007), Andengemeinschaft — Regionales Strategiepapier 2007–2013, http://ec.europa.eu/external_relations/andean/rsp/07_13_de.pdf (last visited 19/03/2009).
- 17.
European Commission (2007), Andengemeinschaft — Regionales Strategiepapier 2007–2013, http://ec.europa.eu/external_relations/andean/rsp/07_13_de.pdf (last visited 19/03/2009).
- 18.
CAN, Comunidad Andina, Secretaria General, About us: http://www.comunidadandina.org/INGLES/who.htm (last visited 19/03/2009).
- 19.
Neuber, Brüssel setzt den Spaltkeil an — EU will einzeln mit den Andenstaaten über Freihandel verhandeln, 2008, AG Friedensforschung an der UNI Kassel, available at http://www.uni-kassel.de/fb5/frieden/regionen/Lateinamerika/anden.html (last visited 19/03/2009).
- 20.
Hummer, Integration in Lateinamerika und in der Karibik. Aktueller Stand und zukünftige Entwicklungen, Verfassung und Recht in Übersee (2005) 1, pp. 6 et seq.
- 21.
Office of the United States Trade Representative, Free Trade with Chile, http://www.ustr.gov/Document_Library/Fact_Sheets (last visited 16/01/2008).
- 22.
Office of the US Trade Representative, Colombia Free Trade Agreement, http://www.ustr.gov/Trade_Agreements/Bilateral/Colombia_FTA/Section_Index.html (last visited 16/01/2008); Office of the US Trade Representative Peru Trade Promotion Agreement, http://www.ustr.gov/Trade_ Agreements/Bilateral/Peru_TPA/Section_Index.html (last visited 16/01/2008).
- 23.
UN Comtrade, Commodity Trade Database, United Nations.
- 24.
UN Comtrade, Commodity Trade Database, United Nations.
- 25.
European Commission, DG External Trade (2004), Bilateral Trade Relations Central America, http://ec.europa.eu/trade/issues/bilateral/regions/central_america/index_en.htm, (last visited 02/02/2008); European Commission, DG External Trade, Bilateral Trade Relations Latin America and the Caribbean, http://ec.europa.eu/trade/issues/bilateral/regions/lac/index_en.htm (last visited 02/02/2008); European Commission, DG External Trade, Bilateral Trade Relations Andean Community, http://ec.europa.eu/trade/issues/bilateral/regions/andean/index_en.htm (last visited 02/02/2008).
- 26.
European Commission, DG External Relations, Brazil, Country Strategy Paper 2007–2013, http://ec.europa.eu/external_relations/brazil/csp/index.htm (last visited 02/02/2008).
- 27.
European Commission, DG External Trade, Bilateral Trade Relations Brazil, http://ec.europa.eu/trade/issues/bilateral/countries/brazil/index_en.htm (last visited 16/01/2008).
- 28.
European Commission, DG External Trade, Bilateral Trade Relations Andean Community, http://ec.europa.eu/trade/issues/bilateral/regions/andean/index_en.htm (last visited 02/02/2008).
- 29.
European Commission, DG External Trade, Bilateral Trade Relations Mexico, http://ec.europa.eu/trade/issues/bilateral/countries/mexico/index_en.htm (last visited 17/01/2008).
- 30.
European Commission — DG External Trade, Bilateral Trade Relations Chile, http://ec.europa.eu/trade/issues/bilateral/countries/chile/index_en.htm (last visited 02/02/2008).
- 31.
SIECA — Secretaria de Integracion Economica Central Americana, State of the Current Central American Economic Situation, Guatemala.
- 32.
SIECA – Secretaria de Integracion Economica Central Americana, State of the Current Central American Economic Situation, Guatemala.
- 33.
Office of the US Trade Representative, Peru Trade Promotion Agreement, http://www.ustr.gov/Trade_Agreements/Bilateral/Peru_TPA/Section_Index.html (last visited 16/01/2008).
- 34.
UN Comtrade, Commodity Trade Database, United Nations.
- 35.
Prüfer/Tondl, The FDI-growth nexus in Latin America: The role of source countries and local conditions, forthcoming.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2010 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Tondl, G., Bass, T. (2010). Integration in Latin America. In: Herrmann, C., Terhechte, J.P. (eds) European Yearbook of International Economic Law 2010. European Yearbook of International Economic Law, vol 1. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-78883-6_14
Download citation
DOI: https://doi.org/10.1007/978-3-540-78883-6_14
Published:
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-78882-9
Online ISBN: 978-3-540-78883-6
eBook Packages: Humanities, Social Sciences and LawLaw and Criminology (R0)