Economic and social trends in Latin America: the bases for social discontent

Abstract

The great economic growth achieved in Latin America during the 1990s was accompanied by negative characteristics from unemployment to volatility. Moreover, the ‘lost half-decade’ of 1997—2002 witnessed an increase in poverty and growing inequality. The promised accelerated growth, low unemployment, improved income distribution and reduction of poverty were far from achieved despite the liberalization that led to higher exports and direct foreign investment. In the aftermath, a space has opened for the broad, creative review of the region’s development agenda, particularly in light of the Millennium Development Goals. If Latin America is to meet these goals, it must not only achieve economic growth and recover external markets but also complement these with a dynamic development that is integrating, inclusive, equitable, democratic and participatory.