ABSTRACT
Economic historical analysis of the post-colonial authoritarian states in Africa, Asia, Latin America, and the Caribbean established by the forces of global capitalism to counteract the spread of communism shows that the economy was dominated by the state, and faced severe economic stagnation and crisis in the 1970s and 1980s. The ‘new authoritarianism’ in Latin America was identified by F. H. Cardoso as coming into being in the midst of a period of high economic growth in the region. Socialist economic approaches involve the socialization of the means of production, through nationalization, or state investment, and the business enterprises are not operated on capitalist market principles. The machinations of the global capitalist and their local allies led to the establishment of a People’s National Congress- United Force coalition government to defeat the communist leaning People’s Progressive Party in 1964. Economic, social, and political policies were formulated at the annual conferences of the political party in power.
