WithScott B. MacDonald, Georges A. Fauriol
Pages 10

The interdependence between Latin America and North America was also mirrored in the US-led effort to support Mexico in early 1995 when the peso came under attack by international currency traders. Latin America’s role in the post-cold war world order is being shaped by economic dynamism, more effective diplomacy, and a cultural explosion. Latin America is emerging from the “lost decade” of the 1980s to a renaissance in the 1990s, in which its 466 million people are, through their democratic process, increasingly articulating their view of the way things should be in the international political and economic system. Latin America’s fast-forward process is therefore defined as a structural transformation of local economies from state-dominant to more market-oriented growth strategies by promoting exports and allowing imports, the diversification of products and trade partners, fiscal responsibility, and the privatization of large-scale state holdings.