It is almost 30 year ago that Latin american economies started out (1990),a complex development process,following the external debt crisis of the eighties.It was complex because there was a turbulent past of dictatorships,corruption, poverty and state intervention, which turned out to be almost a dream to think about markets, private investment,economic growth and wealth.But the journey started over and the outcomes becomes a reality throughout the following years .
Lower poverty rate, lower inflation rate,higher integration with world markets, higher economic growth rate, private business as the source of wealth, all of which led to lower unemployment rate as well.From the economic stand point , the foundation of prosperity are in place. However, there are some challenges:
a.- To make full control of corruption.This social bad comes out both from public and private sources. However, it has been that one coming from the collusion of government and private firms ,which has become more tan a problem In fact , it was a moral failure for those who are in public office to take the voice of those unable to do it on their own.
b.- To make clear that the progress already in place, came out from democracy and its vaues: respect for Human rights, free press,independent judiciary system,autonomus central Banks ; and a state ready to adpat itself to the new challenges.
Actually, People is fully aware about their right to be citizens, to make entrepreneurships activities to improve their well being, or to get the best of their talents throughout education. In a nitschell, to be in charge of their own destiny and their freedom.
c.- To make clear that there has been a shifting from the state to market as the source of wealth and prosperity. People do not want to live up to their fear anymore.
So, even though there are still some problems to solve , a revolution has taken place , whithin the rules of democracy and allowing Latin america economies to move forward to higher stage of development, leaving aside the vulnerabilities of poverty to get better standard of living as much as it keeps steadily the path chosen so far.
2019, is an opportunity to make a step further.It will be a political year , with many free elections.As long as the global economy solve its new arquitecture, and global economics growth keep the pace although at a moderate pace, democracy in latin america will open up more doors to prosperity.
Thus ,Latin America is moving toward being a new global partner reliable because its values, stable because of both its economics and social policies, and strong because of its democratic governments. This the right side of History.
