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Economics of Latin Economics of Latin AmericaAmerica
Panama CanalPanama Canal Panama Canal is a Panama Canal is a
system of locks that system of locks that shortens the travel time shortens the travel time and distance from the and distance from the Pacific Ocean to the Pacific Ocean to the Atlantic OceanAtlantic Ocean
Panama Canal is an Panama Canal is an economic chokepoint in economic chokepoint in Latin America.Latin America.
Panama Canal VideoPanama Canal Video
OPECOPEC
Organization of Petroleum Exporting Organization of Petroleum Exporting CountriesCountries
Venezuela is a memberVenezuela is a member
Money from high oil prices has Money from high oil prices has allowed them to purchase warshipsallowed them to purchase warships
Venezuela Venezuela Check out this article and watch the clip: Check out this article and watch the clip: http://news.bbc.co.uk/2/hi/americas/7628899.stmhttp://news.bbc.co.uk/2/hi/americas/7628899.stm
Questions: Questions:
1. What are the ships going to do? 1. What are the ships going to do?
2. What implications does this have for the US? 2. What implications does this have for the US?
Natural ResourcesNatural Resources
Minerals:Minerals:gold gold ironironcoppercoppersilversilvernickelnickel
Natural ResourcesNatural Resources
Agriculture:Agriculture:good climategood climatefertile soilfertile soil
Colonial Influences in the Colonial Influences in the CaribbeanCaribbean
Spanish:Spanish:Established sugar plantations Established sugar plantations Indians and Africans:Indians and Africans:Used as forced laborUsed as forced labor
Cash CropsCash CropsCrops grown for direct sale, Crops grown for direct sale,
not for use in the regionnot for use in the regionExamples: sugar, bananas, Examples: sugar, bananas,
citrus fruits, coffeecitrus fruits, coffeeBenefit land owners, not Benefit land owners, not
workersworkers
Economic Growth after Economic Growth after ColonialismColonialism
Caribbean island resorts Caribbean island resorts Generates incomeGenerates income Provides jobsProvides jobs
NAFTANAFTA North American Free Trade North American Free Trade
AgreementAgreement Important trade agreement Important trade agreement
creating a huge zone of creating a huge zone of cooperation on trade and cooperation on trade and economic issues in North Americaeconomic issues in North America
Mexico trying to reduce poverty Mexico trying to reduce poverty and increase industrializationand increase industrialization
MaquiladorasMaquiladoras Factories in Mexico used to Factories in Mexico used to
assemble imported materials into assemble imported materials into finished products and export them finished products and export them mostly back to the USmostly back to the US
Located mainly along northern Located mainly along northern border of Mexicoborder of Mexico
Examples of goods-electronic Examples of goods-electronic equipment, clothing, furnitureequipment, clothing, furniture
MaquiladorasMaquiladoras
Where people liveWhere people live
Central America-agriculture still Central America-agriculture still importantimportant
Caribbean islands-tourism Caribbean islands-tourism importantimportant
Would these jobs be found in Would these jobs be found in urban or rural areas?urban or rural areas?
Informal EconomyInformal Economy jobs found in the tourism industry jobs found in the tourism industry
that do not include benefits or that do not include benefits or protection of workersprotection of workers
FTAAFTAA Free Trade Area of the AmericasFree Trade Area of the Americas Offers greater trading Offers greater trading
opportunities, world markets and opportunities, world markets and economic growth for member economic growth for member countriescountries
To include all countries of North To include all countries of North and South America except Cubaand South America except Cuba
Designed to expand NAFTADesigned to expand NAFTA
MercosurMercosur
Economic common market that Economic common market that began operating in the southern began operating in the southern cone of South America in 1995cone of South America in 1995
GoalsGoals—to make members’ —to make members’ economies more stable, economies more stable, – increase trade in the region, increase trade in the region, – to use some money to improve the most to use some money to improve the most
needyneedy
Greatest South American success Greatest South American success StoryStory
The country of Chile:The country of Chile:– Participation in global tradeParticipation in global trade– Abundant Natural ResourcesAbundant Natural Resources
CorruptionCorruption
CorruptionCorruption - Acting dishonestly or - Acting dishonestly or immorally.immorally.
A history of corruption is one reason A history of corruption is one reason most Latin American countries are most Latin American countries are still developing economically.still developing economically.