There are three areas of particular interest in evaluating prospects for the region in 2015. The first is a question of institutions and governance. The insertion of the hemisphere into a global network of trade and investment opportunities is the second. And the third, and certainly the most problematic, will be the region's relationship with the United States.
Good government pays off. With Chile and Brazil as examples, tomorrow's hope is that the rest of the region will embrace responsible policies.
The common wisdom is that Latin America is institutionally underdeveloped. Problems of governance and governability are apparent in many countries. Parties are weak and fragmented; in some countries they have almost disappeared. Checks and balances exist on paper but rarely function in practice in many cases. Countries are mired in poverty and show little improvement in income distribution or social injustice. But there are broad differences across the region that are often overlooked and positive trends that need to be highlighted.
The next 10 years will see a sharp...
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