Commodities have completely changed the landscape of Latin America. In Brazil, for example, the middle class was able to grow significantly thanks to the hard currency commodities brought in. As a result, social disparity was also reduced.
Parting Shot: What’s at stake
Commodities prices are likely to remain high over the longer term, argues Roger Agnelli. But Chinese demand will remain central to Latin America’s near term success
It is important to state that commodities have been very, very important in reducing social disparity – not only in Brazil but in other countries in Latin America. Some countries – including Peru, Colombia and Chile – took advantage of this: they did their homework well.
Other counties failed: for example, Argentina and Venezuela now both face a very tough reality.
Today, there is much uncertainty in the financial sector and much uncertainty about growth in the developed world. There are also...
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