Robert C. Hauhart
Abstract: The present international trade system is dependent on increasingly free exchange between geographically and culturally distant markets. Due in large part to the continued use of trade restraints, Latin American markets have failed to achieve the level of economic integration they desire. There are several trade organizations in South and Central America that promote free trade amongst their members. However, the lack of a single unified trade organization creates more barriers to the economies of both regions. Instead of focusing on Latin America as a whole, they split the region up and focus only on their own sections. These trade organizations should delegate aspects of their power to create one central economic union amongst all Latin American nations. The existing organizations restrain the entire region from achieving economic success because instead of working together, they are competing with each other. At the moment, this type of Latin American integration does not appear likely, as new resolutions are divisive and stagnant.
Key Terms:Latin America, Free Trade, Economic Union, World Economy
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