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Globalization at all stages of its historical evolution has had a substantial impact on the economic and socio-political development of Latin America. Latin American countries’ degree and involvement in the world economy’s internationalization processes were closely intertwined with national modernization strategies, foreign investment, and external debt. Latin America has long been characterized by the comparative stability of the main features of the regional model of participation in globalization. This regional model assumes the preservation of the role of Latin American countries as suppliers of raw materials, recipients of the capital of foreign companies seeking to occupy commanding heights in the Latin American economy.
Latin America has always been at the forefront of the developing processes of internationalization of the world economy, was at the epicenter of all waves of globalization. This regional model allows Latin American countries to participate in the global economic system. In addition, this region remains the primary supplier of raw materials, the part of recipients of foreign capital who seek to take a leading position in the Latin American area.
The national peculiarities of the participation of the region’s states in globalization, which do not fundamentally change the region-wide paradigm, were especially clearly manifested in Chile and Mexico. In the first case, the critical element was foreign trade expansion based on exploiting natural resources and maximum diversification of sales markets. In the second – the bet on transforming some country regions into a massive site of assembly plants, whose products were mainly sent to the United States. As practice has shown, both options have largely exhausted themselves and need serious adjustment. It is safe to say that in the conditions of crisis shocks experienced by the global economy and world trade, no less profound changes await the regional model of Latin America’s participation in the processes of globalization.
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