During the Cold War, economics often took a back seat to geopolitical and strategic concerns. But with the fall of the Berlin Wall and the collapse of communism, trade, investment, and other economic issues have taken on new importance in international affairs. This makes international economic stability and expanded prosperity even more important because, as Peruvians know only too well, poverty can lead to domestic or regional conflict. When that happens, everyone wins. Looking at Latin America from the perspective of the North, I have to say the overall picture is quite encouraging.
Democracy continues to make major strides.
Only one nation, Cuba, is ruled by a dictatorship. Economic liberalization has kept pace with democratization. Import substitution and government controls on private enterprise used to be considered a viable economic model. Today, that notion is recognized as old-fashioned. Intra-hemispheric trade has skyrocketed, and prosperity in the Americas has grown.