Consider that as a group, Mexico, Chile, Argentina, Venezuela and Brazil, boast a population of 300 million people and cover an area more than one and a half times the size of the United States. They have plenty of food to feed their people and are major exporters of agricultural products. Moreover, unlike the former Soviet Bloc countries, they already understand capitalism. All these Latin American countries have laid the political and economic foundation for development. All of them have begun to achieve results, with Mexico, followed by Chile and Venezuela, having achieved the most.
Brazil has the furthest to go, but also has perhaps the greatest potential.
All of them have just scratched the surface of what they might become. By contrast, no new foundations can be laid in Eastern Europe until the existing structures are condemned and demolished, and new plans are created. This will take time and money. Lots of money. The changes in Eastern Europe and the Soviet Union are of great political importance to us and to the whole world, but will have little economic impact on us for some time to come.