He has published numerous essays and articles in Europe, Latin America, and the United States, and has lectured extensively at colleges and universities. The social and political contrasts presented by the two arms of the American hemisphere reveal intriguing insights about the different economic directions they have hereto followed. The United States in the north enjoys a dynamic economy within a powerful democracy. In Latin America in the south, numerous states are divided politically, underdeveloped economically, subjected to frequent social unrest, and plagued by inflation and poverty.
History gives the answer.
The 1776 North American revolution is usually presented as a political revolt of thirteen colonies against British rule. The rebellion, however, responded to fiscal and economic motives, for it principally sought trading and fiscal freedoms. The ensuing breakup of political ties was an effect rather than the cause of the revolt. And the Declaration of Independence did not mention economic rights specifically only because they were implicit in the pursuit of happiness. This erroneous emphasis assumes that the political liberties gained by the rebellion gave rise to economic freedom.