It is a dependency of developed countries of great proportions.
Production is sold at such a low price that it does not even pay production costs. Always producing basic raw material for export.
In the academic world, theories come from North or from Europe.
I am not aware that Latin American countries are considered colonies today. Even when in the 1970s dependencia theories were rather popular this was not done in serious political / economic development discourses.
Latin American countries are lagging behind when compared to US or Canada despite them speaking European Language Spanish suggesting their cultural proximity to Europe as in case of US and Canada should be factor to suggest Latin America a far more prosperous region. The Latin American countries have structural problems in their economies where it is true that they ignored processes of industrialization and went to active service orientation especially of their financial sector to achieve quick economic dividends. Further an most importantly their political structures did not evolve with the same pace that is witnessed in US or Canada post nineteenth century. Many of the Latin AMerican countries adopted socialism as a preferred political and economic strategy that came in contrast to the interests of the US during cold war and thus these countries were engulfed in conflict of ideology with the proximate neighbors. The Latin American countries find themselves dependent on cultural, social, economic and political motivations from North America that is more true for Mexico and thus an impression of dependency and colonial set up is presented. However that may not be true because Latin America has its own history of economic, social, political and cultural prowess especially in eighteenth century and some significant part of nineteenth century. Taking lessons from the past and exploiting its indigenous strengths and participating in contemporary developments in innovations, Latin America can break the shackles of self impersonating colonialism.
Even though the countries may be considered to be independent on paper, there is a continued dependence on more powerful states in the north
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