The correct answer is The Latin economy was growing considerably in 1900, but they were still very dependent on other non-Latin countries.
Between 1950 and 1980, Latin America experienced rapid growth. During this period, the product expanded at an annual rate of 5.8% with per capita increases of 3% per year on average. Table 1 provides details. The best performance is clearly that of Brazil, whose participation regional product increase from less than a quarter to more than than a third. At the other extreme are two groups. One is the Southern Cone (Argentina, Chile and Uruguay) whose position as leader in the region in 1950 was worn. The other stragglers include a variety of smaller countries, some in Central America. Latin America's average performance after World War II is impressive when compared to the following facts. The goal of Alliance for Progress, implemented in 1961, was an annual growth rate of 2% in per capita terms. The growth of per capita income capita in Europe as a result of the Industrial Revolution was 1.3% from 1850 to 1900 and 1.4% between 1900 and 1950. The economic growth of the long term in the United States was 1.8% per year. However, two factors contributed to overshadow the performance of the Latin America between 1950 and 1980. One is the dramatic reversal of this performance in the 1980s. Latin America has gone back in this decade, with the product falling at the rate of 1.4%, as recorded in table 1. Until 1988, with the exception of Brazil, Chile, Colombia and Dominican Republic, the pm per capita of all countries in the region had fallen below the level 1980. Venezuela, Nicaragua and EI Salvador showed levels below those achieved in 1960. The 1980s were truly a lost decade. Consequently, previous progress is underestimated.
