One of the most significant factors that led to the increase in the number of Latin Americans in the middle class in the late 19th century was the revolutions that took place around 1848, since these were initiated by primarily lower class people looking for a stronger socio-economic standing.
Chile’s economy is considered to be one of the strongest in Latin America while Venezuela’s economy is declining. The World Bank ranked Chile as high-income economy while Venezuela is considered to be one of the worst economies. Chile has good economic policies that enabled the growth. Chile’s economy is well-managed while Venezuela’s economic policies were unsound. Venezuela’s resources were mismanaged. The decline of Venezuela’s economy was due to various factors like political instability, food crisis and money devaluation among other.
