“Democracy promotion”

But the comparison with other regions across the globe can also be made, which depicts the darker side of the Latin American landmass. The comparisons would raise some questions about where programs of “democracy promotion” are needed. Given its new ascendancy, Latin America may come to terms with some of its severe internal problems. The region is notorious for the rapacity of its wealthy classes, and their freedom from social responsibility. Comparative studies of Latin American and East Asian economic development are revealing in this respect. Latin America has close to the world’s worst record for inequality; East Asia the best. The same holds for education, health and social welfare generally. Imports to Latin America have been heavily skewed towards consumption by the rich; in East Asia, towards productive investment. Capital fl ight from Latin America has approached the scale of the debt – suggesting a way to overcome this crushing burden. In East Asia, capital flight has been tightly controlled.

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Source:- IIPM Editorial

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