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Economies of Latin America

Economies of Latin America. Market, Mixed, Command & Socialist. Currency is the peso; equal to .07 dollars 2 nd largest economy in Latin America Is considered a free market economy Less than 200 government owned businesses. Mexico.

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Economies of Latin America

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  1. Economies of Latin America Market, Mixed, Command & Socialist

  2. Currency is the peso; equal to .07 dollars • 2nd largest economy in Latin America • Is considered a free market economy • Less than 200 government owned businesses Mexico

  3. January 2013: The 4 countries of the Pacific Alliance announced they would lift tariffs on 90 percent of goods before March 31 in a further push to open up their growing markets. • Unlike the Pacific Alliance, Mercosur, South America’s trade bloc decided in December 2011 to impose tariffs on a host of cheap imports to protect the region from a slowing global economy. There will be a 35% tariff on 100 additional goods until 2014. Mexico & Brazil:Tariffs in the real world

  4. Currency is “real”; equal to .50 in dollars • Has a mixed market economy • #1 economy in Latin America • Government controls health care & postal service Brazil

  5. A quota is a limit on the number of goods that can be imported. • To avoid a quota set by the government, Volvo opened a factory in Brazil to produce automobiles. Brazil: Quotas in the real world

  6. Currency is peso; equal to $1 dollar • Has a command economy, but is beginning to allow some private ownership • Government controls all resources and property Cuba

  7. Began as a military embargo to stop Soviet weapons from being imported • Economic sanctions until Cuba moves toward democracy and greater respect for human rights • In 1996, more restrictions kept U.S. citizens from doing business in or with Cuba, and prevented giving public or private assistance to any successor government • In 1999 the U.S. forbid foreign subsidiaries of U.S. companies to trade with Cuba Cuba:Embargo in the real world

  8. Currency is a bolivar; equal to .16 dollars • Has a free market economy, but with a socialist bent • Relies heavily on the oil industry (accounts for 95% of its exports) Venezuela

  9. Socialism as – economic/political theory supporting group or governmental ownership and administration of production and distribution of goods • Was very popular during the 19th/20th Century when it meant a society committed to meeting the basic needs of all people • The collapse of the Soviet Union began the change to more capitalistic societies, other than in Venezuela where Chavez spoke against capitalism Socialism

  10. A trade agreement made between the U.S., Canada & Mexico in 1994 • Lowered trade barriers to create a free trade zone • Key points: • Eliminate tariffs • Remove investment restrictions • Remove customs barriers between U.S. & Mexico • Establish tough standards in industry • Improve working conditions NAFTA

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