The correct answer is B) the rise of democracies in most Latin America.
The statement that was not an effect of Proxy wars is "the rise of democracies in most Latin America."
A proxy war is an armed conflict instigated by two powerful countries that do not fight each other directly but using third parties or countries that fight against each other. That was the case of the Vietnam War where the Soviet Union supported North Vietnam and the United States supported South Vietnam. But the rise of democracies in most Latin America was not part of a proxy war.