Question

how did countries in latin america, africa, and asia integrate themselves into the global economy in the late twentieth century? select all that apply.

Answer 1

In the late twentieth century, countries in Latin America, Africa, and Asia integrated themselves into the global economy in a variety of ways, including:

1. Export-oriented growth: Many developing countries pursued export-oriented growth strategies, which involved focusing on the production and export of goods for the global market. This approach was particularly popular in Latin America and Asia, where countries such as Brazil, Mexico, and South Korea became major exporters of manufactured goods and commodities such as oil, soybeans, and electronics.
2. Foreign direct investment: Another way in which developing countries integrated themselves into the global economy was through foreign direct investment (FDI), which involved attracting investment from foreign companies and investors. This approach was particularly popular in Africa, where countries such as Nigeria and South Africa attracted significant FDI in sectors such as mining and telecommunications.
3. Liberalization and privatization: Many developing countries also pursued policies of economic liberalization and privatization, which involved reducing government regulation and control of the economy and promoting private enterprise. This approach was particularly popular in Latin America, where countries such as Chile and Argentina implemented market-oriented reforms in the 1990s.
4. Regional integration: Some developing countries also integrated themselves into the global economy through regional integration, which involved forming economic alliances and integrating their economies with those of neighboring countries. This approach was particularly popular in Latin America, where countries such as Mexico and Brazil were members of regional trading blocs such as NAFTA and Mercosur.

Overall, the integration of developing countries into the global economy in the late twentieth century involved a range of approaches, including export-oriented growth, foreign direct investment, liberalization and privatization, and regional integration. While these approaches brought some benefits, such as increased trade and investment, they also posed challenges, such as increased competition and volatility in global markets, and uneven distribution of benefits within and between countries.