Old and New Regional Groupings in Latin America: An Analysis
The central idea of this paper is to describe and analyze regional groupings in Latin America. Regionalism or regional integrations have been an important and growing phenomenon in Latin America since the Second World War. Initial political groupings in the region were initiated by US to serve its geopolitical interest, while the economic integrations were formed under the guidance of United Nations. The economic groupings formed during this period were inward looking in approach based on import substitution industrializations which failed to make much progress. However, with the return of democracy in most of the countries in the region in 1980s, Latin American countries grew politically more assertive and began to form political and economic groupings on their own without any outside influence. The economic groupings formed during this period were based on free market approach of global trade. The regional groupings being formed since 1980s have been playing a crucial role in enhancing Latin American countries standing in global economics and politics.
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