The paper analyzes the evolution of raw materials (commodities) in Latin America for the last decade, thus assessing the possibility of economies of the region developing specialized production sectors. This being said, the author suggests that the evolution of prices can be an important incentive for the development of countries, particularly in Latin America, thus providing room for further specialization and diversification in the region.
The paper is organized as follows. After a brief introduction, the first chapter addresses the issue of production of raw materials in Latin America, whilst the second section explores how these may influence specialization, diversification and growing economies in the region. Meanwhile, the third section provides a comprehensive analysis of the evolution of prices of raw materials in Latin America, whereas the fourth chapter sheds light on the region’s growth patterns. Finally, chapter five offers some alternative economic policies, both nationally and internationally, to promote the development of specialized industries in Latin America, whereas chapter six provides some concluding remarks on the subject.
In conclusion, the author argues that the investigation examined the implications of raw material production in Latin America from the angle of prices. Consequently, the paper suggests that during globalization, developing countries opting for economic diversification strategies will achieve faster growth than those not engaged in production specialization.