"May you live in interesting times." So goes the oft-quoted curse. It can hardly be disputed that we live in exciting times, as dramatic events far from home capture our collective attention.
The Jasmine Revolution continues to roil political systems around the globe, while at the same time the developing economies of Asia are offered as proof of a rising new world order led by India and China. These far-flung events undoubtedly have implications for us.
However, it is important that we do not lose sight of developments closer to home. Latin America has made significant economic and democratic progress and remains vitally important to the central Illinois economy.
For instance, Chile has become Caterpillar's fifth largest U.S. export market. Mexico is Illinois' second largest export market. Brazil, long an active market for Peoria businesses, has recently been named the fifth largest economy in the world.
For decades, Latin America was the byword for market inefficiency. However, as our attention has been riveted elsewhere, a renewed sense of optimism has taken hold from Bogota to Rio. Much of this well-deserved pride rests in the region's ability to shake off economic torpor during the recent downturn.
In many ways this was due to the hard lessons learned from past economic disasters when weak institutions and businesses were culled. The economic reforms that were instituted in response have served the region well. After experiencing a robust 2010, regional performance is expected to remain better than the global average.
The region's newfound economic stability owes much to the fact that over the past 30 years many of its leaders have been working towards more dynamic, freer societies, even as the regimes in today's democratic hot spots were concentrating on consolidating personal wealth and power.
There is a sense in Latin America that great things are around the corner. Pundits are beginning to talk about a "Latin American decade." Chile's president, Sebastian Pinera, says Latin Americans should aspire to make the 21st century "the century of Latin America."
There is a temptation to say that we have seen it all before and Latin America will squander this opportunity. Whether Latin America is cursed or blessed by these interesting times, it is crucial that businesses in central Illinois stay abreast of developing opportunities and challenges in our backyard.
Source: www.pjstar.com
The Jasmine Revolution continues to roil political systems around the globe, while at the same time the developing economies of Asia are offered as proof of a rising new world order led by India and China. These far-flung events undoubtedly have implications for us.
However, it is important that we do not lose sight of developments closer to home. Latin America has made significant economic and democratic progress and remains vitally important to the central Illinois economy.
For instance, Chile has become Caterpillar's fifth largest U.S. export market. Mexico is Illinois' second largest export market. Brazil, long an active market for Peoria businesses, has recently been named the fifth largest economy in the world.
For decades, Latin America was the byword for market inefficiency. However, as our attention has been riveted elsewhere, a renewed sense of optimism has taken hold from Bogota to Rio. Much of this well-deserved pride rests in the region's ability to shake off economic torpor during the recent downturn.
In many ways this was due to the hard lessons learned from past economic disasters when weak institutions and businesses were culled. The economic reforms that were instituted in response have served the region well. After experiencing a robust 2010, regional performance is expected to remain better than the global average.
The region's newfound economic stability owes much to the fact that over the past 30 years many of its leaders have been working towards more dynamic, freer societies, even as the regimes in today's democratic hot spots were concentrating on consolidating personal wealth and power.
There is a sense in Latin America that great things are around the corner. Pundits are beginning to talk about a "Latin American decade." Chile's president, Sebastian Pinera, says Latin Americans should aspire to make the 21st century "the century of Latin America."
There is a temptation to say that we have seen it all before and Latin America will squander this opportunity. Whether Latin America is cursed or blessed by these interesting times, it is crucial that businesses in central Illinois stay abreast of developing opportunities and challenges in our backyard.
Source: www.pjstar.com
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