Why was Latin America stuck in the middle-income trap?

Thanks to its abundant natural endowment, Latin America was once the most rapidly developing region in the world. Yet, as these countries moved forward to full industrialization, why did their efforts to eliminate dependence on foreign industry backfire on themselves, later making Latin America fall into the middle-income trap? Will there be any hope for South America to revitalize its economy? We have Prof. Wen Yi from Shanghai Jiao Tong University to discuss the policy failure of Latin American countries and the hope that exists.

[RonaldinhoGoat]

Latin America also has an natural resource based oligarchy, they feel threatened by growth in other sectors so they suffocate that growth with high regulations and taxes. This is a big reason they have stagnated, the oligarchy prefers power over economic growth.

[innocentmushi]

Some years ago i believe in democracy, but now i have lost all hope on Democracy i believe the countries need a stable government for at least 30 years to revolutionize the economy and rise the economy of the country.

[root]

I think it will be very difficult for Latin America to get out of the middle-income trap. Because although the people are dissatisfied with the status quo, not many people are willing to support changes to the existing political and economic system. It will also face sanctions initiated by the United States and Europe under the pretext of human rights and democracy, and use Western media to spread rumors and discredit Latin American countries that are trying to make such changes, splitting the country into two factions.

[teckmenglee]

Thank you to Prof. Wen Yi from Shanghai Jiao Tong University for the insightful talk on the topic. Very interesting and insightful, as it can help explain the factors that impede the economic growth of developing countries. I see relevance in the growing economies of Africa.

[tondarmb]

Excellent!very important points.thank you.

[faa]

You have to manufacture and turn raw materials into finished goods.

[donkeykong]

China speaks from experience, listen to them

[secrets.]

This guy speaks exactly 100% the true reason why Latin America is in the middle income trap.

[HxHDRA]

The democracy point is very important, especially given U.S interference in the region

[Gaiafreak]

While I disagree with the premise that democracy leads to these maladaptive market tendencies, I think he brings up many other good points. It's not the "democratic" process that's the issue, it's the involvement of the us and its cronies through economic hitmen and toxic lending practices (with the ultimate threat of violence from Washington)

[yeahaight]

Why is he shitting on my machine design before I have even finished it 😭 1:26

[leecheong]

High income need technology progression that translate into industry. Natural resources alone will not do.

[VinceroAlpha]

The CCP method is proving to be just as bad.😂😂

[cogniktive]

LatAm needs communism and socialism with latam characteristics

[chvhndrtntlr]

All developed countries in asia, experienced directed dictatorship first before they become developed countries