Rise of the middle class in Latin America Research Paper

Rise of the middle consort in Latin the States - Research Paper ExampleVenezuela is the most urbanized and largest economy of Latin the States whereas Argentina is the back largest and Colombia holds the third position, in terms of GDP (Venezuela Analysis, 2013). Latin America puts huge emphasize on stinting integration since the inception of Latin American Free Trade Association and Central American habitual Market in 1960s. In fact, the economy has undergone various structural changes due to the effect of a do of economical influences much(prenominal) as World Wars, financial crisis in 2008 and several ongoing civil wars. However, the national economic development program of this continent has been uninterrupted by the policies taken by the economy such as import substitution by industrialization and public investment on health sphere of influence (Balderston, Gonzalez and Lpez, 2000). All these factors have led the economy to experience population explosion. Moreover, as t he education clay and employment opportunities began to expand combining with enhanced social security, the economy experienced fig up of middle class society in Latin America. The paper will explore the nature and determinates of economic growth and rise of middle class in Latin America, especially concentrating on the three biggest economies of the constitute such as Venezuela, Argentina and Colombia as well as possible consequences of such social transformation.Since decades, poverty continued to be the main challenge for the economy of Latin America. However, after experiencing a long series of stagflation, the population of Latin America started expanding and overtimes the middle class evolved in a major proportion of the population. Prior to this, the demographics of Latin America were characterized by the presence of vulnerable income group, suffering from economic insecurity (Lpez-Calva and Juarez, 2013). However, over a period of time, economic growth as well as