The Economic Crisis of 2008/2009 and Future Path

     The Economic crisis of 2008 and 2009 affected the entire world. Latin America is one of the regions that suffered the greatest aftershocks of the economic meltdown. While addressing an annual conference of Latin American investors, Mauricio Cardenas proposed greater efforts towards cooperation between the US and Latin America.

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     The main highlight of the speech was the recognition of partnerships that are posed to benefit the American Commission. The drift of the argument rooting for improvement of policies not only in the Latin American region but also with regard to areas of cooperation with the US. In the context of issues affecting the Americas region, pragmatic recommendations were made to the Obama administration in order to try to reengage Latin America with the USA.

     Prominent Latin Americans, according to (Ocampo:2009) have been at the forefront in ensuring that relationships between heads of states are always cordial especially when matters of averting the effects of economic recession are concerned.

     As the spotlight is being focused on development, many economists are trying to try to find quantifiable relationships between different causative factors for recessions (Munck 2009). Quantifiable, causal and direct approaches have been critically assessed in Munck’s article. The most recent global meltdown was seen to have been caused by a combination of all these perspectives. These approaches can easily build on each other in order to exacerbate harsh economic conditions. The article proposes that democratic institutions are needed in order to reduce poverty as well as reclaim lost economic credibility.

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