Since the 1980s Latin America has a Been closed to world tra

Since the 1980s, Latin America has:

(a) Been closed to world trade

(b) Seen its inflation record worsen

(c) Formed a number of more successful trading blocs

(d) Been subject to increased privatization of state-owned industries

(e) Just (a) and (b)

(f) Just (c) and (d)

Solution

Option F is correct

It is true that the crisis of 1980 brought significant changes in trade pattern and a move towards trade liberalization, a number of trade agreements were signed including MERCOSUR, the Andean Group, the Caribbean Group, the Central American common market, etc. Also the process of deregulation and privatization of state-owned enterprises were a common strategy of reform program.