The Economics of Latin America

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January 30, 2023
World Geography Questions
The Economics of Latin America
Latin America is often seen as a region with a culture and language derived from Latin. Mining and agriculture make up the bulk of Latin America's economy, and some of these industries are mainly exported outside of the region, which aids in its development. An export-dependent country primarily exports its produce outside its country and does not use it for its own use (International Trade: Commerce Among Nations, n.d.). When these products are sent outside their premises, it is meant for processing these products to turn them into other types of goods. Latin America mostly does these to the natural resources that are harvested in their land.
A nation does not support its own domestically produced commodities when it imports goods from other nations that are not on its soil. Lack of support for a nation's interests can cause local small company owners to lose clients and, over time, their jobs due to competition from more giant corporations abroad. In addition to helping locals preserve their jobs and businesses, supporting local businesses will also improve the overall situation in the nation. The government refers to this practice as import substitution, in which comparable domestically produced goods are used to displace imports from other nations (Troy, 2021).
The government typically borrows money from the World Bank when the economy is still weak or not doing well and then pays it back when things are back to normal. Although Latin America is not heavily indebted to the global banking system, there are still difficulties that can be solved. A country is in a debt crisis when it is unable to pay its debts. A better illustration of this is the Philippines, which still owes more than 238 million dollars in deb
Latin America and its bordering region agreed to have a free trade agreement where no limits are given to residents of the agreement on trading goods and commodities in order to assist the economy and the people in the lower level, like small farmers and merchants. The North American Free Trade Deal is a specific agreement to which Latin America is a party (NAFTA). With that agreement, more freedom and opportunities are granted to help small company operations that support locally produced commodities made by people living in the agreement-involved country.
China and Japan in 50 years in line with the Climate Change
In the next 50 years, there will be many changes, some of which will benefit humankind's advantage. Technology will undoubtedly evolve and enable the creation of previously imagined things. In addition to the way we live, the environment will change because it is a part of nature. However, as the effects of climate change grow each year, the temperature may shift the greatest in these cities in China and Japan (PRB.Org, n.d.). This only holds true if action is not taken to halt climate change during the next 50 years.
Because of the greenhouse gasses that every factory and home produce, climate change is warming the earth's atmosphere, and the amount of air pollution that trees recycle is much more than the total number of trees. Cities with limited access to plants to recycle the pollution in the air make this situation worse. Imagine a classroom with 100 pupils inside and only one window-style air conditioner cooling the room. I am sure the air conditioner will struggle to keep all 100 guests comfortable. The same applies to area...