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Plummet of The Americas
These countries cannot compete in basic manufacturing with East Asia, or in high technology with the United States and Europe.

By Jeffrey E. Garten
Newsweek International


Nov. 7, 2005 issue - As leaders of Latin America and the Caribbean gather this week for the fourth Summit of the Americas, big-bang reform is probably the last thing on their minds. Mexico's Vicente Fox is a lame duck. Argentina's Nestor Kirchner is turning to economic nationalism and Venezuela's Hugo Chavez to destructive populism. Brazil's Luiz Inacio Lula da Silva is enveloped in scandal. Political dramas in Ecuador, Bolivia and Peru are turning into farces. Too bad, because these countries are in serious trouble.

Instead of focusing on the urgent need for dramatic social and economic reform, leaders at the summit likely will be thinking about the 19 major elections taking place in the next 18 months. They will also be taking credit, no doubt, for buoyant economic conditions, even though so much of the real credit goes to forces beyond their controlâ€â€