Aspects of globalisation in Latin America Latin America has used the changes in the underlying global conditions for an economic reorientation. At the beginning of the nineties, if not before, a complete about-turn in economic policy was made on this continent, spurred by the economic setback during what was termed the decada perdida.
Many countries in the region implemented consistent macroeconomic stabilisation measures and opened themselves up to the international goods and capital markets. The state retreated progressively from economic life, and substantial parts of the economy and the infrastructure were privatised. To that extent, the term emerging market may also be seen as an offshoot of globalisation.