Globalization has failed Latin America. It created the vulnerability that is making it so difficult for the countries of the region to address the developing social tragedy brought about by the pandemic. A recent OECD report suggests that the way forward is for countries to negotiate a “new social contract”—one that involves a revamping of institutions and social priorities.
Read MoreLatin America is now the epicenter of the coronavirus epidemic: while the region accounts for 8% of the world population, it now accounts for nearly 30% of global fatalities. The Covid-19 pandemic is aggravating already deteriorating social conditions and increasing political turmoil—both developments set in motion by the decline of commodity prices that began in 2011. The pandemic has also put a serious strain on already weak health care services. A United Nations report warns that if the region is unable to control the spread of the disease, an estimated 45 million people will fall below the poverty line.
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