Globalization, at all stages of its historical evolution, has had a profound impact on the economic and socio-political development of Latin America. The degree and forms of involvement of Latin American countries in the internationalization of the world economy have been closely aligned with national modernization strategies, largely determined the dynamics of GDP growth, cross-border trade, foreign investment and external debt. The experience of Latin American countries in using international trade, economic and financial ties suggests different (regional and country) models of their participation in globalization. Latin America has long been characterized by the comparative sustainability of the main features of the regional model of participation in globalization. By and large, this model is based on the continued role of Latin American countries as suppliers of commodities, recipients of foreign capital that seeks to take command heights in Latin America, and the junior partners of the developed powers. These general observations do not diminish individual country’s characteristics (sometimes significant), which can be demonstrated by the example of Chile and Mexico, whose national development trajectories are marked by vividly expressed originality. A key element of the Chilean model was foreign trade expansion based on the exploitation of natural resources and the maximum diversification of markets. Mexico succeeded by turning parts of the country into a huge assembly line, whose products were mostly sent to the United States. Both of the models have by now largely exhausted themselves and need to be seriously reconsidered. At the same time, in conditions of the ongoing crises in the global economy and world trade, the regional model of Latin America's participation in globalization also needs no less profound changes.
Latin America; waves of globalization; region in the world economy; world trade; external debt; foreign investment; modernization strategies; global challenges.