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Latin America has witnessed an unprecedented natural resource boom in the last decade. The prices of many of the commodities exported by the countries in the region have dramatically risen over most of the last ten years. For example, the price of copper, below $1 per pound in 2000-2003, rose above $3 in 2006, and peaked at $4 in 2011. As a result of the dizzying rise in prices, the region has experienced a windfall like no other in history, thanks primarily to the insatiable resource demand from the rising industrial economies of Asia, in particular the astonishing growth of China.
Published in ReVista.
