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How a group of intellectuals and policymakers transformed development economics and gave Latin America a new position in the world. After the Second World War demolished the old order, a group of economists and policymakers from across Latin America imagined a new global economy and launched an intellectual movement that would eventually capture the world. They charged that the systems of trade and finance that bound the world's nations together were frustrating the economic prospects of Latin America and other regions of the world. Through the UN Economic Commission for Latin America, or CEPAL, the Spanish and Portuguese acronym, cepalinos challenged the orthodoxies of development theory and policy. Simultaneously, they demanded more not less trade, more not less aid, and offered a development agenda to transform both the developed and the developing world. Eventually, cepalinos established their own form of hegemony, outpacing the United States and the International Monetary Fund as the agenda setters for a region traditionally held under the orbit of Washington and its institutions. By doing so, cepalinos reshaped both regional and international governance and set an intellectual agenda that still resonates today. Drawing on unexplored sources from the Americas and Europe, Margarita Fajardo retells the history of dependency theory, revealing the diversity of an often-oversimplified movement and the fraught relationship between cepalinos, their dependentista critics, and the regional and global Left. By examining the political ventures of dependentistas and cepalinos, The World That Latin America Created is a story of ideas that brought about real change

Intro -- Table of Contents -- Presentation and executive summary -- Presentation -- Executive summary -- Part I: The economic situation and the outlook for 2021 and 2022 -- Chapter I: Regional overview -- A. The international context -- 1. The coronavirus disease (COVID-19) pandemic has exposed asymmetries in the different countries' capacity to respond to the crisis -- 2. After the world economy suffered its worst downturn for decades in 2020 (-3.2 %), growth of almost 6% is expected for 2021 -- 3. After a 5.4% drop in 2020, world trade volume is recovering strongly, and the World Trade Organization (WTO) anticipates growth of 8% in 2021 -- 4. The recovery in trade is being accompanied by rising commodity prices, which are expected to be an average of 38% higher in 2021 -- 5. So far this year, financial markets have been supported by improved global economic activity, increased fiscal stimulus in individual countries and progress in pandemic control and vaccination, particularly in the United States and Europe. -- 6. Higher inflation in developed countries has been reflected by rising yields on the long-term sovereign bonds of safe haven countries, mainly the United States -- B. Global liquidity trends -- 1. In 2021 the developed countries doubled down on their efforts to increase liquidity through a continuous expansion of central bank balance sheets -- 2. Balance sheet expansion has made it possible to sustain a strongly expansionary fiscal policy -- 3. Monetary policy has benefited the stock and bond markets, which have consolidated their position as the main providers of international liquidity. -- 4. The international monetary and financial context has enabled the international capital market to behave countercyclically during the pandemic.