Exporters of raw materials under Iberian rule, the nations of Latin America continued to perform a similar role in the world economy after Independence. In the nineteenth century, however, a significant shift occurred in the kind of materials exported. Whereas in colonial times the great wealth of Latin America lay in her mineral resources, particularly silver and gold, aster 1850 agricultural production for foreign markets took on larger importance. The export of foodstuffs was not a new phenomenon, but in the nineteenth century the growth in consumer demand in the industrializing nations and the developing revolution in. transport much enhanced the incentives for Latin Americans who would produce coffee, wheat, cattle, or bananas for overseas markets.
Latin America in the World Economy: New Perspectives
