based on Militant article
The Alliance for Progress was formed in I96I with the aims of furthering domocracy and political stnbility. in tiv Latin dmerinam countries. At its end finmmual Review Meeting in November it became evident that the Alliance had suc=ceeded in creating neither political nor economic stability, and was, in fact, a complete failure, as only Chile, Costa Rica and Uruguay out of the I9 constituent countries were described as stable by the N.Y. Times recently, and 5 gevernments have besn overthrown since its formation.
Behind this failure lies the myth of U.S. aid to underdeveloped countries, This does not exist, but has beon, in fast, vastly to the advantage of private investors, who have long since turned away to more profitable markets, thus defeating the hopes of the Alliance that they would invest squally with U.S. Government funds. Detween 1950 and 1955,2 billion dollars were invested, 35 billion were made, and thus If billion were takon back to the U.S. In 1959 alone 775 million were made, mt only 200 million wore re-invasted. In the last 7 years Latin America has lost $2,679,000,000,
_it the moment these countries are facing the problems of severe inflation - (in Brazil the cost of living has risen 100% this year) and rising population, while the Alliance's economic drive to increasa per capita income by 2s per annum has been a dismal failuro, Latin Amorica was much better off bef ore it became the recipient of U.S, ‘aid! (in reality this is largely in the form of commercial loans), because now, when the time for repayment comes, drastic moasures have to be taken to avoid bankruptcy. In Argentina and Perwthis situation has led to attempta to take over tho U.S. owned oil industry.
It becomes incroasingly obvious that the only way to stabilizo the economies of the Latin Amorican countries is to make thom independent of highpriced. imported manufactured goods, by develeping thelr own industries, instead of having to sell their native raw matorials at the disadvantageous prices that tho industrial countries will pay.