The Pacific Pumas: An Emerging (Pacific Alliance) Model for Emerging Markets
As the global economy sails against stiff headwinds, it is easier to highlight what countries are doing wrong, not what they are doing right. Focusing on sluggish growth or dwindling reserves may yield a compelling indictment of the global economic system, but it offers little guidance for improvement.
We understand that there are problems. It is time we focused on the solutions.
Following the financial crisis of 2008, emerging markets seemed capable of reinvigorating global growth. More recently, developing countries have faced trying macroeconomic conditions as the United States tightens monetary policy.
But the all-too easy grouping “emerging markets” by no means constitutes a cohesive bloc. Countries across the globe may experience turbulence, but some have taken steps that will help them weather the storm, and to subsequently emerge as responsible, contributing members of the world economy.
Herein lies the importance of the Pacific Pumas. We believe Mexico, Colombia, Peru and Chile are forging a path for Western Hemisphere emerging markets that are committed to sound macroeconomic policy, global integration and stronger democratic institutions.
Their work may be incomplete, but success breeds influence, and their model has proven attractive for a number of other countries in the region.
For over 30 years, the Bertelsmann Foundation and the Bertelsmann Stiftung have developed an expertise in European and transAtlantic issues. In the 21st century, Latin America could play a pivotal role in expanded trans-Atlantic relations, unifying developed and developing economies. We began our coverage of Latin America by looking to the past with the 2013 study Surviving a Debt Crisis: Five Lessons for Europe from Latin America. Now we turn to the region’s future with the Pacific Pumas—the budding stars of Latin America.
Bertelsmann Stiftung founder Reinhard Mohn once wrote that the foundation’s projects “could examine ways that would make democracy more efficient and capitalism more human”. We believe this is exactly the trend we are discovering in Mexico, Colombia, Peru and Chile.
To highlight these positives instead of belaboring the pitfalls, we present the The Pacific Pumas: An Emerging Model for Emerging Markets.