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There is a widely accepted theory that the growth of a middle class is essential to the development of a low‐income nation. Geithman considers what the effect of an expanding middle class will have on Latin American economic development. It that area the middle class is not exclusively associated with industrial development, but is scattered among professionals, service industries and to a great extent in government service. The Middle class is conventionally seen as a force for change, but it may be a force for preserving the status quo when the middle class adopt the values of their country's “traditional oligarchy”. In Latin America, for instance, a secondary education carries with it a disdain for any manual work and it tends to separate the middle class from the workers. The governments controlled by the oligarchy and the middle class support and institute programs of economic development which will not threaten the status quo. In the Western world, “accelerating economic development was a precondition as much as a consequence of middle class growth.” This is not the case in Latin America and the conventional concept of middle class growth being a stimulant for economic development may or may not be valid. [ABSTRACT FROM AUTHOR]

The proposal to establish, in Latin America, a teaching and research institute for the exchange of information among monetary authorities was first put forward by the Bank of Mexico during the Second Meeting of Central Bank Technicians of the American Continent in Santiago, Chile, in December 1949. The meeting adopted the proposal and designated an Ad-hoc Committee of outstanding economists from five countries to prepare the basis for the establishment of the center. The committee's recommendations were discussed at the Third Meeting of Central Bank Technicians and a basic statute and a statement of the general purposes of Centro De Estudios Monetarios Latinoamericanos were approved. Its main objectives were to promote a better understanding of monetary and banking matters in Latin America, as well as of the pertinent aspects of fiscal policy and their relationship to conclusions and principles which could be utilized in the formulation of practical measures by the monetary authorities to achieve a balanced economic development in those countries.

Despite the high rate of unemployment in Latin America, policy makers and government advisors seem to have failed to design conscious employment policies aimed at attacking directly the unemployment problem. They appear to have ignored the various problems that unemployment raises and the considerable advantages that can be gained from rapid growth in the rate of employment. The economic, social, and political problems that unemployment raises arc well known. The advantages of a faster growth rate in employment are those related to the economies of scale, investment, and technical progress. Thus, an economy with rapid growth in the rate of employment will usually achieve a higher rate of growth of output, and this may enable the economy to benefit more from the economies of scale. In addition, it is possible that a faster rate of growth in employment may enable the economy to achieve a given rate of growth of output with less gross investment. Moreover, a higher rate of growth in employment may enable the economy to learn faster and thus have a more rapid rate of suitable technical progress.

Focuses on the Andean Subregional Integration Agreement, the basic agreement for the subregional integration in Latin America. Objectives of the Andean Common Market; Free trade in Latin America; Venezuela's relationship with the Andean Common Market.

Focuses on studies of the prospects for development within an economically unifying Latin America and the official discussions. The need for special provision for industrial development in the less developed member countries including Ecuador; Background of the studies.

Assesses the effects of the labour legislation on the development process of Latin America. Aims of the earliest labour provisions of the region; Information on the two trends that result from the region's development policy; Details on the region's labour legislation.