ADIOS TO THE OLD ECONOMICS

In the past ten years latin America's traditional reliance on an import substitution strategy has given way to a dramatic and rapid opening to the rest of the world. Tariffs, which were once as high as 70%, today typically range from 10 to 15%. But to ensure longterm economic improvement, the region's poor must become shareholders in its future. The Inter-American Development Bank is promoting this goal by providing financing for education, health, and infrastructural improvements.