In the long run, did the mining of silver and gold stimulate the economic growth of Latin America or hold it back?

Question

08-01-2021
Business

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In the long run, did the mining of silver and gold stimulate the economic growth of Latin America or hold it back?

Sagot :

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anthougo anthougo · Answer 1 · 2021-01-08T20:18:15-05:00

Answer:

In the long run, the mining of silver and gold held back the economic growth of Latin America.

Explanation:

Wealth was created in the short run. However, this initial wealth creation was not extended to the whole economy. Few people were enriched by the mining activities. They became lords and bourgeoises and dissipated the resources on frivolities, thereby entrenching a circle of poverty mentality among the populace. Instead of reinvesting the resources acquired from mining into productive ventures, much of the resources were used to live ostentatious lives that did not benefit the people in the long run. This picture has been the bane of all resource-rich nations.

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