The Rivalry among the Major Economic Powers in the Globalisation Context. Study Case: Latin America

Abstract

This article examines the interaction between the United States of America, the European Union, and the People's Republic of China with Latin American countries and how these relations are reshaping the region’s economic landscape. While the European Union has a more limited presence in the region, China has significantly strengthened its economic influence in recent decades, leading the United States to lose ground to its Asian rival. The increase in trade and capital flows is just one side of the coin, while the rise in geopolitical pressure on the region represents a new reality. The ongoing competition among these three global economic powers has significant implications for Latin American nations. On the one hand, it creates opportunities for economic progress; on the other hand, it increases the region’s dependency on foreign capital and financial support. Through the analysis of existing sources and data, the research tethodology will include a systematic review of the relevant literature, identifying key studies, trends and gaps that will lead to the purpose of the paper which aims to analyze the significant implications of the above-mentioned powers for Latin American countries. CZU: 339.9(8); JEL: C83, F02, F10, F20, F63, O10