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Neoliberalism in Colombia - Coggle Diagram
Neoliberalism in Colombia
Privatization :pencil2:
Definition
Transfer of some state-owned companies or services to private companies
Example
Economic reforms during the 1990s increased private-sector participation
Connection to the United States
Created opportunities for foreign companies to invest in Colombia
Increased participation of international businesses
Impact
More private-sector participation
Greater competition in some sectors
Debate over prices and access to services
Deregulation :warning:
Definition
Reduction or modification of government restrictions on businesses and markets
Example
Colombia reduced some barriers to trade and investment during the 1990s
Connection to the United States
Made trade and investment easier between Colombia and the United States
Impact
Increased competition
More international trade
Greater connection to global markets
Foreign Investment :check:
Definition
Money invested in Colombia by companies or investors from other countries
Example
U.S. companies invested in energy, manufacturing, technology, and services
Connection to other neoliberal reforms
Privatization created opportunities for private investors
Deregulation made investment easier
Impact
More capital enters Colombia
Businesses can expand
Can create jobs
Greater U.S. economic presence
U.S.–Colombia Free Trade Agreement : :star:
Definition
Agreement that reduced many trade barriers between Colombia and the United States
Entered into force in 2012
Examples
Colombian agricultural products gain access to the U.S. market
U.S. manufactured goods can enter Colombia more easily
Connection to neoliberalism
More open economy
More international trade
Greater economic integration
Impact
Increased trade opportunities
Access to foreign markets
Greater competition for some Colombian producers
Overall Impact on Colombia–United States Relations :silhouettes:
Benefits
Trade opportunities
Access to international markets
Stronger economic interdependence
Increased trade
More open Colombian economy
Increased foreign investment
Challenges
Increased competition
Pressure on some local industries
Greater exposure to international economic changes
