![]() imports from Latin America averaged $ 553 million a year from 1936 to 1940 they represented $ 2.35 billion in 1948. Trade between the northern and southern parts of the continent followed the same pattern of expansion. The share of the Caribbean and Central America dropped from 86.1 percent in 1908 to 52.8 percent in 1929. In 1897 Mexico and Central America absorbedħ2.8 percent of those investments and South America only 12.4 percent in 1929 Cuba received 24.3 percent (almost as much as Mexico and all of Central America combined), but South America accounted for 47.2 percent. In addition, the American influence was extended beyond the "Caribbean Mediterranean" to the large states in the south of the continent. The two countries were practically equal in 1930. In 1914, the direct investments of the United Kingdom were three times those of the United States. The United States, which had only $ 300 million in Latin America in 1897, increased its investments to nearly $ 2 billion in 1920, reaching $ 3.5 billion in 1929, $ 4.7 billion in 1950, over $ 6 billion in 1953, and more than $ 12 billion in 1963. Its investments fell from 754 million pounds in 1938 to 245 million pounds in 1951. In fact in the interwar period and especially after the Depression, the United States had replaced the European countries that were in serious financial difficulties as the principal source of investment throughout the continent. In 1945 a new epoch opened in hemispheric relations that was to result in different relationships among international forces and changes in the structure of financial and economic dependence. Generally, the war increased the economic dependence of the Latin American countries on the large nation to the north, as well as the political influence of Washington over the future of Latin America. Army (the Força Expedicionaria Brasileira ) and obtained in exchange and contrary to all expectations a considerable loan from the Export-Import Bank for the construction of a national steel industry. Getulio Vargas, although he had created an authoritarian regime on the European model, offered the United States air bases in the northeast, sent a division to fight in Italy alongside the U.S. Some countries, such as Brazil, drew their pound of flesh as a price for closer collaboration with the cause of democracy. ![]() In the area of economics, the United States demanded that its Latin American allies participate in the war effort by agreeing that the price of commodities be fixed unilaterally and by accepting payment for exports in dollars that could not be used until victory. Thus Argentina, traditionally linked to the British market and a country for which neutrality was a vital commercial necessity, was outlawed by the rest of the continent and its governments were accused of "neo-fascism" by the Department of State.
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