why didn't latin american nations develop an industrial base during the 19th century
Latin America This newly gained British dominance hindered the development of Latin American industries and strengthened the dependence on the world trade network.[53] Britain now replaced Spain as the region's largest trading partner.[54] Great Britain invested significant capital in Latin America in order to develop the area as a market for processed goods.[55] From the early 1820s to 1850, the post-independence economies of Latin American countries were lagging and stagnant.[50] Eventually, enhanced trade among Britain and Latin America led to state development such as infrastructure improvements. These improvements included roads and railroads which grew the trades between countries and outside nations such as Great Britain.[56] By 1870, exports dramatically increased, attracting capital from abroad (including Europe and USA).[57]
Banana The banana has an extensive trade history starting with firms such as the Irish Fyffes and the US United Fruit Company (now Chiquita) at the end of the 19th century. For much of the 20th century, bananas and coffee dominated the export economies of Central America. In the 1930s, bananas and coffee made up as much as 75% of the region's exports. As late as 1960, the two crops accounted for 67% of the exports from the region. Though the two were grown in similar regions, they tended not to be distributed together. The United Fruit Company based its business almost entirely on the banana trade, because the coffee trade proved too difficult to control. The term "banana republic" has been applied to most countries in Central America, but from a strict economic perspective only Costa Rica, Honduras, and Panama had economies dominated by the banana trade.[citation needed]