Alliance for Progress is Signed at an Inter-American Conference in Uruguay
“...we propose to complete the revolution of the Americas, to build a hemisphere where all men can hope for a suitable standard of living and all can live out their lives in dignity and in freedom. To achieve this goal political freedom must accompany material progress...Let us once again transform the American Continent into a vast crucible of revolutionary ideas and efforts, a tribute to the power of the creative energies of free men and women, an example to all the world that liberty and progress walk hand in hand. Let us once again awaken our American revolution until it guides the struggles of people everywhere-not with an imperialism of force or fear but the rule of courage and freedom and hope for the future of man.”
— John F. Kennedy
Because of the program economic assistance to Latin America nearly tripled between fiscal year 1960 and fiscal year 1961. Between 1962 and 1967 the US supplied $1.4 billion per year to Latin America. If new investment was included, this amount rose to $3.3 billion per year.
But economic aid to Latin America dropped sharply in the late 1960s, especially when Richard Nixon entered the White House.
Authors L. Ronald Scheman and Tony Smith state that the amount of aid totaled $22.3 billion.
But this amount was not necessarily net transfers of resources and development. Latin American countries still had to pay off their debt to the US and other first world countries.
In addition, profits usually returned to the US, and profits frequently exceeded new investment.
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