From Mark Falcoff's essay "Latin America After the Cold War," sponsored by the John M. Ashbrook Center for Public Affairs:

There will be no more "Third World" ... there will be two worlds -- one of development, one of underdevelopment, an inner circle and an outer. ... The criterion for entry into the inner circle will be capacity to create self-generating economic growth and to use and adapt (if not produce) new technology.

Some Latin American countries possess the capability of entering the inner circle of development and may well do so -- particularly Chile, possibly Costa Rica, Venezuela and Mexico. Others, like Argentina and Peru, may simply have gone too far down the road of statism and planned inefficiency to rectify their course. With still others -- Bolivia, Colombia, Ecuador, Uruguay, most of Central America -- the jury is still out. The important difference with the past is that, lacking an overarching strategic imperative, the United States will have considerably less interest in throwing good money after bad in Latin America; those countries that cannot make the right decisions for development will simply decline in relevance. ...

The end of the Cold War presupposes a very sharp change in the political environment of U.S.-Latin American relations. ... For us it is an opportunity ... to revive the old-fashioned motion of national interest and performance-driven assistance policies. It is, however, also an opportunity for the Latin Americans to join what used to be called the First World. But the decisions are theirs, and theirs alone, to make. The emerging world order after the Cold War is a challenge which they -- as we -- must meet by changing to adapt to new, and hopefully better, international circumstances.