Underdevelopment rooted in Iberian colonial inheritance
Latin America's poverty and instability trace mainly to institutions inherited from Spain and Portugal, not to exploitation by the United States. Those institutions included patrimonial bureaucracy, contempt for productive work, a rigid social hierarchy, Counter-Reformation hostility to inquiry, and extraction through conquest rather than settlement and trade. North America inherited the opposite package, so the two halves of the hemisphere diverged from founding conditions rather than from later domination.