About this edition.

• Author: Esquenazi, Patricia
• Position: Latin American and the Caribbean economy

The 39th General Assembly of the Organization of American States held in San Pedro Sula, Honduras has opened an important space for the frank discussion of our continent's most pressing issues. The theme of the Assembly, "Towards a Culture of Non-Violence," speaks of a problem that is closely related to poverty, difficult to confront, and very complex in terms of its possible solutions. Inextricably linked to the countries with the most fragile economies, the issue of violence takes on yet another dimension in the midst of the world economic crisis that has now touched down in Latin America and the Caribbean.

The genesis, impact, and consequences of the world financial crisis have made it necessary to seek out and listen to the analysis of the region's economists and political scientists. In this issue of Americas, they take a long hard look at this moment in history, helping to explain what happened and why.

The first warning signs of a looming and large-scale financial crisis came in March 2007, when the media reported that the world's largest economy was experiencing a downturn in its housing market. In the following months, one financial institution after another went under, and the unprecedented crisis took shape. Eventually, the cost of the bankruptcies of large corporations fell on the shoulders of citizens and taxpayers, and the full crisis unfolded in all its international dimensions.

Before the crisis, the consensus among analysts of the region was that Latin American and the Caribbean economies had been growing at a sustained rate for five years. For the first time in decades, the continent was showing encouraging signs of sustained economic growth and the outlook for the region was optimistic. As the crisis begins to take its toll, however, the same voices that were rejoicing at the prospects for growth in the region are now expressing their concern. Analysts agree that although our region was not responsible for this crisis, it will pay a serious price, economically, socially, and politically.

The bursting of the debt bubble of the most powerful country on the planet has had repercussions for all the economies of the world: large, medium, and small. At this point in history, globalization is an undeniable reality and it is showing its most imperfect face, leading many to demand better instruments for international coordination and to think about the need to build an institutional financial structure that can deal with...