On the contrary, they maintained -- and in some cases, further improved on -- the Spanish centralizing tradition."(Pinera, 409) Tendencies towards authoritarian rule continue to survive nowadays preventing Latin America from gradual development, as in majority of Latin American countries military putsches turned into a common practice on the hand with populism of national leaders and corruption. For a number of governments in the twentieth century protection of private interests was the main priority of state political and economical program, while the interests of the nation were often neglected, which always led to economical and political crisis:

"Deep and persistent social inequalities have distorted the nature of both economic growth and recession in Latin America. It is the poor who bear the brunt of recession through job loss, downgraded working conditions, declining real wages, small-business bankruptcies and so on. It is the wealthy, on the other hand, who are the first to benefit from growth through access to credit and foreign exchange as well as tax exemptions and other government benefits."(Vilas, 57)

Making a conclusion its important to outline that Latin America had not only preserved its unique cultural identity...

Latin America today is of the most dynamically developing regions in the world, which fights corruption, selfish governments and poverty. Rich in mineral and energy recourses, with social dynamics and mobility its able to achieve high living standards in close future.
References

Knight, Franklin W. Race, Ethnicity, and Class: Forging the Plural Society in Latin America and the Caribbean Baylor University Press 1996, p.8

Pinera, Jose Latin America: A Way Out The Cato Journal, Vol. 22, 2003 p.409

Vilas, Carlos M. Article Title: Inequality and the Dismantling of Citizenship in Latin America. NACLA Report on the Americas. Volume 31 Issue 1, 1997

Demographics Miami available online:

http://www.theamericas.org/demographicsmiami.htm

Latin America, Article from Wikipedia:

http://en.wikipedia.org/wiki/Latin_America#_note-alternate_etymology

What defines Latin America?