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"The year 2000 ends a decade of Neo-liberalism in Latin America." If you have not read this headline somewhere, be prepared to see it in commentaries surrounding the new era of lukewarm populism across the region - the so-called Latino 3rd Way. Signs abound of a major shift in the political direction of Latin America, sparked by unprecedented democracy and general voter discontent with the neo-liberal experiment.

In less than a decade, the technocrats (Mexico, Peru, Chile) and left-wing converts (Brazil, Argentina, Venezuela) created the most open economies of all the emerging markets. The results were startling. Between 1990 and 1999 regional inflation dropped from an average of over 400 percent to less than 15 percent. Foreign direct investment grew 10 fold from less than $7 Billion per year to over $70 billion. Trade expanded nearly three fold.