Historically, the Middle and South American countries have been of interest to the United States primarily as sources of raw materials and foodstuffs. Until recently, most large U. S. investments went into the development of these products and of the transportation facilities necessary to move in machinery and supplies, and get out raw materials. The development of sugar plantations and mills in Cuba, railways and mines in northern Mexico, oil wells in Venezuela, copper mines in Chile and Peru illustrate the process. And, of course, this investment and the exports arising out of the investment, gave a great stimulus to sales of U. S. goods.

The period from the 1870's to the mid-1920's was the classic period of economic development in Latin America and witnessed a tremendous inflow of people and investment capital. Movements of immigrants, capita], and goods constituted an indissoluble trinity. Much of our literature on Latin America reflects a nostalgia for this golden era.