"Privatization of state-owned enterprises and liberalization of trade and investment flows were two of the cornerstones of the structural reforms implemented by governments across Latin America in the 1990s. Spanish multinational enterprises were attracted by these reforms into industries such as banking and finance, telecommunications, public utilities, and oil and gas. By the late 1990s, Spain passed the United States as the main origin of foreign direct investment flows in Latin America. Building on the know-how developed in previous decades in Spain, Spanish multinationals became major player in these sectors that constituted the backbone of the Latin American economies"--

"Pablo Toral is Mouat Junior Professor of International Studies at Beloit College. His research focuses on multinational enterprises and development. His publications include two books, The Reconquest of the New World (2001) and Latin America's Quest for Globalization (2005) -edited with Félix Martín- and articles in journals in the fields of international relations, international political economy and Latin American studies. He teaches courses on international relations, international political economy, environmental politics and Latin American studies. Toral holds a PhD in international relations from Florida International University"--