latin american economies in the nineteenth century grew mainly as the result of
History of Latin America Following the model of the U.S. and French revolutions, most of Latin America achieved its independence by 1825. Independence destroyed the old common market that existed under the Spanish Empire after the Bourbon Reforms and created an increased dependence on the financial investment provided by nations which had already begun to industrialize; therefore, Western European powers, in particular Great Britain and France, and the United States began to play major roles, since the region became economically dependent on these nations. Independence also created a new, self-consciously "Latin American" ruling class and intelligentsia which at times avoided Spanish and Portuguese models in their quest to reshape their societies. This elite looked towards other Catholic European models—in particular France—for a new Latin American culture, but did not seek input from indigenous peoples.