Editing Alliance for Progress (section)

==U.S. aid to Latin America==
Because of the program, economic assistance to Latin America nearly tripled between fiscal year 1960 and fiscal year 1961. Between 1962 and 1967 the US supplied $1.4 billion per year to Latin America. If new investment is included, the amount of aid rose to $3.3 billion per year during this timespan while the total amount of aid was roughly $22.3 billion.<ref>{{cite book| last = Smith| first =Peter H| year =1999| title =Talons of the Eagle: Dynamics of U.S.-Latin American Relations | url = https://archive.org/details/talonsofeagledyn00smit| url-access = registration| publisher =Oxford University Press| isbn =0-19-512998-9}} p. 152 <br>''Citing:''<br>{{cite book| last =Scheman | first =L. Ronald | year =1988| title =The Alliance for Progress: A Retrospective| publisher =Praeger| location =New York}}p. 10-11<br>Smith, Tony "The Alliance for Progress: The 1960s," in {{cite book| last =Lowenthal| first =Abraham F. | year =1991| title =Exporting Democracy: The United States and Latin America | url =https://archive.org/details/exportingdemocra00lowe| url-access =registration| publisher =Johns Hopkins University Press| location =Baltimore}} p. 72</ref> However, the amount of aid did not equal the net transfer of resources and development as Latin American countries still had to pay off their debt to the US and other first world countries. Additionally, profits from the investments usually returned to the US, with profits frequently exceeding new investment.

Economic aid to Latin America dropped sharply in the late 1960s, especially when [[Richard Nixon]] entered the White House.<ref name="talon" />

In March 1969, the US ambassador to the [[Organization of American States|OAS]], William T. Denzer, explained to the [[United States House Committee on International Relations|House Committee on Foreign Affairs]]:

<blockquote>When you look at net capital flows and their economic effect, and after all due credit is given to the U.S. effort to step up support to Latin America, one sees that not that much money has been put into Latin America after all."<ref name="talon" /></blockquote>