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Focuses on several issues which may have affected the economic development of South America in the post-war period. Impact of the political and economic relations between South America and North America on the southern economic development; South America's recovery of the foreign cotton market.

This article is limited to the study of the structure of trade conducted between a semi-industrialized country and a group of countries possessing an advanced industrial base. To analyze the commodity composition of trade between a semi-industrialized country, like Brazil, that has a relatively small and unsophisticated manufacturing sector and the industrialized countries of Western Europe and North America, the neo-factor proportions theory is evoked. The factor proportions account views trade patterns as the outcome of the interaction between the production characteristics of commodities and the countries' relative availability of these factors.