The New Regionalism in South America and the South American Community of Nations.

This paper analyzes the new emerging regionalism in South America and its formal institutionalization, the South American Community of Nations (SACN). It argues that the SACN is a Brazilian-led process, the utmost objective of which is the creation of a counterbalance to U.S. hegemony in the region and in particular to the proposal of establishing a Free Trade Area of the Americas (FTAA). The paper first examines the reasons behind the Brazilian government's promotion of the SACN. The next sections discuss the proposals from countries of the Andean Community, the Southern Cone Common Market (Mercosur) and Chile. The conclusion analyzes the SACN's prospects for survival and the impact of the new South American regionalism on the future of hemispheric integration after the demise of the FTAA. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]