Plantation economy

The origins of Latin America's plantation economy date back to colonial times. However, it was not until the 19th century that large plantations were established as Central and South America became integrated into the world market. They took over huge swathes of land and in some cases mapped the course for entire national economies. Banana cultivation in the countries of Central America epitomised this kind of development. Large-scale monocultures also developed in other countries. Argentina, for example, specialised in wheat and Brazil in cotton, coffee, cocoa, and sugar. Cocoa was the main crop grown in Ecuador and coffee in Guatemala. Peru was known for its cotton fields and Mexico for its cochineal plantations, where dyes were extracted from various scale insect species.

Banknotes usually feature depictions of idealised harvest scenes. While slavery was gradually abolished in Latin America in the 19th century, the working conditions on the large plantations, which were mostly in the hands of foreign investors, were only marginally better.