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The growth of the major Latin-American economies in the first decade of the 21st century was remarkable. They experienced an economy-wide convergence with the US, which was boosted by cheap banking credit and the raw material super-cycle. However, this growth slowed considerably when the commodity boom ended in parallel with both a sluggish global demand due to the 2008-2009 recession and the slowing economy of China. Hence, outperforming Latin-American countries were left in shock, asking themselves what went wrong with the economic programs purported to avoid both the traps predicted by the resource curse hypothesis and previous Economic policy failures. So, this paper showed that Latin America is now facing a de-industrialization process and that the surge in the primary products index in the 2003–2013 period did not benefit their societies as much as expected. In response to the missed opportunities that have recurred in Latin-American ́s economic history, this article first aims to evaluate de-industrialization as its leitmotif. Second, it explores the relevant literature to show that an unexpected windfall of wealth may become a resource curse and how economic policies may lead to deepening de-industrialization. Third, it identifies de-industrialization sources in Latin America, which has led it into a service economy. Fourth, results obtained are discussed. Some concluding remarks and economic policy options are delivered in section fifth.

De-industrialization and Industrial Policy Options for Mexico and Latin America, 1990–2017