1960s: In response to the Cuban Revolution, a force of U.S. CIA-trained Cuban exiles invade Cuba unsuccessfully in 1961 (an incident known as "the Bay of Pigs"). The U.S.S.R., to help defend its communist ally, tries to install missiles in Cuba. The U.S. refuses to allow the placement of missiles so close. The tense standoff in the fall of 1962 ends when the U.S. promises not to invade Cuba.

Today: Although many governments have changed their policies, the U.S. maintains a trade embargo on Cuba. Cuba, meanwhile, has outlived its larger communist ally, the Soviet Union, and has sought trade and reconciliation with anyone, including the Pope.

1960s: Much of Latin America adopts import substitution industrialization (ISI) economic theory after World War I until the 1960s. This protectionist policy encourages domestic production of items otherwise imported. Political instability fostered...