This is really a huge question. Books have been written on this topic and many of them disagree with one another. I would suggest that you should consult your text or your notes if you are supposed to come up with a particular answer.
One way to answer this question is to say that the countries of Latin America developed in the way that they did because they were colonized. This sort of explanation argues that the economies of these countries were created to help their "mother countries" rather than to become self-sufficient. This meant that the Latin American countries developed in a way that left them in the role of suppliers of cheap raw materials to more developed countries. This can also account for the lack of democracy and good government in many Latin American countries. These countries were colonized by countries that had no interest in democratizing their colonies. This fact helped create independent countries that are all too often run by autocrats.
However, there are many other ways to answer this question. Once again, I suggest you consult your text.