This document explains the region suffered another trade shock in 1986, when commodity prices collapsed worldwide. Although interest rates declined in nominal terms, they stood high in real terms, particularly if deflated by the prices of the region's exports. This new shock hit hard LAC countries, in many cases erasing the gains of the adjustment efforts of the first half of the decade. The pattern of agricultural growth, however, has not been uniform during the last 25 years. After an initial drop, during the 70's there was a distinct acceleration in agricultural production in LAC: high world prices fueled the expansion of exportable and import substitution agricultural products, while strong domestic demand sustained those products that (because policy reasons or intrinsic characteristics) were non-traded goods and the expansion of the industry provided demand for agricultural raw materials. The pattern of accelerated growth during the 70's, stagnation during the last 80's and beginning of the 90's, and what appears as a resumption of growth during the last 3-4 years. The chapter 4 shows, at a more desegregated level (considering cereals, crop in general and livestock), the pattern of accelerated growth during the 70's, stagnation during the 80's and beginnig of the 90's, and what appear as resumption of growth during the last 3-4 years (except for livestock production per capita that did not revert its declining trend). (MV)