Over the last fifteen years the Latin American nations have made very little progress in deregulating labor markets. Labor laws in the region resemble those of the older social welfare era in Europe. According to the Fraser Institute, Latin America ranks lower on average than most of the comparison nation groups in terms of labor market flexibility. The only group with more regulated labor markets is the southern European nations — Greece, Portugal, and Spain.
— Sebastian Edwards, Left Behind: Latin America and the False Promise of Populism (Chicago: University of Chicago Press, 2010), pp. 97–98.
By the way, while I had my reservations at first, if you’re interested in the economic history of Latin American this book is both easy to read and interesting. It has a clear free market bent, which may be a good or bad thing depending on who you are.