Ow, that’s a BIG question, so be prepared for a lot of answers, some more objective, some more controversial. I guess differences have many to do with education level, religion and cultural background of both Americas. For example, in most Latin countries families are very united and strong, while in NA it is absolutely normal to leave home by 18, having your own job and life. These are just two conceptions about life, each with their own advantages and drawbacks. I guess Latin people are more used to personal contact. Kissing a woman’s cheek after being introduced is a common custom in most Latin countries, though very out-of-place in NA and Asia. Some even said that the Protestant background of NA culture awards the success based on your own effort, so their education level, business environment and industry is one visible example of this. With the huge amount of richness that Spanish conquerors found in Mexico and SA, they just put little effort on private business for centuries: the gold was just under their feet. Moreover, the iron hand of Spanish crown over their colonies privileged the wealth only for Spaniards, while the local people remained for centuries under low education and poor lifestyles. This critical delay in development should be overcome in some more decades, as more and more latin people has access to a higher education level. Other opinions are welcome!