despite having strong democracies, have not yet developed political institutions capable of handling such crises without resorting to unorthodox economic policies, as most recently illustrated by Argentina's default in the early 21st century. The last twenty years have seen an increased push towards regional integration, with the creation of uniquely South American institutions such as the Andean Community, Mercosur and Unasur. Notably, starting with the election of Hugo Chávez in Venezuela in 1998, the region experienced what has been termed a pink tide – the election of several leftist and center-left administrations to most countries of the area, except for the Guianas and Colombia. Contemporary issues South America's political geography since the 1990s has been characterized by a desire to reduce foreign influence. The nationalization of industries, by which the state controls entire economic sectors (as opposed of private companies doing it), has become a prominent political issues in the region. Some South American nations have nationalized their electricity industries. Countries and territories Government and politics Historically, the Hispanic countries were founded as Republican dictatorships led by caudillos. Brazil was the only exception, being a constitutional monarchy for its first 67 years of independence, until a coup d'état proclaimed a republic. In the late 19th century, the most democratic countries were Brazil, Chile, Argentina and Uruguay. All South American countries are presidential republics with the exception of Suriname, a parliamentary republic. French Guiana is a French overseas department, while the Falkland Islands and South Georgia and the South Sandwich Islands are British overseas territories. It is currently the only inhabited continent in the world without monarchies; the Empire of Brazil existed during the 19th century and there was an unsuccessful attempt to establish a Kingdom of Araucanía and Patagonia in southern Argentina and Chile. Also in the twentieth century, Suriname was established as a constituent kingdom of the Kingdom of the Netherlands and Guyana retained the British monarch as head of state for 4 years after its independence. Recently, an intergovernmental entity has been formed which aims to merge the two existing customs unions: Mercosur and the Andean Community, thus forming the third-largest trade bloc in the world. This new political organization, known as Union of South American Nations, seeks to establish free movement of people, economic development, a common defense policy and the elimination of tariffs. Demographics South America has a population of over 428 million people. They are