Hierarchical Market Economies and Varieties of Capitalism in Latin America
The extensive scholarship on ‘varieties of capitalism’ offers some conceptual andtheoretical innovations that can be fruitfully employed to analyze the distinctive institutionalfoundations of capitalism in Latin America or what could be called hierarchical market economies(HMEs). This perspective helps identify four core features of HMEs in Latin America thatstructure business access to essential inputs of capital, technology, and labor: 1) diversifiedbusiness groups, 2) multinational corporations (MNCs), 3) low-skilled labor, and 4) atomisticlabor relations. Overall non-market, hierarchical relations in business groups and MNCs arecentral in organizing capital and technology, and are also pervasive in labor market regulation,union representation, and employment relations. Important complementarities exist among thesefeatures especially between MNCs and diversified business groups, as well as mutually reinforcingtendencies between these forms of corporate governance and general under investment in skillsand in well mediated employment relations. These four features of HMEs, their common relianceon hierarchy, and the particular interactions among them add up to a distinct variety of capitalism,different from those identified in developed countries and other developing regions.
Year of publication: |
2008-09
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Authors: | Schneider, Ben Ross |
Publisher: |
Cambridge University Press |
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