Hierarchical Capitalism in Latin America

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This book argues that Latin America has a distinctive, enduring form of hierarchical capitalism characterized by multinational corporations, diversified business groups, low skills and segmented labor markets. Over time, institutional complementarities knit features of corporate governance and labor markets together and thus contribute to institutional resiliency. Political systems generally favored elites and insiders who further reinforced existing institutions and complementarities. Hierarchical capitalism has not promoted rising productivity, good jobs or equitable development, and the efficacy of development strategies to promote these outcomes depends on tackling negative institutional complementarities. This book is intended to open a new debate on the nature of capitalism in Latin America and link that discussion to related research on comparative capitalism in other parts of the world. Inhaltsverzeichnis Part I. Theory and Frame: 1. Hierarchical capitalism in Latin America; 2. Comparing capitalisms: liberal, coordinated, network, and hierarchical; Part II. Business, Labor, and Institutional Complementarities: 3. Corporate governance and diversified business groups: adaptable giants; 4. Corporate governance and MNCs: how ownership still matters; 5. Labor: atomized relations and segmented markets; 6. Education, training, and the low skill trap; Part III. Politics, Policy, and Development Strategy: 7. Business group politics: institutional bias and business preferences; 8. Twenty-first-century variations: divergence and possible escape trajectories; 9. Concluding considerations on institutional origins and change.