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Varieties of Semi-Articulated Capitalism in Latin America
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Draft. Please do not cite or circulate.
Varieties of Semi-Articulated Capitalism in Latin America
Ben Ross Schneider
## email not listed ##
Prepared for the Annual Meeting of the American Political Science Association, Chicago,
September 2-5, 2004.
Abstract.
Four core features of capitalism in Latin America structure business access to
essential inputs of capital, technology, and labor: 1) diversified conglomerates, 2) multinational corporations (MNCs), 3) low-skilled labor, and 4) atomistic labor relations. Overall non-market institutions are more important in organizing capital and technology while markets predominate in allocating labor and skills. Important complementarities exist among these features especially the symbiosis between MNCs and diversified conglomerates, as well as mutually reinforcing tendencies between these forms of corporate governance and general underinvestment in skills and in well mediated employment relations. The core features are embedded in, and sustained by, other historical and contextual factors including dependence on commodity exports, shallow capital markets, economic and political volatility, weak and interventionist states, and deep ethnic and class divisions. A comparative institutional approach has several advantages over other theoretical perspectives and helps explain the strong growth performance in the region during import substituting industrialization (ISI) as well as the anemic response to market reforms.
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Draft. Please do not cite or circulate.
Varieties of Semi-Articulated Capitalism in Latin America
Ben Ross Schneider
## email not listed ##
Prepared for the Annual Meeting of the American Political Science Association, Chicago,
September 2-5, 2004.
Abstract.
Four core features of capitalism in Latin America structure business access to
essential inputs of capital, technology, and labor: 1) diversified conglomerates, 2) multinational
corporations (MNCs), 3) low-skilled labor, and 4) atomistic labor relations. Overall non-market
institutions are more important in organizing capital and technology while markets predominate in
allocating labor and skills. Important complementarities exist among these features especially the
symbiosis between MNCs and diversified conglomerates, as well as mutually reinforcing
tendencies between these forms of corporate governance and general underinvestment in skills
and in well mediated employment relations. The core features are embedded in, and sustained by,
other historical and contextual factors including dependence on commodity exports, shallow
capital markets, economic and political volatility, weak and interventionist states, and deep ethnic
and class divisions. A comparative institutional approach has several advantages over other
theoretical perspectives and helps explain the strong growth performance in the region during
import substituting industrialization (ISI) as well as the anemic response to market reforms.
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