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.
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