Transnationalization of the Mexican corporate elite: looking beyond cross-border corporate networks

Alejandra Salas-Porras and Martí Medina-Hernández

Review of International Political Economy, 2023, vol. 30, issue 1, 43-69

Abstract: This article examines changes in the Mexican corporate network in the past four decades and the extent to which these respond to the processes of transnationalization undergone by Mexican corporate elites, in particular to a dynamic, multifarious and multi-layered interaction with global elites. It is argued that this interaction follows different intersecting paths, making the Web and direction of relationships increasingly compounded and imbricating in different ways national and transnational corporate interests. Among these intersecting paths, we explore the following: (a) the accumulation of assets in several countries, a process that intensified since the 1990s particularly through mergers and acquisitions; (b) cross-border interlocks between corporate elites effected by Mexican directors participating in the boards of foreign-controlled TNCs or foreign directors participating in the boards of Mexican controlled corporations; and (c) connections with global asset managers and other institutional investors with securities in Mexican listed companies. It is argued that these paths offer the Mexican corporate elite new opportunities for accumulation and a way to profit from globalizing markets and the neoliberal reforms of the past decades.

Date: 2023
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DOI: 10.1080/09692290.2021.1961841

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