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The hegemony of big corporations and the internationalization of capital: a stagnation model with restricted democracy

Gonzalo Cómbita-Mora and à lvaro Martín Moreno-Rivas

Chapter 13 in Capital Movements and Corporate Dominance in Latin America, 2021, pp 204-221 from Edward Elgar Publishing

Abstract: This chapter presents a multidimensional vision of the effects of multinational corporations in the process of capital accumulation in the Colombian economy. First, the vision of the post-Keynesian firm is developed concerning the behavior of the multinational corporation by introducing the financing of the firm in foreign currency and the corruption expenses as a factor that facilitates the operation of the firm in the host country. Then, Robinson´s theory of growth ages is incorporated in order to approach the historic patterns of capital accumulation and distribution in Colombia in the context of the recent phase of trade and financial globalization. The two approaches verify that Colombia´s rates of growth and accumulation have been affected negatively by the presence of the multinational corporations. Likewise, along with the deterioration of economic conditions multinational corporations have fueled the political conflict.

Keywords: Development Studies; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:elg:eechap:20026_13