Capitalism in Latin America: varieties, models, and dependencies

Isadora Araujo Cruxên and Ben Ross Schneider

Chapter 21 in Handbook of Comparative Political Economy, 2025, pp 374-391 from Edward Elgar Publishing

Abstract: Social scientists have been debating the distinctiveness of capitalism in Latin America since the mid-20th century from various theoretical perspectives. In a recent “variety of capitalism” frame, one argument is that the region conforms to a hierarchical market economy (HME), differing from other capitalist varieties due to pervasive multinationals (MNCs), business groups, atomized labor markets, and low skills. This chapter revisits this framing by considering three fundamental issues for the analysis of capitalism in Latin America: the question of scale of analysis and intra-region variation, the role of the state, and the problem of accounting for change. In examining these issues, the chapter places the HME framework in conversation with other relevant political economy perspectives for understanding capitalist development, such as growth models (GMs), dependency thinking, and financialization. Building on insights from these perspectives, the chapter argues that “bringing the state back in” and paying closer attention to transnational linkages can help to both move beyond a singular variety and elucidate supports for HMEs. Additionally, exploring growth models and financialization brings change across Latin America into higher relief.

Keywords: Comparative capitalisms; Variety of Capitalism; Growth models; Dependency; Financialization; Latin America (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327775
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