Abstract

HERNANDEZ LOPEZ, Mario Humberto. Varieties of Capitalism, Implications for the Development of Latin America. Econ: teor. práct [online]. 2017, n.46, pp.195-226. ISSN 2448-7481.  https://doi.org/10.24275/etypuam/ne/462017/hernandezlopez.

This article contributes to the discussion of varieties of capitalism, with the aim of adding new elements to the theoretical debate on economic development in Latin America and the national modalities of development followed from their historical paths. It emphasizes the need to identify the institutional dimensions which explain the modulation of capitalism in each national space, to go beyond traditional positions which emphasize the autonomy of the market or, on the other hand, claim state stewardship. We need to be alert to institutional differences in order to escape this dichotomy and the simple transposition of business strategies and policies of development, functional in other environments, in both developed and emerging countries. This requires us to expand our knowledge of the institutional peculiarities of the region and critically examine their institutional trajectory.

Keywords : Economic development; Latin America; institutions; varieties of capitalism; historical trajectory; developing countries.