A comprehensive market coordination framework. Understanding Latin American models of capitalism in the 21th century

• In Event: Markets and Politics after Neoliberalism: Empirical Evidence and Theoretical Insights

Abstract

This paper does two contributions to the literature on models of capitalism. The first one is a reconceptualization of the classification criteria developed by Hall and Soskice which allows for classifying new cases, mostly developing countries, without stretching the concept of a model of capitalism. The second theoretical contribution is a re-conceptualization of Latin American models of capitalism. By combining alternative tools for measuring partial membership in categories using quantitative data, the paper analizes market institutions spheres of relations and their complementarities in a pool of developed and developing countries. Results suggest that Latin American political economies are developing different models of capitalism, which challenge the dominant approach to the region which postulates the existence of a single and coherent model: the hierarchical model. Based on these findings and the proposed reconceptualization of models of capitalism’s classification criteria, the paper shows how we can gain theoretical leverage from allowing cross-regional clustering, classifying Latin American cases as belonging to either the liberal or coordinated models.

Author

• Juan A Bogliaccini, Universidad Católica del Uruguay