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'Interlocked' business groups and the state in Chile (1970-2010)


  • Erica Salvaj
  • Juan Pablo Couyoumdjian


In this article we examine the relationship among business groups (BGs) in Chile in the long run, focusing on the relations between the state, viewed as a BG, and privately-owned BGs from 1970 to 2010. Our analysis proceeds within the methodological perspective of interlocking directorates (IDs) analysis. Working with a unique database of the boards of firms affiliated to BGs, we consider IDs as a way to learn about the cohesion and relation between these BGs. We include a period of political change and institutional and economic modernisation in Chile, which also involved a transformation in the character of the entrepreneurial class in the country. We find that the state BG has played an important role in the networks of Chilean capitalism. Our work complements the literature on BGs and state capitalism, showing the rich nature of social networks in a capitalist society.

Suggested Citation

  • Erica Salvaj & Juan Pablo Couyoumdjian, 2016. "'Interlocked' business groups and the state in Chile (1970-2010)," Business History, Taylor & Francis Journals, vol. 58(1), pages 129-148, January.
  • Handle: RePEc:taf:bushst:v:58:y:2016:i:1:p:129-148
    DOI: 10.1080/00076791.2015.1044517

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    References listed on IDEAS

    1. Jones, Geoffrey, 2000. "Merchants to Multinationals: British Trading Companies in the 19th and 20th Centuries," OUP Catalogue, Oxford University Press, number 9780198294504.
    2. Nicolás Majluf & Nureya Abarca & Darío Rodríguez & Luis Arturo Fuentes, 1998. "Governance And Ownership Structure In Chilean Economic Groups," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 111-139.
    3. Barbero, María Inés, 2008. "Business History in Latin America: A Historiographical Perspective," Business History Review, Cambridge University Press, vol. 82(03), pages 555-575, September.
    4. Fernando Lefort & Eduardo Walker, 2000. "The Effects Of Economic And Political Shocks On Corporate Governance Systems In Chile," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 2(2), pages 183-206.
    5. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
    6. Fernando Lefort & Eduardo Walker, 2000. "Ownership And Capital Structure Of Chilean Conglomerates:Facts And Hypotheses For Governance," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 3-27.
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