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Hierarchical capitalism in Latin America: Comparative analysis with other economies


  • Edgar J. Saucedo A.

    () (University of Veracruz, Institute of Economics and Social Studies,AV. Luis Castelazo s/n, Col. Industrial Animas, C.P.: 91190, Xalapa (Veracruz), México)

  • Samantha Rullán

    () (University of Veracruz, Institute of Economics and Social Studies, AV. Luis Castelazo s/n, Col. Industrial Animas, C.P.: 91190, Xalapa (Veracruz), México)

  • Luis F. Villafuerte V.

    () (University of Veracruz, Faculty of Administrative and Social Sciences, AV. Luis Castelazo s/n, Col. Industrial Animas, C.P.: 91190, Xalapa (Veracruz), México)


Purpose – The purpose of this paper is to compare the three largest economies in Latin America (Brazil, Mexico and Argentina) with other economies that have another type of capitalism, in that way we can extract some effects of the hierarchical capitalism in Latin America Design/methodology/approach – The data were taken from World Economic Outlook (IMF), The Global Innovation Index (INSEAD)and the Democracy Index (The Economist). The selected countries are: Argentina, Brazil, Mexico, South Korea, Spain and Croatia. We establish a comparison among countries in the following dimensions: economic growth, innovation and democracy. Findings – The comparison shows that Argentina, Brazil and Mexico have lower level of economic growth, innovation performance and democracy level than South Korea, Spain and Croatia. The variety of capitalism in Latin America (hierarchical) has lower performance than others kinds of capitalism in other regions of the world. Research limitations/implications – We have compared Latin American countries with countries from other regions of the world. However, a comparison may include more countries and results could vary. Originality/value – The results tend to support the idea that hierarchical capitalism has poor results in comparison with other varieties of capitalism.

Suggested Citation

  • Edgar J. Saucedo A. & Samantha Rullán & Luis F. Villafuerte V., 2015. "Hierarchical capitalism in Latin America: Comparative analysis with other economies," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 8(3), pages 69-82, December.
  • Handle: RePEc:tei:journl:v:8:y:2015:i:3:p:69-82

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    References listed on IDEAS

    1. Vladimir Cvijanovic & Denis Redzepagic, 2011. "From political capitalism to clientelist capitalism? The case of Croatia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics, vol. 29(2), pages 355-372.
    2. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
    3. Giovanni Dosi & Christopher Freeman & Richard Nelson & Gerarld Silverberg & Luc Soete (ed.), 1988. "Technical Change and Economic Theory," LEM Book Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number dosietal-1988.
    4. Edquist, Charles & Zabala, Jon Mikel, 2009. "Outputs of innovation systems: a European perspective," Papers in Innovation Studies 2009/14, Lund University, CIRCLE - Center for Innovation, Research and Competences in the Learning Economy.
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    More about this item


    Latin America; economic growth; innovation; democracy; varieties of capitalism;

    JEL classification:

    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P10 - Economic Systems - - Capitalist Systems - - - General


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