By Benedicte Bull
This publication investigates important America's political economic system obvious in the course of the lens of its strong company teams. It offers distinct perception into their innovations whilst faced with a globalized economic system, their impression on improvement of the isthmus, and the way they form the political and monetary associations governing neighborhood different types of capitalism.
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Additional resources for Business Groups and Transnational Capitalism in Central America: Economic and Political Strategies
Consequently, Latin America’s economies may be stuck in a suboptimal equilibrium, reinforcing the historical pattern of a low degree of innovation, low productivity, and a low-skilled labor force (SánchezAncochea, 2009). This in turn may reinforce the need for diversification, since low productivity makes stable growth in one sector difficult. In such a context, rational owners and managers of business groups would have little incentive to demand or push for a transformation of the institutional features that grant them a competitive advantage.
According to Leff, groups are an ‘intrafirm mechanism for dealing with deficiencies in the markets for primary factors, risk, and intermediate products in the developing countries’ (Leff, 1978, p. 667). , 2011). Some authors have argued that business groups are essentially a substitute for efficient financial markets and institutions and they often develop with a financial institution in their midst (Mintz & Schwartz, 1985). Groups may also make up for a lack of legal institutions and weak contract 24 Business Groups and Transnational Capitalism enforcement mechanisms, thus making it possible to decrease transaction costs in product and factor markets.
Chapter 5 focuses on one important strategy of internationalization, export sales, that has so far received only limited attention in the literature. The chapter compares the export performance of the business group-affiliated firms with that of the non-affiliated or stand-alone firms, seeking to explain whether being affiliated with a DBG has a positive or negative effect on Central American companies’ export sales. Chapter 6 shifts the focus to the innovation activities of DBGs, and it seeks to scrutinize empirically whether groups’ innovative capability and investments increase or decrease when a national economy undertakes a process of institutional change, liberalization, or market development.