Handbook of the International Political Economy of the Corporation
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Handbook of the International Political Economy of the Corporation

Edited by Andreas Nölke and Christian May

Over the past few decades, corporations have been neglected in studies of international political economy (IPE). Seeking to demystify them, what they are, how they behave and their goals and constraints, this Handbook introduces the corporation as a unit of analysis for students of IPE. Providing critical discussion of their global and domestic power, and highlighting the ways in which corporations interact with each other and with their socio-political environment, this Handbook presents a thorough and up-to-date overview of the main debates around the role of corporations in the global political economy.
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Chapter 14: The varying role of the state in the making of Latin American multinationals

Moisés V. Balestro


Globalization has certainly unveiled an economic window of opportunity for the internationalization of firms from the Global South. Latin America is no exception to this trend. Since the 1990s, there has been a substantial increase in the number of so-called multilatinas. The state has played a role in the internationalization of Latin American firms, as well as in the scaling up of these firms. However, the role of the state in Latin America has been highly varied. The chapter points out major differences and similarities between the trajectories of the Latin American multinationals in Brazil, Chile, Mexico and Argentina. This role ranged from passive support by structuring the capital market and directing a share of pension funds investments to firms being internationalized, as in the case of Chile, to a more active role with direct support and ownership participation of a development bank, as in the case of Brazil with the Banco Nacional de Desenvolvimento Econômico e Social (BNDES). The role of the state in the internationalization of Latin American firms is better grasped by the relationship between business and the state, and the state’s capacity to provide long-term stability in the rules of the game as well as developing specific policy instruments.

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