Business Groups and Transnational Capitalism in Central by Benedicte Bull

By Benedicte Bull

This ebook investigates valuable America's political financial system obvious in the course of the lens of its robust enterprise teams. It presents exact perception into their techniques whilst faced with a globalized economic climate, their effect on improvement of the isthmus, and the way they form the political and fiscal associations governing neighborhood sorts of capitalism.

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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. Further, if labor markets are inefficient and rigid, group affiliation may facilitate access to qualified human capital or set up training courses internally within the group, thus sustaining further capacity-building and resource accumulation processes by DBGs.

One perspective takes a structuralist starting point and focuses on the consequences of the incorporation of developing countries in global financial and production systems on the leading companies of those countries. Although not focusing explicitly on the figure of the diversified groups, but rather on the ‘elites’ or ‘capitalist classes,’ it poses hypotheses of significance for DBGs. It proposes that structural changes in the world economy associated with globalization have contributed to a new division among elites in the former Third World between nationally oriented and transnationally oriented elites (Robinson, 2003; 2011).

Third, diversified groups are believed by some to be less productive than other companies. Leff argued that ‘the essence of their expansion path is entry into new products rather than cost cutting in existing product lines’ (Leff, 1978, p. 725). , 2000), and this low degree of specialization may contribute to a generally low productivity growth. In sum, both of these perspectives do to some extent view DBGs as an expression of low levels of development. In the ‘paragon perspective’ they are viewed as a rational response to a given institutional contexts, but they might nevertheless be relatively inefficient compared with companies emerging from contexts characterized by stronger institutions.

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