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How States Shape Markets in Latin America

Tomás Bril Mascarenhas

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Hardback

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English
Palgrave Macmillan
18 November 2025
Why have Latin American countries developed sharply divergent financial systems—and how do these systems shape national growth strategies? While Chile built large capital markets and Brazil expanded long-term credit for firms, Argentina lags behind in both. What explains this variation?   This book uncovers the political origins of national financial systems by examining how coalitions of executive-branch officials reconfigure markets through two levers: the governance of the pension system and the deployment of state-owned banks as long-term lenders. In Chile, neoliberal técnicos dismantled the state's capacity as a lender and set up regulation inducing private pension funds to invest in domestic equity and bonds. In Brazil, a developmental coalition expanded BNDES and activated state-owned-enterprise pension funds as institutional investors.   By tracing how political struggles inside the state shape markets, the book offers an innovative view of statecraft and marketcraft in Latin America. It speaks to scholars of political economy—and to policy entrepreneurs working on development across the Global South.
By:  
Imprint:   Palgrave Macmillan
Country of Publication:   Switzerland
Dimensions:   Height: 210mm,  Width: 148mm, 
ISBN:   9783032059376
ISBN 10:   3032059372
Series:   Latin American Political Economy
Pages:   20
Publication Date:  
Audience:   College/higher education ,  Professional and scholarly ,  Further / Higher Education ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active

Tomás Bril Mascarenhas (Ph.D., University of California, Berkeley) specializes in the comparative political economy of development. He is a Principal Researcher at the Argentine think tank Fundar.

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