The international dimension of the SME. Latin American experience

• Autores: Resico, Marcelo Fernando
• Año de publicación: 2014
• Idioma: español castellano
• Tipo de recurso: artículo
• Fuente: The European Union Review. 2014, 19(1-2-3)
• Materia: AMERICA LATINA; ECONOMIA INTERNACIONAL; MODELOS ECONOMICOS; ECONOMIA SOCIAL DE MERCADO
• Institución: Pontificia Universidad Católica Argentina

Fil: Resico, Marcelo Fernando. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi; Argentina
Abstract: In the latter years, the Latin American region has presented indicators which convey an improvement in both economic and social performances. Although the international conditions that have paved the way to this performance (particularly, a beneficial international commodity prices and low interest rates) seem to be changing due to conjuncture reasons, the structural elements of the positive scenario will remain. Sustaining a good performance will rely more and more in the measures on public policies that aim at the improvement of productivity, just as the tightening of the institutional framework. Concerning the systems of organisation adopted in the region, after the perspective based on the “minimal state”, a dilemma has aroused: whether to trust the market economy with its due regulation and impulse social diffusion past the economic results, or to carry out the idea of the state as the dominant economic agent, which in turn have presented some signs of warn out and progressively accumulate significant disequilibria. Despite the mentioned dichotomy, the improved social standards and economic welfare allow a clear analysis on most of the countries of the region, as relevant actors in the reorganisation of the international economic landscape which is taking place at the present. With the fall of the Berlin wall, the succession of financial crises on a global scale and, along with the recent geo-economic changes, a consensus generated which recognize the need to reform the institutions which set the framework of the international economy. What is yet left unclear, or at least lacks of consensus, is the new form of content of the institutions, just as the coalitions and the roads to obtain the requested reforms. Thus, the possible emergence of countries from the Latin American region who present a major institutional convergence as well as adequate policies in economic and social terms, could result in the possibility of boosting the role of the region, in such a context. In order to develop the mentioned statements, the present article shall consist in four parts. In the first, the present economic and social results will be discussed, within the context of recent global economic changes, and their impact on the region. In the second, the alternatives of economic organization systems will be presented, mainly “Social Market Economy” (SME) and “State Capitalism,” adopting as a framework for analysis the distinction between “inclusive” and “extractive” institutions. In the third, the opportunities as well as the challenges will be identified, for a higher convergence of the region in connection with “inclusive institutions”, i.e. the deepening of the SME. Last but not least, in the fourth the possibility of a greater influence of the countries of the region will be analysed, so as to aim towards a global-wide consensus, and also its essential elements.