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Technology, Finance, and Dependency: Latin American Radical Political Economy in Retrospect

University of Utah, 1645 Campus Center Dr., Rm. 326, Salt Lake City, UT 84112-9300vernengo{at}economics.utah.edu

The surge in academic work on globalization has made several of the topics dear to authors of the dependency school relevant once again. Therefore, a reconsideration of dependency theory seems to be appropriate. There are at least two approaches to dependency. This article analyzes critically their similarities, differences, and limitations, in particular regarding the role of technology and international finance in the explanation of center and periphery interactions. The evolution of the ideas on dependency in Latin America is evaluated. The reduced relevance of strict definitions of the technological division of labor, the theoretical problems caused by the effective industrialization of several countries in the periphery, the debt crisis, and the failure of the neoliberal agenda are also discussed. In the era of globalization and great transformations in the international economy, the "new" dependency seems to be financial in nature.

Key Words: dependency • structuralism • development

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