A transformation of world capitalism took place during the 1970s. Profitability decline in core countries was compounded by an increase in world oil prices connected to the rise of OPEC’s oil rent. In this context, a fraction of the Latin American semiperiphery rose in industrial prominence but ultimately collapsed. A combination of recycled petrodollars and an agrarian transformation underwrote this semiperipheral agro-industrial rise. By 1982, however, illusions of advance resting on industrialization were undermined by the debt crisis. While part of the semiperiphery embraced debt-led industrialization, capitalism switched gears into a regime where financial power, not industrialization, became the main sign of coreness. This process is examined through a perspective of capitalism as (simultaneously) world economy and world ecology, where the production of nature and the production of capital are organized in order to secure endless profitability. Nature, in the form of oil, labor-power and agricultural exports takes center stage.
AgliettaM (2000) A Theory of Capitalist Regulation. New York, NY: Verso.
2.
AminS (1979) La acumulación a escala mundial. Mexico: Siglo XXI.
3.
AmsdenAH (1990) Third World industrialization: ‘global Fordism’ or a new model?New Left ReviewI(182): 5–31.
4.
ArrighiG (1990) The developmentalist illusion: a reconceptualization of the semiperiphery. In: MartinWG (ed.) Semiperipheral States in the World-Economy. New York, NY: Greenwood Press, 11–42.
5.
ArrighiG (1991) World income inequalities and the future of socialism. New Left ReviewI(189): 39–65.
6.
ArrighiG (2010) The Long Twentieth Century. New York, NY: Verso.
7.
ArrighiGDrangelJ (1986) The stratification of the world-economy: an exploration of the semiperipheral zone. Review10(1): 9–74.
8.
ArrighiGSilverBJBrewerBD (2003) Industrial convergence, globalization, and the persistence of the north-south divide. Studies in Comparative International Development38(1): 3–31.
BazdreschCLevyS (1991) Populism and economic policy in Mexico, 1970–1982. In: DornbuschREdwardsS (eds) The Macroeconomics of Populism in Latin America. Chicago, IL: University of Chicago Press, 223–259.
11.
BinaC (2013) A Prelude to the Foundation of Political Economy. New York, NY: Palgrave Macmillan.
12.
BorónA (1981) Latin America: between Hobbes and Friedman. New Left ReviewI(130): 45–66.
13.
BragaR (2012) A Política do Precariado. São Paulo: Boitempo Editorial.
14.
BraudelF (1984) The Perspective of the World. New York, NY: Harper and Row.
15.
BraudelF (2009) History and the social sciences: thelongue durée. Review32(2): 171–203.
16.
BrennerR (2006) The Economics of Global Turbulence. New York, NY: Verso.
17.
BrussiA (1998) From pequi to soybean: agricultural expansion and the incorporation of central Brazil. Unpublished doctoral thesis, Binghamton University, New York.
18.
BrussiA (2000) Do pequi à soja: expansão da agricultura e incorporação do Brasil Central. Antropolítica8: 77–104.
19.
CardosoFHFalettoE (1972) Dependencia y desarrollo en América Latina. Mexico City: Siglo XXI.
20.
CardosodeMelloJM (1982) O Capitalismo Tardio. São Paulo: Editora Brasiliense.
21.
CarneiroR (2002) Desenvolvimento em Crise. Campinas: Editora de Unicamp.
22.
CarrilloJGarcíaP (1987) Etapas industriales y conflictos laborales: la industria automotriz en México. Estudios Sociológicos5(14): 303–340.
23.
CastroABSouzaFP (1985) A Economia Brasileira em Marcha Forçada. São Paulo: Paz e Terra.
24.
Central Intelligence Agency (1982) USSR: Measures of Economic Growth and Development, 1950–1980. Washington, DC: Government Printing Office.
25.
ColisteteRP (2007) Productivity, wages, and labor politics in Brazil, 1945–1962. The Journal of Economic History67(1): 93–127.
26.
CoronilF (1997) The Magical State. Chicago, IL: University of Chicago Press.
27.
CypherJ (1991) La política de México para la promoción de exportaciones: ¿un nuevo patrón de acumulación?Revista Mexicana de Sociología53(3): 81–110.
28.
Dávila AldásFR (1983) La economía mexicana, sus problemas y repercusiones sociopolíticas (1976–1983). Revista Mexicana de Sociología45(3): 751–779.
29.
De JanvryAGarramónC (1977) Laws of motion of capital in the center-periphery structure. Review of Radical Political Economics9(2): 29–38.
30.
De la Garza ToledoE (1988) Estado y acumulación del capital en México (1940-1976). Mexico City: Colegio de México.
31.
De la Garza ToledoELara FloresSMTorres FrancoJL (2001) Flexibilidad y trabajo femenino en la industria manufacturera de México. Revista Mexicana de Sociología63(2): 113–136.
32.
DeWaltBR (1985) Mexico’s second green revolution: food for feed. Mexican Studies/Estudios Mexicanos1(1): 29–60.
33.
DuménilGLévyD (2002) Neoliberalism: the crime and the beneficiary. Review25(4): 393–400.
34.
DuménilGLévyD (2004) Capital Resurgent. Cambridge, MA: Harvard University Press.
FosterJBClarkBYorkR (2010) The Ecological Rift. New York, NY: Monthly Review Press.
37.
Fujigaki CruzE (1997) Periplo industrial: 1940–1960. Una ojeada al surgimiento de algunas ramas. In: Romero SoteloME (ed.) La industria mexicana y su historia. Mexico City: Universidad Autónoma de México, 367–418.
38.
FurtadoC (1981) O Brasil Pós-’Milagre’. Rio de Janeiro: Paz e Terra.
39.
GunnoeAGellertP (2010) Financialization, shareholder value, and the transformation of timberland ownership in the USA. Critical Sociology31(3): 265–284.
40.
HarveyD (1989) The Condition of Postmodernity. Malden, MA: Blackwell.
41.
HausmannR (1981) State sanded property, oil rent and accumulation in Venezuela: an analysis in terms of social relations. Unpublished doctoral thesis, Cornell University, New York.
42.
HirschmanAO (1987) The political economy of Latin American development: seven exercises in retrospection. Latin American Research Review22(3): 7–36.
43.
HuberM (2009) The use of gasoline: value, oil, and the ‘American way of life’. Antipode41(3): 465–486.
44.
HuberM (2013) Fueling capitalism: oil, the regulation approach, and the ecology of capital. Economic Geography82(2): 171–194.
45.
IanniO (1979) Ditadura e Agricultura. Rio de Janeiro: Civilização Brasileira.
46.
LipietzA (1986) Behind the crisis: the exhaustion of a regime of accumulation. Review of Radical Political Economics18(1/2): 13–32.
47.
LipietzA (1987) Mirages and Miracles. London: Verso.
48.
McMichaelP (2009) A food regime genealogy. The Journal of Peasant Studies36(1): 139–169.
49.
MartinWG (ed.) (1990) Semiperipheral States in the World-Economy. New York, NY: Greenwood Press.
50.
MartinWG (2013) South Africa and the ‘new scramble for Africa’: imperialist, sub-imperialist, or victim?Agrarian South: Journal of Political Economy2(2): 161–188.
51.
MarxK (1959) El Capital, Volumen 3. Mexico City: Fondo de Cultura Económica.
52.
MarxK (1972) Elementos fundamentales para la crítica de la economía política (Borrador) 1857–1858. Mexico City: Siglo XXI.
53.
MarxK (1976) Capital, Volume 1. New York, NY: Penguin Books.
MommerB (1996) Integrating the oil: a structural analysis of petroleum in the Venezuelan economy. Latin American Perspectives23(3): 132–158.
56.
MommerB (2002) Global Oil and the Nation State. New York, NY: Oxford University Press.
57.
MooreJ (2009) Ecology and the accumulation of capital: a brief environmental history of neoliberalism. Paper presented at the Food, Energy, Environment: Crisis of the Modern World-System Conference, Fernand Braudel Center, 9–10 October, Binghamton, New York NY, USA.
58.
MooreJ (2010) The end of the road? Agricultural revolutions in the capitalist world-ecology, 1450–2010. Journal of Agrarian Change10(3): 389–413.
59.
MooreJ (2011) Transcending the metabolic rift: a theory of crises in the capitalist world-ecology. The Journal of Peasant Studies38(1): 1–46.
60.
OcampoJA (2004) La América Latina y la economía mundial en el largo siglo XX. El Trimestre Económico71(284[4]): 725–786.
61.
OliveiraF (1972) A Economia Brasileira: Critica a Razão Dualista. Estudos Cebrap2: 4–82.
62.
OminamiC (1986) Le tiers monde dans la crise. Paris: La Découverte.
63.
OminamiC (1989) North-South relations in the 1980s: the return of imperialism?International Journal of Political Economy18(4): 80–112.
64.
OminamiCHausmannR (1985) Crisis e internacionalización: de la ruptura de la acumulación intensiva en el centro a la heterogeneización de la periferia. El Trimestre Económico52(206[2]): 411–463.
65.
ParboniR (1986) The dollar weapon: from Nixon to Reagan. New Left ReviewI(158): 5–18.
66.
PratesRCBachaCJC (2011) Os process de desenvolvimento e desmatamento de Amazonia. Economia e Sociedade, Campinas20(3): 601–636.
67.
PrebischR (1986) El desarrollo económico de la América Latina y algunos de sus principales problemas. Desarrollo Económico26(103): 479–502.
68.
RostowWW (1959) The stages of economic growth. The Economic History Review12(1): 1–16.
69.
SáF (1973) O desenvolvimento da agricultura nordestina e a função das atividades de subsistência. Estudos Cebrap4: 89–147.
70.
SingerP (1980) A Crise do ‘Milagre’. Rio de Janeiro: Paz e Terra.
SpiroD (1999) The Hidden Hand of American Hegemony. Ithaca, NY: Cornell University Press.
73.
TomichD (2004) Through the Prism of Slavery. New York, NY: Rowman and Littlefield.
74.
WallersteinI (1974) The Modern World-System I. New York, NY: Academic Press.
75.
WallersteinI (1976) Semi-peripheral countries and the contemporary world crisis. Theory and Society3(4): 461–483.
76.
WarmanA (1988) Los campesinos en el umbral de un nuevo milenio. Revista Mexicana de Sociología50(1): 3–12.
77.
WarrenB (1973) Imperialism and capitalist industrialization. New Left ReviewI(81): 3–44.
78.
WiegandJ (2008) Bank Recycling of Petro Dollars to Emerging Market Economies during the Current Oil Price Boom. IMF Working Paper 08/180. Washington DC: International Monetary Fund.
79.
WilliamsonJ (1990) Latin American Adjustment: How Much Has Happened?Washington, DC: Institute for International Economics.
