Abstract
The paper studies the origin and development of Spanish multinationals in Peru. It provides a more comprehensive view than current analyses, primarily focused on current economic issues, by looking at the history of trade and how a recent wave of Spanish private investment is shaped both by economic and political events. Beginning in 1990, these companies were the first to enter the emerging Peruvian market given their interest in gaining rapid access to it, thanks to the sudden opening of the economy and the promotional policies of an authoritarian government. Given their timing, and the amounts invested, Spanish multinationals quickly occupied a privileged position. They operated in politically sensitive sectors because of investment concentration in banking, pension funds, gas and energy, and communications. By establishing a close and positive relationship with the Fujimori administration, and the democratic governments that followed, the multinationals enjoyed low risk and high returns. This privileged and convenient position continued in the 21st century, although operating in a more unstable environment due to more active consumer and worker demands. Spanish multinationals have contained social demands thanks to close business-government relations, but paying the price of a more negative public opinion and increasing the likelihood of regulatory and political risk.
Highlights
the emerging Peruvian market given their interest in gaining rapid access
Palabras clave: empresas multinacionales españolas, reconquista económica, relaciones comerciales, riesgo político, patrón permisivo de relaciones empresarios-Estado
Summary
Capay inca...benimoste a dezir cómo a llegado a tu tierra un género de jente no oyda ni bista en nuestras naciones...[Inca]¿qué ser y manera tiene esa jente? [emisario]...dizen que bienen por el viento y es jente barbuda. La producción intelectual sobre las empresas multinacionales españolas (EMNEs) es particularmente fecunda en América Latina, por haber concitado interés al ser el lugar de destino de una primera gran ola de inversión y también por los lazos históricos y culturales que las unen. Todo ello hace del Perú un caso particularmente interesante, que sirve para comprobar ciertas hipótesis sobre el impacto de las EMNEs y su manejo del entorno político. Otros autores que son críticos del rol de las EMNEs tienden a denunciarlo más que a explicarlo aunque presentan información detallada de casos importantes para ilustrar o documentar el tipo de relación (Verbitsky 1991, Ceccini y Zicolillo 2002). En la medida que las EMNEs establecieron con el fujimorismo un patrón de relaciones con el Estado muy cercano y estable, el cambio político representa un reto: a) existía una herencia creada en los años 90, b) enfrentaba tensiones y problemas que van emergiendo desde la sociedad civil con la democratización cuando se cuestionaba a un patrón relacional permisivo y, c) podía rebrotar el resentimiento histórico pero también reforzarse la herencia cultural
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