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The article offers information on the economic history of Latin America and its comparison with economy of developed countries. Various topics discussed include future and past of Latin America's economy, economic transformation in the region, economic challenges faced by the country and historiography of Latin American economy.

The article offers the authors' views on the South-South trade in Latin America and the Caribbean (LAC) region. They mention a hypothesis from economist Andrew Lewis on commercial exchange and its role as a global economic growth engine powered by industrial expansion in developed nations. They note its depiction of an intra-regional phenomenon and expansion through production sharing schemes. An overview of the contribution of developing countries to the gross domestic product (GDP) worldwide is also presented.

The article presents an overview of the so-called "Varieties of Capitalism" (VoC) theory of comparative political economy. The author seeks to situate this school of thought within the broader context of the historiography of capitalism. Among other subjects, he considers the original concept of comparative studies of capitalism developed by economists Peter Hall and David Soskice in 2001, the critique of the model as too focused on the developed world, and the complementary concept of a hierarchical market economy proposed by economist Ben Ross Schneider with a view on Latin America.