abstract: 'Applying a non-linear political economy analysis of power balances,

  institutional mechanisms, and elite structures, this study sheds light

  on the characteristics of Medellin''s economic development since the

  early 2000s. Elites with minimal technological capabilities and

  interests in promoting the advancement of transnational capitalism have

  successfully secured access to sources of power. These conditions

  (re)produce neoliberal logics of local governance that focus on economic

  growth in sectors with perceived global comparative advantages and on

  sustaining the particular power balances in Medellin''s political

  settlement. This has led to failures of generating positive forward and

  backward linkages for productivity growth of local firms, a local labour

  market marked by low wages and high employment elasticities, and large

  income inequalities. The local governance model that perpetuates

  productivity and inequality problems of the city is adopted as an

  opportunistic discourse of Medellin''s transnationalised capitalist elite

  in the larger neoliberal context of Colombia''s polity and economic

  policy agenda. In the absence of structural reforms targeting low wages

  and incentivising firms to develop technological capabilities,

  Medellin''s low productivity and high inequality problems are likely to

  persist.'
affiliation: 'Franz, T (Corresponding Author), Univ Los Andes, Calle 18A 0-19Este,Oficina
  PU104, Bogota 111711, Colombia.

  Franz, Tobias, Univ Los Andes, Calle 18A 0-19Este,Oficina PU104, Bogota 111711,
  Colombia.'
author: Franz, Tobias
author-email: tb.franz@uniandes.edu.co
author_list:
- family: Franz
  given: Tobias
da: '2023-09-28'
doi: 10.1177/0269094218755560
eissn: 1470-9325
files: []
issn: 0269-0942
journal: LOCAL ECONOMY
keywords: 'Colombia; elites; institutions; local economic development; local

  governance; local labour market; neoliberal; power; productivity;

  Medellin'
keywords-plus: 'ENTREPRENEURIAL CITY; COLOMBIA; TRANSFORMATION; SETTLEMENTS; LESSONS;

  AFRICA; DRUGS; SOUTH; WAR'
language: English
month: FEB
number: '1'
number-of-cited-references: '108'
pages: 85-109
papis_id: 3ef30a68378eb88351e246de6ab0c40e
ref: Franz2018powerbalances
times-cited: '14'
title: 'Power balances, transnational elites, and local economic governance: The political
  economy of development in Medellin'
type: Article
unique-id: WOS:000429894100005
usage-count-last-180-days: '2'
usage-count-since-2013: '12'
volume: '33'
web-of-science-categories: Economics
year: '2018'