“Bonanza Development” and the “New Bourgeoisie”

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Abstract
A study of the social and political impact of the Peruvian mining industry since 1968 reveals that the country has undergone a form of development—“bonanza development”—that differs from other forms (such as ISI) and that may possibly be found in other nations with economies based on natural resource exportation. Bonanza development is capitalist and is linked to industrialization. It features the use of state power and enterpreneurship to tie the export sector to the rest of the economy, and of state export-derived revenues to provide cooptative benefits to mobilized popular groups. It is associated with the rise to dominance of a “new bourgeoisie” of managers and modern entrepreneurs, a class that is potentially hegemonic and that articulates the national and international political economies in a nondependent fashion. Consequently, Peru, and other countries like it, may be entering a new, “postdependent” phase of development.

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