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Various theoretical approaches have attempted to understand the transformations that have been taking place over the last five decades in terms of the dynamics between states, how political power is exercised and the deployment and crisis of global hegemony. Such approaches have come from different perspectives that do not always converge. This paper discusses two approaches attempting to account for these elements. On the one hand, a historical structural systemic perspective, which brings together the contributions of the critical International Political Economy and World-Systems analysis. On the other, a relational poststructural perspective that includes studies from the field of critical political geography. After exposing the ten­sions and complements between them, we argue in favor of the possibility and need of constructing a structural, historical and dynamic perspective that seeks to frame the challenges and opportunities for statehood in Latin America in the face of global capitalist restructuring.

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