Chapter 2 develops the theoretical framework by reviewing debates on business power and the role of multinational corporations, distinguishing instrumental resources (like lobbying and campaign finance) from structural power rooted in firms’ position in the economy. It argues that structural power is variable, relational, and can be exercised strategically, and that in contemporary capitalism it often flows less from the threat of disinvestment than from control over access to technology, finance, and export markets. By combining structural power theory with global value chain and varieties‑of‑capitalism approaches, the chapter shifts attention from state–business relations alone to conflicts and hierarchies within value chains, and proposes a context‑sensitive conceptualization tailored to Argentina’s recurrent balance‑of‑payments crises and export dependence.