Joint Venture: Conflicts of Interest, Extractivism, and Challenges for Social Justice in Peru

Abstract

In Latin America and the Caribbean, the joint venture has emerged as a distinctive form of business association, fostering shared benefits between local and foreign enterprises. In Peru, although this contractual figure is not explicitly regulated, its development is closely tied to the neoliberal reforms of the 1990s, which prioritized foreign investment in strategic sectors such as mining, fisheries, and hydrocarbons. Yet, this model perpetuated a polarized logic focused on competitiveness, producing disproportionate advantages for the Global North while deepening social asymmetries. The material and immaterial costs have fallen heavily on Indigenous populations, the environment, and cultural heritage. From a critical perspective, the joint venture cannot be analyzed solely as a legal instrument; it must also be understood as a historical, commercial, and political device shaped by power relations and the neoliberal economic model established in Peru and across Latin America. This study examines the joint venture by emphasizing its benefits while interrogating its fundamental weaknesses. Methodologically, the research adopts a qualitative approach based on documentary exploration. The findings suggest that, while the joint venture often reflects global impositions, if designed and implemented appropriately, it can also serve as a tool for protecting Peru’s national interests.