This chapter summarizes the decade of development and modernization theory with its emphasis on the social and cultural factors in economic growth. It examines the application of the modernization theory in various Latin American countries during the 1970s and the negative consequences on the study of the relationship between cultural features and entrepreneurship. It also analyses the influence of dependency theory during the sixties and seventies that discouraged the study of business and its actors such as entrepreneurs and firms. The chapter addresses the revival since the mid-1980s of national values theory. It presents a selective survey of Latin American business history dealing with local, regional culture and entrepreneurship. It also deals with the studies related to backwardness and substitutes for prerequisites to economic development. The elements towards a synthesis of Latin American entrepreneurship sketches about a proposed analytical scheme for entrepreneurial history.