In this chapter, we present our Latin American conceptual approach. It is based mainly on three main blocks: 1) the structuralism of the Economic Commission for Latin America and the Caribbean (ECLAC), with specific contributions from Prebisch, Furtado. and Pinto; 2) some Latin American contributions regarding the role of the state and inter-state competition in global capitalism, blended with a Latin American broad understanding of the National Systems of Innovation (NSI) based on the works of Cassiolato, Lastres, and the RedeSist (Rede de Pesquisa em Arranjos e Sistemas Produtivos e Inovativos Locais); and 3) the Brazilian conceptual path from the Keynesian-Kaleckian principle of effective demand to the Sraffian supermultiplier, with Tavares, Possas, and Serrano as main references of the University of Campinas (UNICAMP) and Federal University of Rio de Janeiro (UFRJ) school of political economy.