Weak Foundations: Material Interests, Fairness Beliefs, and Support for Free Markets in Latin America

Abstract

Why do some citizens support free market economies whereas others do not? Classic theories in political economy emphasize two broad explanations—material self‐interest and fairness‐related values—as key determinants of market attitudes. Using harmonized survey data from 18 Latin American countries, we put these perspectives to a direct empirical test. Our analysis combines multiple indicators of economic interest (income, state dependence, and public‐sector ties) with attitudinal measures related to fairness (acceptance of inequality, meritocratic beliefs, and perceptions of gender equality). Surprisingly, neither material interests nor fairness‐based attitudes provide strong or consistent explanations of support for free markets. Although some variables reach statistical significance, their substantive effects are generally small and often inconsistent. Overall, the findings suggest that, despite deep inequality in Latin America, economic position and fairness beliefs provide only limited and inconsistent explanations of citizens' orientations toward market economies.