The expansion of multinationals in Latin America has followed fundamental economic and market factors. Multinationals tend to concentrate in large metropolitan areas where they can benefit from proximity to markets, supply chains, infrastructure and economies of scale. Once they are established in key markets, market-driven multinationals will continue their country penetration through expansion to second and third tier markets, developing country networks that share economies of scale and supply networks. The patterns of expansion and size of these networks cannot be explained by fundamental economic and market factors only. In this ebook, we explore the impact of the variation in the quality of institutions as one possible explanation for the location and presence (or lack of) of these multinationals across and within countries in the region.