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The jury is still out on the ongoing debate in the Latin American boardrooms: diversify and stay local or specialize and go global? Specialization, management consultants tell their clients, provides enormous scales of economy in production, marketing, administration and knowledge development. That certainly makes sense in the US market, where the sheer size of the market encourages specialization. But the theory can break down when crossing borders. In smaller markets characterized by flexible regulations and wealthy elites, high level political and corporate connections may be more important to the bottom line than economy of scale or industry knowledge. Mexico provides a useful laboratory for experiments with both of these theories.