The paper proposes a synthesis and critical assessment of the treatment that the Marxist Theory of Dependence elaborated about the “national bourgeoisies” in Latin American capitalism during its period of industrialization guided by the State. The question is considered in terms of its link with the capitalist class from advanced industrialization countries, and regarding their role in the internal accumulation process. The analysis reveals the successes and multiple difficulties of the dependence approach to address the region's specificity.