From 2002 to 2019, Colombia experienced economic growth accompanied by deepening inequality, the ongoing presence of armed conflict, and the persistence of illicit economies. This dissertation posits that this trajectory cannot be explained by market efficiency; rather, it is the result of a specific configuration of power and domination. Building on the neorealist approach of Bruno Amable and Stefano Palombarini, and integrating insights from dependency theory and the political economy of crime and armed conflict, the study identifies a Dominant Social Bloc (DSB) that brought together domestic and foreign capital, landowners, armed actors, and key social groups around a shared agenda of security and investor confidence. Its dominance relied on exclusion, violence, and legitimizing narratives. Yet internal tensions gradually eroded its cohesion, leading to its fragmentation. This research offers a novel framework to understand Colombia’s political economy and its enduring structural tensions.