The present article focuses on Raúl Prebisch’s center and periphery framework, connecting his early, mid-career, and later work to cast a different light on one of his most enduring contributions. Using an original institutional economics approach, the article shows that Prebisch held a structuralist perspective throughout his career, but while early on he maintained a standard structuralist position, by the 1960s Prebisch embraced a less rigid version of structuralism, understanding the relationship between center and periphery through a multi-layered analysis. A movement in such direction enriches economic theory, creating a dynamic framework that views social, economic, and political transformation as a result of interactive actions (Lawson [1997]. Economics and Reality. London: Routledge) between agents and structures.