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The political crisis of globalization

2016. National solidarity, first, and social-democracy, later on, have mitigated Capitalist exploitation. The demise of these two institutions led global capitalism to the present political crisis. (essay)

Why developing countries should not incur foreign debt: the Brazilian experience

2016. Paper with Thiago de Moraes Moreira. Current account deficits, even when financed by direct investments, hinder instead of enhance growth because the cause overvaluation of the national currency. (Paper in edited book to be published)

Reflecting on New Developmentalism and classical developmentalism

2015. New Developmentalism is a theory that must be distinguished from really existing forms of developmentalism. It was preceded by Classical Developmentalism. Social-developmentalism is a version of the later characterized by a high preference for immediate consumption. Portuguese version available (Paper)

State-society cycles and political pacts in a national-dependent society: Brazil

2015. Brazil is a national-dependent society. The three cycles of its independent history were, successively, “State and Territorial Integration”, “Nation and Development” and “Democracy and Social Justice”. Portuguese version available. (Paper, Latin America Research Review)

After the demise of neoliberalism, a third (conservative) developmentalism?

2015. The first developmentalism was mercantilism, the second, Fordism, which was a progressive class coalition. After the 2008 Crisis neoliberalism turned demoralized, state intervention increased, and a third developmentalism is looming, but it will be a conservative capitalism due to the competition of China and other developing countries. (paper to be published)

The macroeconomic tripod and the Workers' Party administrations

2015. Since 2003 a developmental government tried change the perverse liberal tripod, but eventually failed, as it was victim of exchange rate and fiscal populism, while the international situation deteriorated. (Paper in edited book)

An empirical study of the substitution of foreign for domestic savings in Brazil

2014. With Eliane Araújo e Paulo Gala. Econometric comprovation of a high rate of substituition of foreign for domestic savings. (Paper: Revista EconomiA) Portuguese version available.

A theoretical framework for a Structuralist Development Macroeconomics

2014. With José Luis Oreiro and Nelson Marconi. A synthesis of structuralist development macroeconomics and the critique of the “foreign constraint” thesis. (Paper in edited book)

The access to demand

2014. In developing countries it is not enough to secure demand for entrepreneurs to invest; additionally, is required access to it, which only a competitive exchange rate can assure. (Paper Keynesian Brazilian Review)

Development, progress and economic growth

2014. Progress was associated with the advance of reason, development with the fulfillment of the five political objectives that modern societies set for themselves: security, freedom, economic well-being, social justice and protection of the environment. (Paper in edited book).

Inequality and the phases of capitalism

2013. How did inequality vary along the history of capitalism? Which were the phases, and the role of technical progress? Why inequality increased since the 1980s in rich countries? (Paper in Forum for Social Economics)

The value of the exchange rate and the Dutch disease

2013. A revised version of my 2008 paper on the Dutch disease in which I distinguish the value from the market price of the exchange rate. (Paper: Brazilian Journal of Political Economy)

The hegemony constraints in the neoliberal years of capitalism

2013. The neoliberal policy regime was defined by economic, political and “hegemony” constraints, but while not complying with first two implies malfunctioning of the system, the non compliance of hegemony constraints just means that the interest of the neoliberal class coalition were not served. (Paper in edited book)

The exchange rate at the center of development economics

2012. In so far as structuralist development macroeconomics assumes that developing countries face a tendency to the cyclical overvaluation of the eschange rate, it makes the exchange rate chronically overvalued. Thus, it ceases to be just a short term macroeconomic problem, to be part of the corre of development economics. (Paper: Estudos Avançados) Portuguese version

The new developmentalism as a Weberian ideal type

2012 (2015). New developmentalism and its structuralist development macroeconomics is theory/strategy, here compared with old developmentalism and liberal orthodoxy. (Paper in book in homage of Roberto Frenkel)