The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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Secular stagnation, low growth, and financial instability

Luiz Carlos Bresser-Pereira

Paper submetido ao International Journal of Political Economy.


Rentier-financier capitalism, neoliberalism and globalization have been in crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible worlds. But the rich capitalist world faces the threat of secular stagnation. In this paper, I discuss this threat, the main authors who have been discussing it, and the new historical facts that are behind such threat. Among the threats are the fall of the productivity of capital associated with information and communication technology, the increase of market power, the profusion of capitals, and globalization, that opened room for the successful competition of developing countries. These new historical facts don't cause stagnation, but low growth rates and general uneasiness.



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