Works in English

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Steps in the construction of New Developmentalism - a personal report

2021. New Developmentalism is today an increasingly encompassing theoretical system which originated from Classical Developmentalism and Post-Keynesian Economics. In this report I will try to define the ideas that represented one step after the other the intellectual construction of New Developmentalism.

Phases of capitalist development

2021. The Industrial Revolution made capital the dominant production relation in entrepreneurs' capitalism; the Second Industrial Revolution and the associated organizational revolution promoted the shift from the strategic factor of production of capital to technical and administrative knowledge and made the emergence of the managerial class a definitive historical phenomenon. (Chapter of book being written)

Financing Covid-19, Inflation and the Fiscal Constraint

2020. Many rich countries are financing the huge Covid-19 expenditures by monetary emission. Brazil should have done the same. Portuguese version available. (Paper, Forum for Social Economics) Portuguese version available

Neutralizing the Dutch disease

2020. A retention or tax on the export of commodities will neutralize the Dutch disease and assure to the manufacturing industry equal conditions in the competion with other countries. The tax will not represent a buden to the exporters, because they receive back their money on the form of depreciation of the real. (Paper: Journal of Post Keynesian Economics)

A new theoretical framework: New Developmentalism

2020. New Developmentalism is a theoretical framework being defined since the early 2000s. It is a political economy and a development macroeconomics that originates from Development Economics and Post-Keynesian Macroeconomics. (Paper in Challenge,)

Why did democracy become consolidated only in the twentieth century?

2011. The final version of this paper is Democracy and capitalist revolution,but I decided to conserve this earlier version. (Working Paper EESP/FGV 149, month???)

Medeiros's critique to New Developmentalism and Bresser-Pereira's response

2020-Carlos Medeiros' critique to the new-developmental theory and Bresser-Pereira's response in the same issue of ROKE.

How to define the competitive exchange rate? Why is it determinant of economic growth?

This note defines the competitive exchange rate and summarizes the new-developmental theory explaining why the exchange rate is determinant of investment and growth.. Written to be published in my website. EAESP / FGV, November 2019. Portuguese version available.

Models of developmental state

2019. All industrial revolutions happened in the framework of a developmental state. We can distinguish in history four basic models of developmental state. Spanish version available(Papers)

From classical developmentalism and post-Keynesian macroeconomics to new developmentalism

2019. An introduction to New-Developmental Theory or New Developmentalism. How it was born from Classical Developmentalism or Development Macroeconomics and Post-Keynesian Economics. (Paper in BJPE)

Why, from the 1980s, did East Asia continue to grow while Latin America fall behind?

2019. Latin America was not bcaught in the 'middle-income trap" but into the "1980s' liberalization trap", while East Asia overcome its middle-income condition and are today rich countries, or, in the case of China, heading to become so. (paper)

Bresser-Pereira's Theoretical Contributions to Economics and the Other Social Sciences

2019. List of Bresser-Pereira's theoretical contributions and respective papers or books. .

Rentier-financier capitalism

2018. Rentiers, the inheritors of the entrepreneurs, and financiers, a special type of technobureaucrats, are the fuling classes in contemporary capitalism; neoliberalism is their ideology. The financiers manage the wealth of the idle rentiers and act as organic intellectuals of this very narrow class coalition. (Paper to be published)

The two forms of capitalism: developmentalism and economic liberalism

2017. Capitalism and the state are either developmental, or liberal. Developmentalism and economic liberalism are two forms of coordinating capitalism. Capitalism was born developmental anywhere, in England or in the US, in Germany or in Brazil, in Japan or in China. (paper: Brazilian Journal of Political Economy)

Neutralizing the Dutch disease

2018. A retention or tax on the export of commodities will neutralize the Dutch disease and assure to the manufacturing industry equal conditions in the competion with other countries. The tax will not represent a buden to the exporters, because they receive back their money on the form of depreciation of the real. (Working Paper EESP/FGV 476)

Growth and distribution: a revised classical model

2018. The phases of capitalist development having as criteria the variables of Marx's model of the falling tendency of the rate of profit. It actualizes the book Lucro, Acumulação e Crise (1986). (Paper in the Brazilian Journal of Political Economy)

Economic nationalism and developmentalism

2018. An encompassing paper on economic nationalism, its relation to developmentalism. Why it is a condition of growth in a world where nation-states rather compete than cooperate. (Paper in t, Turkish journal. Portuguese version also in this site)

New developmentalism: Macroeconomics and political economy for developing countries

2017. A short (4.000 words) summary of new developmentalism - a new theoretical framework for allow middle-income countries to grow again. (DOC Research Institute website) (Available in Portuguese)

After the demise of neoliberalism, a third developmental capitalism?

2017. 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.

Secular stagnation in the framework of rentier-financier capitalism and globalization

2017. Rentier-financier capitalism is in economic crisis since 2008 and in political crisis since 2016. The secular stagnation issue was brought again to the fore, in so far as capitalism turned again liberal (instead of developmental) since 1980. But it is more likely that rich countries will face low growth, financial instability, and increasing inequality, unless they are able to criticize economic liberalism. (Paper for Berlin conference)

Why the 'Rest' doesn't need foreign finance

2016. Against conventional wisdom, countries that don't incur into current account deficits grow faster, because such deficits correspond to an overvalued currency that encourages consumption and discourages investment. (Paper)

Managerial reform and legitimization of the social state

2017. A central objective of the 1995 Managerial Reform of the State was to turn more efficient the large social services, and so, legitimize the Social State defined in the 1988 Constitution. Portuguese 2010 version available

How to neutralize the Dutch disease notwithstanding the natural resource curse

2017. The Dutch disease is an economic problem that a simple economic policy may resolve, while the natural resource curse is a political-cultural problem very difficult to resolve. Paper presented in St. Petersburg.

Democracy and growth in pre-industrial countries

2017. Countries turn consolidated democracies after their industrial revolution which they made in authoritarian regimes. Today, pre-industrial countries are supposed to be democratic before their industrial revolutions. (Paper in the BJPE)

Democracy and growth in pre-industrial countries

2015. Countries turn consolidated democracies after their industrial revolution which they made in authoritarian regimes. Today, pre-industrial countries are supposed to be democratic before their industrial revolutions. (Texto para Discussão EESP/FGV n.410). Publicado no Brazilian Journal of Political Economy.

Models of developmental state (TD)

2016. All industrial revolutions happened in the framework of a developmental state. We can distinguish in history four basic models of developmental state. Portuguese version available.(Texto p/ Discussão)

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 was preceded by Classical Developmentalism. It focus on the equilibrium of five macroeconomic prices, and of the two macro accounts, particularly the current or external account.

Industrial policy and exchange rate skepticism

2015. With Fernando Rugitsky. Classical Developmentalism (Prebisch et al.) was skeptical in relation to exchange rate policy, preferring industrial policy on the form of high import taxes, while for New Developmentalism the neutralization of the tendency to the cyclical and chronic overvaluation of the exchange rate is the key policy to be adopted. (Paper Cambridge Journal of Economics)

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)

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)

Developmental class coalitions: historical experiences and prospects

2015. With Marcus Ianoni. A theoretical discussion of developmental class coalitions, and its application in three experiences: mercantilism, Bismarkism, and the Golden Years of Capitalism. (Paper to be published in edited book - Texto para Discussão EESP/FGV n. 386)

Developmental Macroeconomics: New Developmentalism as a Growth Strategy

2014. With Nelson Marconi and José Luís Oreiro. Developmental Macroeconomics is a book on development macroeconomics associated with New Developmentalism. In its core are the exchange rate and the current account, instead of the budget deficit and the interest rate. (Book: Routledge) Nas livrarias e em Kindle

The new developmentalism

2014. (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 this paper I finally defined the relation between the exchange rate and the investment rate (and so, the growth rate). Investment depends on the exchange rate because as the theory says that it tends do become overvalued in the long-term (for several years) within the exchange rate cycle, companies will take this overvalued currency as reference in their investment decision and will refrain from investing (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)

Structuralist macroeconomics and the new developmentalism

2012. A sum up of a structuralist development macroeconomics and of the ensuing national development strategy: new developmentalism. A theoretical step ahead in relation to Globalization and Competition. (Paper: Brazilian Journal of Political Economy)

Five models of capitalism

2012. There are three models of developed capitalism (liberal-democractic or Anglo-Saxon, social or European model, and Japanese model and two models of developing capitalism: the Asian developmental model and the liberal-dependent model. (Paper: Revista de Economia Política). Portuguese version available.

Democracy and capitalist revolution

2012. Transition to democracy can happen before the capitalist revolution, but democratic consolidation depends that it is "completed", i.e., that economic surplus is appropriated in the market. (Paper: Économie Appliquée) Versão atualizada de Why did democracy become the preferred political regime only in the twentieth century

For a heterodox mainstream economics: an academic manifesto

2011. The core of neoclassical economics (general equilibrium and rational expectations macroeconomics) is demoralized. A Keynesian-structuralist alternative is available. What is necessary to do to become mainstream again. Portuguese version available. Also available a Slide presentation.

Why economics should be a modest and reasonable science

2012. Paper presented to the annual meeting of the Association for Evolutionary Economics (AFEE), receiving the James Street Scholar for 2012. Chicago, January 7, 2012. (Journal of Economic Issues).

From old to new developmentalism in Latin America

2011. My more complete paper on new developmentalism. In José Antonio Ocampo and Jaime Ros, eds. Handbook of Latin America Economics, Oxford: Oxford University Press. (Paper). Portuguese version available.

The global financial crisis, neoclassical economics, and the neoliberal years of capitalism

2010. The 2008 financial crisis signaled the end of 30 Neoliberal Years of Capitalism. It was caused by the deregulation promoted by the neoliberal ideology justified "scientifically" by neoclassical economics. Paper (Revue de la Régulation).

Democratization and equality

2010. Democratization is the improvement of the quality of democracy. Besides reduction of political inequality, it requires reduction of economic inequality. (Paper for the Festschrift of José Maria Maravall).

Why inequality does not fall?

2010. Economic constraints are not the only cause for economic inequality remaining so high in the world. (Short article: Peace Review)

Democracy, social state and managerial reform

2010. The public management reform was required by the rise of the social or welfare state, and proved instrumental in legitimizing it in so far as it makes social and scientific services provided by the state efficient. Portuguese version available. (Article: Revista de Administração de Empresas)

The 2008 financial crisis and neoclassical economics

2010. The 2008 financial crisis was caused by the deregulation promoted by neoliberal and financialized capitalism with the support of neoclassical economics. (Paper: Revista de Economia Política)

Common currency and economic integration in Mercosul

2010. With Marcio Holland. Latin America integration, particularly Mercorsul, would be strengthened if there was a common currency. We should work on this direction. (Paper : Journal of Post Keynesian Economics.

The global financial crisis and a new capitalism?

2009. The 2008 financial crisis was caused by the deregulation promoted by neoliberal and financialized capitalism with the support of neoclassical economics. (Paper: Journal of Post Keynesian Economics)

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