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Developmental Macroeconomics: New Developmentalism as a Growth Strategy

Luiz Carlos Bresser-Pereira, José Luis Oreiro and Nelson Marconi

Developmental Macroeconomics: New Developmentalism as a Growth Strategy, London: Routledge, 2014.

Published October 2014 (Routledge). With Nelson Marconi and José Luís Oreiro. Developmental Macroeconomics offers a new approach to development economics and macroeconomics. It is tributary of the post Keynesian and the development economics traditions, but it is critical of both. In its core are the exchange rate and the current account, instead of the budget deficit and the interest rate. It is oriented to the long-term equilibrium of the five macroeconomic prices: the exchange rate, the profit rate, the interest rate, the wage rate and inflation. It is critical of the growth with foreign savings policy, and brings a new model of a major market failure: the Dutch disease.

Developmental Macroeconomics: New Developmentalism as a Growth Strategy

London: Routledge, 2014.

Available at Amazon.com

Table of contents


Part I - Growth and constraints

Chapter 1 - Theoretical traditions and the method

Chapter 2 - Some definitions and productive sophistication

Chapter 3 - Demanded-led growth

Chapter 4 - Foreign constraint

Chapter 5 - Value and price of the exchange rate

Chapter 6 - Overvaluation and access to the markets

Chapter 7 - The Dutch disease

Chapter 8 - Domestic, not foreign savings

Chapter 9 - Inflation, interest, and exchange rate appreciation

Chapter 10 - Balance of payment crises

Chapter 11 - The closing of the model

Part II - Policymaking

Chapter 12 - Wage, export or balanced-led?

Chapter 13 - Neutralizing the Dutch disease

Chapter 14 - Exchange rate policy

Chapter 15 - The transition to a high-development regime

Chapter 16 - Political economy of the once-and-for-all devaluation

Chapter 17 - Comparing and summing up