Luiz Carlos Bresser-Pereira e Paulo Gala
Revista de Economia Política, 30 (4): 663-686.
This paper presents some basic ideas and models of a structuralist development macroeconomics (the tendencies to the overvaluation of the exchange rate and the tendency of wages to grow below productivity, the critique of growth with foreign savings, and a new model of the Dutch disease) that complement and actualize the thought of the Latin-American structuralist school that developed around CEPAL (ECLAC) from the late 1940s to the 1960s. On the other hand, it suggests that a new national development strategy based on the experience of fast growing Asian countries is emerging, and argues that only the countries that adopt such strategy based on growth with domestic savings, fiscal responsibility, exchange rate responsibility or a competitive exchange rate, strategic role for the state, and active social policy will be able to catch up.
