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.
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WORKS IN ENGLISH
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)
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)
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)
2019. List of Bresser-Pereira's theoretical contributions and respective papers or books. .
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. (Discussion Paper)
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)
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)
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)
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)
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)
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.
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)
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)
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.
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.
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)
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.
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)
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)