New Developmentalism and quasi-stagnation in Brazil

Authors

  • Luiz Carlos Bresser-Pereira Emeritus professor of Getúlio Vargas Foundation

DOI:

https://doi.org/10.7203/IREP.6.2.30129

Abstract

This paper argues that the Brazilian economy has been quasi-stagnant since the 1980s. In this decade, income per capita stagnated due to the foreign debt crisis and high inflation. From 1990 on, the country resumed growth but at a considerably lower level, with a rate inferior to the rich countries, configurating quasi-stagnation. The new historical facts that explain this were the public savings that turned negative, and two causes associated with the exchange rate: the belief in the policy of growth with foreign savings and the non-neutralization of the Dutch disease by engaging in trade liberalization. Those three facts depressed the investment rate. The paper ends with a few policy recommendations.

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References

Bresser-Pereira, Luiz Carlos (2002) “Citizenship and res publica: the emergence of republican rights”, Citizenship Studies, 6 (2) 2002: 145-164.

Bresser-Pereira, Luiz Carlos (2007) Macroeconomia da Estagnação [Macroeconomics of Stagnation], São Paulo: Editora 34.

Bresser-Pereira, Luiz Carlos (2008) "The Dutch disease and its neutralization: a Ricardian approach" (2008) Brazilian Journal of Political Economy 28 (1): 47-71. (445) http://dx.doi.org/10.1590/S0101-31572008000100003

Bresser-Pereira, Luiz Carlos (2012) "The exchange rate at the center of development theory" Estudos Avançados [Advanced Studies], 26(75): 7-28. http://dx.doi.org/10.1590/S0103-40142012000200002

Bresser-Pereira, Luiz Carlos (2015) "The access to demand", Keynesian Brazilian Review 1(1) 1o. Semester: 35-43. https://doi.org/10.33834/bkr.v1i1.14

Bresser-Pereira, Luiz Carlos (2017) "The two forms of capitalism: developmentalism and economic liberalism", Brazilian Journal of Political Economy 37 (4), October 2017: 680-703. https:/doi.org/10.1590/0101-31572017v37n04a02

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Published

2024-12-26

How to Cite

Bresser-Pereira , L. C. (2024). New Developmentalism and quasi-stagnation in Brazil. International Review of Economic Policy-Revista Internacional De Política Económica, 6(2), 24–37. https://doi.org/10.7203/IREP.6.2.30129
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Issue

Vol. 6 No. 2 (2024)

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Articles

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