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Luiz Carlos Bresser-Pereira

Luiz Carlos Bresser-Pereira
Escola de Economia de São Paulo da Fundação Getulio Vargas · Economics

PHD of Economics

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625
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Publications

Publications (625)
Chapter
This chapter discusses the main reasons behind the quasi-stagnation in Latin American countriesdrepresented by Brazil, Mexico, Chile, and Uruguaydsince the 1980s. The authors identify the establishment of the liberal policy regime as an important factor behind the slowdown in longterm growth in Latin America. Liberalism is defined as a policy regim...
Article
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RESUMO: O artigo discute a determinação da inflação no Brasil, sobretudo a partir da gran-de recessão de 2015-2016, para avaliar a adequação da política de manipulação de taxas de juros para controlar a alta de preços decorrente de pressão permanente de custos. O ônus de usar a taxa de juros para combater inflação de custo é criar um nível altament...
Article
New Developmentalism is a theoretical framework being defined since the early 2000s searching to understand why most middle-income countries are falling behind the East Asian ones. It is a political economy and a development macroeconomics that originates from development economics and Post-Keynesian Macroeconomics. It argues that fast growth and c...
Article
This paper discusses the economic policies required to neutralize the Dutch disease—a long-term overvaluation of a national currency originated in the export of commodities—and the political economy involved. The difficulty in addressing this major market failure is associated with two political problems: the natural resource curse, the generalized...
Article
The following article has been withdrawn from publication in the Taylor & Francis journal. Challenge: Dr Luiz Carlos Bresser-Pereira, “Why Did Trade Liberalization Work for East Asian but Fail in Latin America?”. DOI: 10.1080/05775132.2019.1698696. Version of Record published online: 06 December 2019. The Editors and Publishers are withdrawing the...
Preprint
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Notas de aula para a disciplina, Teorias do Estado Moderno, EAESP/Fundação Getúlio Vargas, setembro de 2019. Quais são as teorias sobre o Estado? São as mesmas que as teorias sobre o estado-nação? Como podemos entender o Estado, a instituição fundamental das sociedades modernas, e o estado-nação, a sociedade político-territorial própria do capitali...
Article
The occasional success of neoliberal policies such as free trade and balanced budgets in East Asia have long served, correctly or incorrectly, as a model of success for industrializing economies. The failure to adopt these policies in Latin America early enough is seen as the cause of its inability to match the East Asian success. The author says t...
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Resumo Este trabalho discute o conceito histórico (não o normativo) do desenvolvimento econômico, distingue-o de desenvolvimento humano, reafirma sua identificação com industrialização ou mudança estrutural ou sofisticação produtiva; argumenta que o aumento dos salários faz parte integrante do conceito de crescimento e oferece três explicações para...
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New developmentalism was a response to the inability of classical developmentalism and post-Keynesian macroeconomics in leading middle-income countries to resume growth. New developmentalism was born in the 2000s to explain why Latin American countries stopped growing in the 1980s, while East Asian countries continued to catch up. This paper compar...
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O artigo discute a crise do capitalismo neoliberal e as alternativas que se abrem a partir dela. Para tanto, propõe um contraste entre duas formas de coordenar as instituições do capitalismo – o liberalismo econômico e o desenvolvimentismo – e o conceito de “coalizão de classe” para entender os diferentes modos de sua sustentação social e política....
Article
Rentier-financier capitalism, neoliberalism, and globalization have been in crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages, and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible w...
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Resumo O nacionalismo é a ideologia da formação e desenvolvimento dos estados-nação. O nacionalismo foi central no desenvolvimento dos países centrais ou de desenvolvimento original, mas é ainda mais importante nos países periféricos, assim denominados porque foram submetidos ao imperialismo moderno dos primeiros. O nacionalismo supõe uma história...
Article
The aim of the present paper is to put in historical perspective the development thinking on the relationship between industrial and exchange rate policies. The first section focuses on the thought of the so-called pioneers of development economics, specifically their preference for protectionism and their belated recognition that an exchange rate...
Article
The majority of economic literature tends to discuss economic development issues by analysing the industrial policy and other long-term development policies separate from short-term macroeconomic policy. However, development strategies require a close coordination of the macroeconomic regime with the industrial policy. In addition to Brazil, our an...
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This paper argues that the state and the market are the main institutions regulating capitalism, and, correspondingly, that the form of the economic and political coordination of capitalism will be either developmental or liberal. It defines the developmental state, relates it to the formation of a developmental class coalition, and notes that capi...
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Cambridge Core - International Trade Law - Sovereign Debt Crises - edited by Juan Pablo Bohoslavsky
Article
This paper proposes a classification of economic models into three types: historical, axiomatic and conditional. Historical or empirical models utilize the historical-deductive method, and are generalizations from the economic regularities and tendencies that we find in the real world. Axiomatic models utilize the hypothetical-deductive method; the...
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El nuevo desarrollismo nace del fracaso económico y político de la globalización, la financiarización y el neoliberalismo. En los países en desarrollo pretende garantizar la democracia, la reducción de las desigualdades y la protección al medio ambiente. Es una estrategia nacional que le otorga al Estado un papel central, y como condición indispens...
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Resumo O Brasil cresceu de maneira extraordinária entre 1930 e 1980 sob um regime desenvolvimentista de política econômica; está quase-estagnado desde 1990 sobe um regime liberal. Lula nada fez para mudá-lo; Dilma Rousseff tentou, em 2011, mas logo bateu em retirada. O liberalismo financeiro-rentista é incompatível com o crescimento, porque mantém...
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ABSTRACT This paper distinguishes three types of countries (rich, middle-income, and pre-industrial) and focus on the latter, which, in contrast to the other two, didn’t complete their industrial and capitalist revolutions. Can pre-industrial countries be governed well and under democracy? Today democracy is a universal value, and, so, these countr...
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Brexit and the election of Donald Trump are a symptom of the political crisis of globalization and neoliberalism. The secret of capitalism was in entrepreneurs who combined economic liberalism and individualism with nationalism and national solidarity around the domestic market. With multinational corporations, entrepreneurs have been replaced by r...
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This paper lists three new historical facts after the Second World War: the emergence of the welfare or social state in the 1940s, its rejection by a rentier and financier neoliberal ideology that becomes dominant from the 1980s, and the formulation and adoption of the managerial reform of the state as a way to legitimize the social state against t...
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Resumo Este artigo, em primeiro lugar, situa o estado-nação historicamente como um produto da revolução capitalista. Em segundo lugar, distingue o Estado (o sistema jurídico e a organização que o garante) do estado-nação ou país (a unidade política territorial formada por uma nação, um Estado e um território). Terceiro, define a nação, a sociedade...
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This paper firstly situates the Nation-State historically as a product of the capitalist revolution. Secondly, it distinguishes the State (the law system and the organization that guarantees it) from the Nation-State or the country (the territorial political unit formed by a Nation, a state, and a territory). Thirdly, it defines Nation, civil socie...
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The ‘Rest’ will only be able to catch up and grow more than the West if it goes against a ‘received truth’: capital-rich countries should transfer their capitals to capital-poor countries. This is intuitively the truth, and the mantra that the West uses to occupy the markets of developing countries with their finance and their multinationals. Yet,...
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Resumo Desde o início do século XX existem no capitalismo três classes sociais básicas: a classe capitalista ou burguesia, a classe trabalhadora e a classe profissional ou tecnoburocracia. Na primeira parte do século, os altos tecnoburocratas substituíram os empresários na gestão das grandes empresas; a partir dos anos 1980, os capitalistas rentist...
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RESUMO: Este artigo, de cunho eminentemente analítico, mostra que no âmbito da política macroeconômica é necessária consistência entre as políticas monetária, fiscal, cambial e salarial para viabilizar taxas de juros reais médias inferiores às taxas de retorno médias sobre o capital, taxas de câmbio reais competitivas (em torno da taxa de "equilíbr...
Book
Macroeconomia Desenvolvimentista apresenta uma nova maneira de pensar a macroeconomia e a economia do desenvolvimento dos países em desenvolvimento e, em especial, dos países de renda média. 1. Nova porque está focada nos cinco preços macroeconômicos – a taxa de lucro, a taxa de juros, taxa de câmbio, a taxa de salário e a taxa de inflação. 2. Nova...
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This paper, first, distinguishes new developmentalism (a new theoretical system that is being created) from 'really existing' developmentalism (a form of organizing capitalism). Second, it distinguishes new developmentalism from its antecedents, development economics or classical developmentalism and Keynesian macroeconomics. Third, it discusses th...
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RESUMO Este artigo, inicialmente, distingue, o Novo Desenvolvimentismo, um novo sistema teórico que está em criação, do desenvolvimentismo realmente existente, que foi responsável pelo desenvolvimento original de muitos países, mas muitas vezes é apenas uma forma de populismo fi ou keynesianismo vulgar. Segundo, distingue o Desenvolvimentismo Cláss...
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In 1999 liberal economists implemented in Brazil the “macroeconomic tripod” — primary surplus, inflation targeting, and a floating exchange rate — which they equated with responsible and competent policymaking. Yet, in the years in which the tripod was applied (1999–2010), it proved to be perverse. Inflation targeting meant a high level of interest...
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From a historical perspective, Eli Diniz and Luiz Carlos Bresser-Pereira showhow the established contract between the private sector and the government came to an end since the end of import substitution industrialization and as a consequence of thereforms of the 1990s based on the Washington Consensus. The authors point out that a new national dev...
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This paper presents an interpretation of the European crisis based on balance-of-payments imbalances within the Eurozone, highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the euro into a “foreign currency” for each individual Eurozone country. These con...
Article
The history of independent Brazil may be divided into three major state-society cycles, and, after 1930, five political pacts or class coalitions can be identified. These pacts were nationalist; only in the 1990s did the Brazilian elites surrender to neoliberal hegemony. Yet since early in the twenty-first century they have been rediscovering the i...
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In this paper I argue that, in developing countries, sufficient aggregate demand is not enough to motivate investment and achieve full employment. Besides, according to the Keynesian developmental macroeconomics under construction, competent business enterprises must have access to that demand – access which is denied to most of them because develo...
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Este artigo analisa os aspectos essenciais da reforma administrativa do Estado que está sendo proposta pelo Governo Fernando Henrique Cardoso. Como resposta à crise do Estado e ao processo de globalização da economia mundial, essa proposta visa fundamentalmente implantar uma administração do tipo gerencial no setor público brasileiro, em contraposi...
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Este artigo discute a formação social mista " capitalismo tecnoburocrático " que resultou da emergência da classe tecnoburocrática e da resiliência do capitalismo. Essa emergência ocorre com a Segunda Revolução Industrial e a consequente revolução organizacional, isto é, a mudança da unidade básica de produção da empresa familiar para as organizaçõ...
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O autor define neste ensaio o progresso ou o desenvolvimento humano como o gradual alcance dos cinco objetivos políticos que as sociedades modernas definiram para si próprias (segurança, liberdade individual, bem-estar, justiça social e proteção do ambiente), e o distingue do desenvolvimento econômico ou do crescimento econômico - o processo de acu...
Book
Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic deve...
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We live in a capitalist world characterized by economic inequality. Inequality is a real curse, but it does not have to always increase. In different phases of capitalism, it may be increasing, constant, or decreasing, depending on the dominant type of technical progress (capital-using, capital-neutral, or capital-saving), on the organizational cap...
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This paper discusses the mixt social formation - technobureaucratic capitalism - which resulted from the emergence of the technobureaucratic class and the resilience of capitalism. This emergence takes place with the Second Industrial Revolution and the consequent organizational revolution - the change of the basic unit of production from the famil...
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Modern societies cannot anymore be just defined as classical or bourgeois capitalism. Since the emergence of a second relation of production and a third social class in capitalist societies, they are mixed societies where two forms of property-capital and organization-are present. That is why modern capitalism is not anymore classical or bourgeois...
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Este trabalho tem como objetivo investigar as relações entre nível da taxa de câmbio real, poupança externa e poupança interna no Brasil. A apreciação da taxa de câmbio causada pelo financiamento do déficit em conta corrente leva à redução da taxa de lucro esperada no setor de bens comercializáveis, resultando numa queda na poupança interna, bem co...
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Tanto a sociologia da modernidade quanto da pós-modernidade desenvolvidas por alguns dos sociólogos mais reconhecidos do presente não são uma sociologia neoliberal, mas uma sociologia que, ao fazer a análise competente da realidade social, reflete a realidade dos anos neoliberais do capita-lismo. Ora, como esses anos foram marcados por uma tentativ...
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Keynes opened The General Theory with a critique of Say’s Law, according to which supply creates its own demand. In his book, which transformed economic theory, he argued that capitalist countries face a tendency to chronic insufficiency of demand and must adopt an active macroeco-nomic policy (fiscal and monetary) to neutralize it and achieve full...
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In this essay the author defines progress or human development as the gradual achievement of the five policy objectives that modern societies have defined for themselves (security, individual liberty, economic wellbeing, social justice and protection of the environment), and distinguishes it from economic development or economic growth - the proces...
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This paper revisits the original (2008) paper on the Dutch disease, which defined it by the existence of two exchange rate equilibriums (the current and the industrial exchange rate equilibriums). Its novelty is in claiming that, as we have a value and a market price for each good or service, we also have a value and a market price for foreign mone...
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This article discusses the problem of developmentalism in Brazil in PT governments. To what extent, under Lula and Dilma, industrial entrepreneurs distinguish themselves the capitalist rentiers and form, with the workers and the public bureaucracy, a developmental class coalition? My hypotheses is derived from my theory about the role of class coal...
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This paper is a short survey of the work of Ignacy Sachs — one of the pioneers of structuralist development economics and an outstanding economist dedicated to environmental economics. Sachs is Polish and a disciple of Michael Kalecki, but he is also a Brazilian and a French, given his strong ties with these two countries. He knows the importance o...
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Para Ignácio Rangel, o desenvolvimento econômico é um movimento intrinsecamente contraditório, através do qual a inovação tecnológica, cuja dinâmica explica o ciclo longo, está em permanente conflito com os capitais existentes que são por ela depreciados. O desenvolvimento no Brasil não é simplesmente a oposição de um setor capitalista e outro pré-...
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A América Latina foi, provavelmente, a região que mais sofreu nos anos neoliberais, porque era inclusive onde as reformas e políticas respectivas foram levadas mais adiante. Por essa razão, foi também a região em que os anos neoliberais primeiro chegaram ao fim. Desde a década de 1990, líderes políticos de esquerda e economicamente nacionalistas co...
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The adequate way of neutralizing the Dutch disease is the imposition of a variable tax on the export of the commodity that originates the disease. If such tax is equivalent to the "size" of the Dutch disease, it will shifts to the right its supply curve of the commodity in relation to the exchange rate, giving the existing domestic supply and the i...
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The hard core of neoclassical economics (general equilibrium, rational expectations macroeconomics, and endogenous growth models) is essentially mistaken because it adopts a hypothetical-deductive method that is suitable for the methodological sciences, whereas a substantive social science requires an empirical or historical-deductive method. Altho...
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This paper first presents some basic ideas and models of a structuralist development macroeconomics that complements and actualizes the ideas of the structuralist development economics that was dominant between the 1940s and the 1960s. A system of three models focusing on the exchange rate (the tendency to the cyclical overvaluation of the exchange...
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The author argues that the economic development model that has prevailed since the 1970s is outdated, if not outright wrong. He proposes a more compelling one that has a prominent place for wages and demand, structural and institutional influences, and exchange rate management. The question, then, is how to get this message heard.
Article
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The history of independent Brazil may be divided in three major political cycles, and, since 1930, we can distinguish five political pacts or class coalitions. Since 1930 these pacts have been nationalist. Only in the 1990s the Brazilian elites surrendered to the neoliberal hegemony. Yet, since the mid 2000s, they are recovering their idea of natio...
Article
Full-text available
Unlike the methodological sciences such as mathematics and decision theory, which use the hypothetical-deductive method and may be fully expressed in complex mathematical models because their only truth criterion is logical consistency, the substantive sciences have as their truth criterion the correspondence to reality, adopt an empirical-deductiv...