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From old to new developmentalism in latin America

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  • Pereira, Luiz Carlos Bresser

Abstract

The failure of the Washington Consensus and of macroeconomic policies based onhigh interest rates and non-competitive exchange rates to generate economic growthprompted Latin America to formulate national development strategies. Newdevelopmentalism is an alternative strategy not only to conventional orthodoxy but also toold-style Latin American national developmentalism. While old national developmentalismwas based on the tendency of the terms of trade to deteriorate and, adopting a microeconomicapproach, proposed economic planning and industrialization, the new nationaldevelopmentalismassumes that industrialization has been achieved, although in differentdegrees by each country, and argues that, in order to assure fast growth rates and catching up,the tendency that must be neutralized is that of the exchange rate to overvaluation. Contraryto the claims of conventional economics, a capable state remains the key instrument to ensureeconomic development, and industrial policy continues to be necessary; but whatdistinguishes the new approach is principally growth with domestic savings instead of withforeign savings, a macroeconomic policy based on moderate interest rates and a competitiveexchange rate instead of the high interest rates and the overvalued currencies prescribed byconventional orthodoxy.

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Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 193.

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Date of creation: 26 Jun 2009
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Handle: RePEc:fgv:eesptd:193

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  1. Bresser Pereira,Luiz Carlos, 2010. "Globalization and Competition," Cambridge Books, Cambridge University Press, number 9780521144537, April.
  2. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 29-46, Fall.
  3. Pereira, Luiz Carlos Bresser & Nakano, Yoshiaki, 2002. "Economic Growth With Foreign Saving?," Textos para discussão 118, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  4. Bresser Pereira, Luiz Carlos, 1993. "Economic reforms and cycles of state intervention," World Development, Elsevier, vol. 21(8), pages 1337-1353, August.
  5. Luiz Carlos Bresser-Pereira & Paulo Gala, 2008. "Foreign savings, insufficiency of demand, and low growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 315-334, April.
  6. Pereira, Luiz Carlos Bresser, 2009. "From the national-bourgeois to the associated dependency interpretation of latin America," Textos para discussão 185, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
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Cited by:
  1. Salvatore Monni & Massimo Pallottino, 2013. "Beyond growth and development: Buen Vivir as an alternative to current paradigms," Departmental Working Papers of Economics - University 'Roma Tre' 0172, Department of Economics - University Roma Tre.
  2. Porzecanski, Arturo C., 2014. "Brazil’s Place in the Global Economy," MPRA Paper 54257, University Library of Munich, Germany.

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