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Institutionalist Clues in Celso Furtado’s Economic Thought: A Bridge between Old Institutionalism and Latin American Structuralism

Author

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  • Federico Nastasi
  • Salvatore Spagano

Abstract

This paper examines the intersection between Celso Furtado’s economic thought and Old Institutional Economics (OIE), a connection largely overlooked in the literature. Although best known as a leading figure of Latin American structuralism, Furtado’s work incorporates key institutionalist principles, notably the centrality of institutions, historical path dependence, and the role of power in development. His approach converges with OIE in its critique of neoclassical equilibrium models, emphasis on cumulative causation, and evolutionary view of economic systems. Furtado’s analysis of social heterogeneity, institutional constraints, and cultural factors further resonates with institutionalist frameworks. By combining historical analysis, interdisciplinarity, and an active role for the state, his work bridges structuralism and institutionalism, offering valuable insights for contemporary development theory. Recognising these connections enriches both traditions and advances the debate on the institutional foundations of economic development.

Suggested Citation

  • Federico Nastasi & Salvatore Spagano, 2025. "Institutionalist Clues in Celso Furtado’s Economic Thought: A Bridge between Old Institutionalism and Latin American Structuralism," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 513-534.
    • Handle: RePEc:bas:econth:y:2025:i:4:p:513-534
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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