Development Projects And Growth Under Finance Domination. The Case Of Brazil During The Lula Years (2003-2007)
The paper analyses the attempts of the LULA administration to establish a new development convention in Brazil and argues that the limited and uneven growth achieved during this period can be ascribed to the strength of a coalition of interests structured around very high interest rates paid on the public debt. Such coalition is intellectually and ideologically supported by the prevailing convention about ?economic sound fundamentals? and presents strong path-dependence features. The paper argues that the Brazilian case is just an extreme case of a wider species of development.
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