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Luigi Pasinetti: the approach to development planning in historical context

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  • Garbellini, Nadia
  • Halevi, Joseph
  • Melnik, Denis

Abstract

This paper argues that Luigi Pasinetti’s theory of structural change—most notably his concept of vertically hyper-integrated sectors—can be better understood when read against the background of the Soviet debates on planning and industrialization of the 1920s and 1930s. We suggest that Pasinetti’s analytical framework addresses, at a high level of abstraction, a set of problems that Soviet economists and planners were among the first to confront: the relationship between material balances and monetary equilibrium, the tension between short-run constraints and long-run structural transformation, the priority of investment in heavy industry, and the need for an aggregate condition ensuring both physical reproducibility and effective demand.

Suggested Citation

  • Garbellini, Nadia & Halevi, Joseph & Melnik, Denis, 2026. "Luigi Pasinetti: the approach to development planning in historical context," Structural Change and Economic Dynamics, Elsevier, vol. 78(C), pages 1-9.
    • Handle: RePEc:eee:streco:v:78:y:2026:i:c:p:1-9
    DOI: 10.1016/j.strueco.2026.02.004
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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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