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Structuralist macroeconomics and the new developmentalism

Author

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  • Luiz Carlos Bresser-Pereira

    (Emeritus professor of Getulio Vargas Foundation.)

Abstract

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 rate, a critique of growth with foreign savings, and new a model of the Dutch disease) shows that it is not just volatile but chronically overvalued, and for that reason it is not just a macroeconomic problem; as a long term disequilibrium, it is in the core of development economics. Second, it summarizes “new developmentalism” – a sum of growth policies based on these models and on the experience of fast-growing Asian countries. JEL Classification: E0; E19; O11; B22.

Suggested Citation

  • Luiz Carlos Bresser-Pereira, 2012. "Structuralist macroeconomics and the new developmentalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(3), pages 347-366, July.
    • Handle: RePEc:ekm:repojs:v:32:y:2012:i:3:id:95477
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    Keywords

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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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