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From classical developmentalism and post-Keynesian macroeconomics to new developmentalism

Author

Listed:
  • Luiz Carlos Bresser-Pereira

Abstract

New developmentalism was a response to the inability of classical developmentalism and post-Keynesian macroeconomics in leading middle-income countries to resume growth. New developmentalism was born in the 2000s to explain why Latin American countries stopped growing in the 1980s, while East Asian countries continued to catch up. This paper compares new developmentalism with classical developmentalism, which didn’t have a macroeconomics, and with post-Keynesian economics, whose macroeconomics is not devoted to developing countries. And shows that to follow the East Asian example is not enough industrial policy, it is also necessary a macroeconomic policy that sets the five macroeconomic prices right, rejects the growth with foreign savings policy, and keeps the macroeconomic accounts balanced. JEL Classification: O10; O11; B29.

Suggested Citation

  • Luiz Carlos Bresser-Pereira, 2019. "From classical developmentalism and post-Keynesian macroeconomics to new developmentalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 39(2), pages 187-210.
    • Handle: RePEc:ekm:repojs:v:39:y:2019:i:2:p:187-210:id:32
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/32/2122
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    Citations

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    Cited by:

    1. Thomas Goda & Jan Priewe, 2020. "Determinants of real exchange rate movements in 15 emerging market economies," Brazilian Journal of Political Economy, Center of Political Economy, vol. 40(2), pages 214-237.
    2. Alfano, Lucia, 2022. "The new developmental state and the challenges of the socio-ecological transformation: Lessons from Argentina and Brazil," IPE Working Papers 189/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Hartmann, Dominik & Zagato, Ligia & Gala, Paulo & Pinheiro, Flavio L., 2021. "Why did some countries catch-up, while others got stuck in the middle? Stages of productive sophistication and smart industrial policies," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 1-13.
    4. Su Jung Jee & Kerstin Hotte, 2024. "From catch-up to frontier: The utility model as a learning device to escape the middle-income trap," Papers 2408.14205, arXiv.org.
    5. Ariza Ruiz, Efrén Danilo & Garza, Nestor, 2024. "The unfolding of neoliberalism in economics curricula and scholarships: Colombia as a case study," ZÖSS-Discussion Papers 104, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    6. Oreiro, José L. & da Silva, Kalinka M. & Dávila-Fernández, Marwil J., 2020. "A New Developmentalist model of structural change, economic growth and middle-income traps," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 26-38.
    7. Jose Luis Oreiro & Kalinka Martins da Silva, 2022. "Structuralist Development Macroeconomics and New Developmentalism: Theoretical Foundations and Recent Developments," Working Papers PKWP2204, Post Keynesian Economics Society (PKES).
    8. Mironov, V. & Kuznetsov, A. & Konovalova, L., 2024. "On the sectoral effects of digitalization based on new indicators by type of economic activity," Journal of the New Economic Association, New Economic Association, vol. 62(1), pages 143-179.

    More about this item

    Keywords

    Classical developmentalism; post-Keynesian macroeconomics; East Asian countries; Latin American countries;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other

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