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An interpretation of the Brazilian economy from the profit rate: 1950-2020

Author

Listed:
  • Adalmir Marquetti
  • Eduardo Maldonado Filho
  • Alessandro Miebach
  • Henrique Morrone

Abstract

The paper investigates the path of the profit rate and its components in Brazilbetween 1950 and 2020. The high growth in developmentalism, 1950-1980, in contrast to thegreat stagnation in neoliberalism, 1980-2020, is interpreted based on the rate of profit and itscomponents: the profit share, the productivity of capital and the level of capacity utilization.The fall in the rate of profit due to the decline in capital productivity resulted in a slowdownin the rate of capital accumulation and economic growth. In the 1980-2020 period there wasa structural break in the relationship between productive investment and profits with theadoption of neoliberalism, the same profit rate resulted in lower capital accumulation. Thegreat stagnation is explained by the fall in the profit rate and the adoption of neoliberalism. JEL Classification: E25; N16; O30.

Suggested Citation

  • Adalmir Marquetti & Eduardo Maldonado Filho & Alessandro Miebach & Henrique Morrone, 2023. "An interpretation of the Brazilian economy from the profit rate: 1950-2020," Brazilian Journal of Political Economy, Center of Political Economy, vol. 43(2), pages 309-334.
    • Handle: RePEc:ekm:repojs:v:43:y:2023:i:2:p:309-334:id:2400
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    More about this item

    Keywords

    Brazil; profit rate; labor productivity; capital productivity; profit share; capacity utilization;
    All these keywords.

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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