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Celso Furtado and the Structuralist-Monetarist Debate on Economic Stabilization in Latin America

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  • Mauro Boianovsky

Abstract

This article investigates Celso Furtado's role in the broad controversy between structuralists and monetarists about inflation and stabilization that took place in Latin America between the mid-1950s and early 1960s. Furtado was the first to relate Latin American chronic inflation to the new growth pattern of the region after the acceleration of the industrialization process in the 1930s. The Brazilian economist criticized the applicability of the monetary approach to the balance of payments to developing countries and put forward an alternative interpretation of the connection between external disequilibrium and inflation. Furtado formulated and tried to implement in 1962–63 the first structuralist stabilization plan—called the Three-Year Plan—in a Latin American country, based on “gradualism” and regarded as an alternative to stabilization policies sponsored by the IMF in the region.

Suggested Citation

  • Mauro Boianovsky, 2012. "Celso Furtado and the Structuralist-Monetarist Debate on Economic Stabilization in Latin America," History of Political Economy, Duke University Press, vol. 44(2), pages 277-330, Summer.
    • Handle: RePEc:hop:hopeec:v:44:y:2012:i:2:p:277-330
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    Citations

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    Cited by:

    1. Razmi, Arslan, 2015. "Growth and Distribution in Low Income Economies: Modifying Post Keynesian Analysis in Light of Theory and History," UMASS Amherst Economics Working Papers 2015-16, University of Massachusetts Amherst, Department of Economics.
    2. André Roncaglia de Carvalho & Carlos Eduardo Suprinyak, 2022. "An emigrant economist in the tropics: Nicholas Georgescu-Roegen on Brazilian inflation and development," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(3), pages 561-579.
    3. Edward Nelson, 2019. "Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004, Board of Governors of the Federal Reserve System (U.S.).
    4. Jonas Rama, 2022. "On Celso Furtado and the French influences found in his development economics," Review of Evolutionary Political Economy, Springer, vol. 3(2), pages 293-318, July.
    5. Carlos Eduardo Suprinyak & André Roncaglia de Carvalho, 2022. "Bringing Latin America into the Mainstream: The 1963 Rio de Janeiro Conference on Inflation and Growth," Working Papers hal-03865703, HAL.
    6. Ian Coelho De Souza Almeida, 2018. "The ?Chicago Boys? Intellectual Transfer: A Gramscian Interpretation," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 16, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    7. Raphaël Orange-Leroy, 2023. "UNCTAD experts as an intellectual basis for developing countries' involvement in the reform of the international monetary system. Paper presented at the Summer Institute of the Center for the History ," Post-Print hal-04498357, HAL.

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