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Economia de Minas e economia da mineração em Celso Furtado [The economy of Minas Gerais and the economy of mining in Celso Furtado]


  • Mauricio C. Coutinho



The paper aims at a better understanding of the abstract modeling of the Brazilian Economic History, exposed by Celso Furtado in his celebrated essay The Economic Growth of Brazil. The mining cycle of 18th century Minas Gerais is contrasted with the two other main export-led cycles of the Brazilian economy: the Northeastern sugar-cane cycle and the coffee crop cycle. It is also confronted with the general model for a mining economy, to be found in Furtado's studies about Hispanic America. In our view, these contrasts allow us a better understanding of the notorious flaws of Furtado's hypotheses on the development of the slave economy in 19th century Minas Gerais. Additionally, these contrasts may prove instrumental to the understanding of the economic theory underneath Furtado's models of historical abstraction.

Suggested Citation

  • Mauricio C. Coutinho, 2008. "Economia de Minas e economia da mineração em Celso Furtado [The economy of Minas Gerais and the economy of mining in Celso Furtado]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 18(3), pages 361-378, September.
  • Handle: RePEc:nov:artigo:v:18:y:2008:i:3:p:361-378

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    References listed on IDEAS

    1. Obstfeld, Maurice, 1986. "Rational and Self-fulfilling Balance-of-Payments Crises," American Economic Review, American Economic Association, vol. 76(1), pages 72-81, March.
    2. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    3. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    4. Gabriel Palma, 2000. "The Magical Realism of Brazilian Economics: How to Create a Financial Crisis by Trying to Avoid One," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-16, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    5. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    6. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
    7. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
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    More about this item


    Celso Furtado; mining economy; Minas Gerais;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods


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