IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v40y2016i6p1725-1741..html
   My bibliography  Save this article

Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism

Author

Listed:
  • Esteban Pérez Caldentey
  • Matías Vernengo

Abstract

Keynes had a profound influence on Prebisch in terms of the diagnosis about the main failures of market economies and the need to pursue pro-active and anti-cyclical policies. However, Prebisch was critical of some aspects of Keynes’s General Theory of Employment, Interest and Money, in particular on the theory of interest and the multiplier. His attitude can be explained by a difference in the object and method of analysis. Prebisch’s interests focussed on dynamics and the cycle, themes that were peripheral to Keynes’s central message. Prebisch’s Keynesian influence and his rejection of some aspects of Keynes’s magnum opus explains why at the same time that Prebisch is often described as the Latin American Keynes, he is portrayed as concerned mainly with the long-run development problem of Latin America and without proper consideration to demand factors as fundamental determinants of output and employment.

Suggested Citation

  • Esteban Pérez Caldentey & Matías Vernengo, 2016. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(6), pages 1725-1741.
    • Handle: RePEc:oup:cambje:v:40:y:2016:i:6:p:1725-1741.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/bev074
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Alcino F. Camara-Neto & Matías Vernengo, 2012. "Keynes after Sraffa and Kaldor: Effective Demand, Accumulation and Productivity Growth," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 10, Edward Elgar Publishing.
    2. Cesaratto, Sergio, 1999. "Savings and Economic Growth in Neoclassical Theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 23(6), pages 771-793, November.
    3. Palma, J Gabriel & Marcel, Mario, 1989. "Kaldor on the 'Discreet Charm' of the Chilean Bourgeoisie," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(1), pages 245-272, March.
    4. Pérez Caldentey, Esteban & Vernengo, Matías, 2012. "Portrait of the economist as a young man: Raúl Prebisch's evolving views on the business cycle and money, 1919-1949," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    5. Esteban Pérez Caldentey & Matias Vernengo, 2012. "Heterodox Central Bankers: Eccles, Prebisch and Financial Reform in 1930s," Working Paper Series, Department of Economics, University of Utah 2012_04, University of Utah, Department of Economics.
    6. Besomi, Daniele, 2001. "Harrod's Dynamics and the Theory of Growth: The Story of a Mistaken Attribution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(1), pages 79-96, January.
    7. Claude Gnos & Louis-Philippe Rochon, 2008. "The Keynesian Multiplier," Post-Print halshs-00314304, HAL.
    8. Luca Fiorito & Matías Vernengo, 2009. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 899-916.
    9. Pérez Caldentey, Esteban & Vernengo, Matías, 2011. "Understanding the business cycle in Latin America: Prebisch's contributions," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 4908, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    10. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luca Fiorito & Matías Vernengo, 2009. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 899-916.
    2. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    3. Pérez Caldentey, Esteban & Vernengo, Matías, 2012. "Portrait of the economist as a young man: Raúl Prebisch's evolving views on the business cycle and money, 1919-1949," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    4. Sergio Cesaratto, 2012. "Neo-Kaleckian and Sraffian controversies on accumulation theory," Department of Economics University of Siena 650, Department of Economics, University of Siena.
    5. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post‐Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.
    6. Damiete Emmanuel-Yusuf & Stephen Morse & Matthew Leach, 2017. "Resilience and Livelihoods in Supply Chains (RELISC): An Analytical Framework for the Development and Resilience of the UK Wood Fuel Sector," Sustainability, MDPI, vol. 9(4), pages 1-18, April.
    7. Omar Masood & Priya Darshini Pun Thapa & Olivier Levyne & Frederic Teulon & Rabeb Triki, 2014. "Does Co-integration and Causal Relationship Exist between the Non- stationary Variables for Chinese Bank’s Profitability? An Empirical Evidence," Working Papers 2014-249, Department of Research, Ipag Business School.
    8. Kevin Gallagher, 2012. "The Myth of Financial Protectionism: The New (and old) Economics of Capital Controls," Working Papers wp278, Political Economy Research Institute, University of Massachusetts at Amherst.
    9. Singh, Tarlok, 2010. "Does domestic saving cause economic growth? A time-series evidence from India," Journal of Policy Modeling, Elsevier, vol. 32(2), pages 231-253, March.
    10. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
    11. Daniele Besomi, 2002. "Lowe's and Hayek's influence on Harrod's trade cycle theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 42-56.
    12. Claude Gnos & Louis-Philippe Rochon, 2003. "Joan Robinson and Keynes: finance, relative prices and the monetary circuit," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 483-491.
    13. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    14. Yaya Keho, 2011. "Long‐Run Determinants Of Savings Rates In Waemu Countries: An Empirical Assessment From Ardl Bounds Testing Approach," South African Journal of Economics, Economic Society of South Africa, vol. 79(3), pages 312-329, September.
    15. Óscar Dejuán, 2019. "Kaldor after Sraffa," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(1), pages 1-19, June.
    16. Giuliano Toshiro Yajima, 2022. "Chile: The road to joy is paved with obstacles," PSL Quarterly Review, Economia civile, vol. 75(302), pages 285-297.
    17. Shinji MIURA, 2016. "Unified Money Circulation Equation and an Analogical Explanation for Its Solvability," Journal of Economics Bibliography, KSP Journals, vol. 3(1), pages 28-37, March.
    18. Constantinos Alexiou & Joseph Nellis, 2012. "Is the EURO' a Defunct Currency?," International Journal of Economics and Financial Issues, Econjournals, vol. 2(3), pages 296-303.
    19. Eckhard Hein, 2006. "Interest, Debt and Capital Accumulation—A Kaleckian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 337-352.
    20. Andre Roncaglia De Carvalho, 2016. "Anticipations Of The Kaldor-Pazos-Simonsen Mechanism," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 008, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:40:y:2016:i:6:p:1725-1741.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.