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Metalistas x Papelistas: Origens Teóricas e Antecedentes do Debate entre Monetaristas e Desenvolvimentistas


  • Pedro Cezar Dutra Fonseca

    (Departamento de Economia da Universidade Federal do Rio Grande do Sul - UFRGS)

  • Maria de Lourdes Rollemberg Mollo

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)


The paper analyzes the debate between mettalism and “papelismo” which took place in Brazil in the second half of the 19th century and advocates that the latter was one of the currents that contributed for the genesis of developmentalism. In order to do so, it reviews the monetary controversies in England since the beginning of that century. Based on them, it identifies the theoretical origins of the Brazilian debate, highlighting the issue that refers to the neutrality or non-neutrality of money. Next, it shows how this question was adapted to the peculiarities of the Brazilian economy, emphasizing the “papelistas”’ option for growth, breaking up with the orthodoxy of that time. The influence upon the fledgeling developmentalism is empirically studied based on the speeches of Getulio Vargas, since he was the central character of the developmentalist State that was central to the Brazilian historical experience post-1930.

Suggested Citation

  • Pedro Cezar Dutra Fonseca & Maria de Lourdes Rollemberg Mollo, 2011. "Metalistas x Papelistas: Origens Teóricas e Antecedentes do Debate entre Monetaristas e Desenvolvimentistas," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 348, Departamento de Economia da Universidade de Brasilia.
  • Handle: RePEc:brs:wpaper:348

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    Brazilian economy; Latin-American economic thought; economic development; bullionism; monetary controversies.;

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