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From old to new developmentalism in latin America

  • Pereira, Luiz Carlos Bresser

The failure of the Washington Consensus and of macroeconomic policies based on high interest rates and non-competitive exchange rates to generate economic growth prompted Latin America to formulate national development strategies. New developmentalism is an alternative strategy not only to conventional orthodoxy but also to old-style Latin American national developmentalism. While old national developmentalism was based on the tendency of the terms of trade to deteriorate and, adopting a microeconomic approach, proposed economic planning and industrialization, the new nationaldevelopmentalism assumes that industrialization has been achieved, although in different degrees by each country, and argues that, in order to assure fast growth rates and catching up, the tendency that must be neutralized is that of the exchange rate to overvaluation. Contrary to the claims of conventional economics, a capable state remains the key instrument to ensure economic development, and industrial policy continues to be necessary; but what distinguishes the new approach is principally growth with domestic savings instead of with foreign savings, a macroeconomic policy based on moderate interest rates and a competitive exchange rate instead of the high interest rates and the overvalued currencies prescribed by conventional orthodoxy.

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File URL: http://bibliotecadigital.fgv.br/dspace/bitstream/10438/2682/1/TD+193+-+Luiz+Carlos+Bresser+Pereira.pdf
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Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 193.

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Date of creation: 26 Jun 2009
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Handle: RePEc:fgv:eesptd:193
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  1. Pereira, Luiz Carlos Bresser & Nakano, Yoshiaki, 2002. "Economic Growth With Foreign Saving?," Textos para discussão 118, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  2. repec:cup:cbooks:9780521144537 is not listed on IDEAS
  3. Pereira, Luiz Carlos Bresser, 2009. "From the national-bourgeois to the associated dependency interpretation of latin America," Textos para discussão 185, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  4. N. G. Mankiw., 2009. "The Macroeconomist as Scientist and Engineer," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  5. Luiz Carlos Bresser-Pereira & Paulo Gala, 2008. "Foreign savings, insufficiency of demand, and low growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 315-334, April.
  6. Bresser Pereira, Luiz Carlos, 1993. "Economic reforms and cycles of state intervention," World Development, Elsevier, vol. 21(8), pages 1337-1353, August.
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