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The accumulation of capital and economic growth in Brazil. A long-term perspective (1950-2008)

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  • Mateo Tomé, Juan Pablo

    () (Kingston University London)

Abstract

This article analyses the development of economic growth in Brazil in terms of capital accumulation, following the Marxist approach. The aim is to identify the relationship between the two processes, looking at the profit rate, which along with investment effort determines productive investment. In turn, this one affects the capital-labour ratio and labour productivity. Both, with the addition of the price ratio, determine the productivity of capital, a key variable in understanding the accumulation process in Brazil. Using the period 1950-2008 allows comparing two phases in the Brazilian economy, the period of substitutive industrialisation and the neoliberal phase, all from the perspective of the relationship between the aforementioned variables.

Suggested Citation

  • Mateo Tomé, Juan Pablo, 2014. "The accumulation of capital and economic growth in Brazil. A long-term perspective (1950-2008)," Economics Discussion Papers 2014-3, School of Economics, Kingston University London, revised 04 Mar 2015.
    • Handle: RePEc:ris:kngedp:2014_003
    as

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    File URL: http://eprints.kingston.ac.uk/30598/1/MateoTome-J-30598.pdf
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    References listed on IDEAS

    as
    1. Adalmir Marquetti & Eduardo Maldonado Filho & Vladimir Lautert, 2010. "The Profit Rate in Brazil, 1953-2003," Review of Radical Political Economics, Union for Radical Political Economics, vol. 42(4), pages 485-504, December.
    2. Dalum, Bent & Laursen, Keld & Verspagen, Bart, 1999. "Does Specialization Matter for Growth?," Industrial and Corporate Change, Oxford University Press, vol. 8(2), pages 267-288, June.
    3. Mylène Gaulard, 2010. "La désindustrialisation brésilienne : une lecture marxiste," Post-Print halshs-01811567, HAL.
    4. Hofman, Andre A, 2000. "Standardised Capital Stock Estimates in Latin America: A 1950-94 Update," Cambridge Journal of Economics, Oxford University Press, vol. 24(1), pages 45-86, January.
    5. Cimoli, Mario & Porcile, Gabriel & Primi, Annalisa & Vergara, Sebastián, 2005. "Cambio estructural, heterogeneidad productiva y tecnología en América Latina," Documentos de Proyectos 2800, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Robert Rowthorn & Ramana Ramaswamy, 1999. "Growth, Trade, and Deindustrialization," IMF Staff Papers, Palgrave Macmillan, vol. 46(1), pages 1-2.
    7. Alfredo Saad-Filho & Maria de Lourdes R. Mollo, 2002. "Inflation and stabilization in Brazil: a political economy analysis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 34(2), pages 109-135, June.
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    More about this item

    Keywords

    growth; investment; profitability; productivity;

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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