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Raúl Prebisch and economic dynamics: cyclical growth and centre-periphery interaction

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  • Vernengo, Matías
  • Pérez Caldentey, Esteban

Abstract

Prebisch believed that understanding the evolution of capitalist economies over time and in different contexts required a general cycle approach, encompassing all the different areas of economic activity, which he labelled “economic dynamics.” This theory, developed between 1945 and 1949, stemmed from a critique of both neoclassical and Keynesian theories, which Prebisch viewed as static representations of capitalism. It was applied first to a closed economy and then to a centre-periphery context. The theory combined the notion that profit is the driving force of economic activity, with a process of forced savings and the idea that the time lag between income circulation (and the resulting demand) and the completion of the production process are the main source of cyclical fluctuations. Prebisch’s dynamics theory, which he never completed, influenced his “development manifesto” (Prebisch, 1950).

Suggested Citation

  • Vernengo, Matías & Pérez Caldentey, Esteban, 2016. "Raúl Prebisch and economic dynamics: cyclical growth and centre-periphery interaction," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    • Handle: RePEc:ecr:col070:40434
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    File URL: http://repositorio.cepal.org/handle/11362/40434
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    Cited by:

    1. Cunha, André Moreira & Lélis, Marcos Tadeu Caputi & Haines, Andrés Ernesto Ferrari & Franke, Luciane, 2023. "Exports of manufactured goods and structural change: Brazil in the face of Chinese competition," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 1-12.
    2. Shi, Junguo & Liu, Yang & Sadowski, Bert M. & Alemzero, David & Dou, Shanshan & Sun, Huaping & Naseem, Sobia, 2023. "The role of economic growth and governance on mineral rents in main critical minerals countries," Resources Policy, Elsevier, vol. 83(C).

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