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The real mechanisms of the global economy

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  • Angel Asensio

Abstract

The paper presents the main arguments of Bresser Pereira's Globalization and Competition. Development strategies based on the 'conventional orthodoxy' are shown to carry serious drawbacks (“Dutch disease”, pernicious effects of external saving, currency overvaluation), while a 'new developmentalism' is promoted, in spite of the widespread belief that the nation-states have been dispossessed of their room for manoeuvre because of the globalization process. The “new developmentalism” is based on domestic finance, balanced public budgets, moderate interest rates and competitiveness policies aimed at neutralizing the tendency to exchange rate overappreciation. The paper also points out a few theoretical questions the book raises. JEL Classification: F43; O11; O16; O19; O23; O24; O25.

Suggested Citation

  • Angel Asensio, 2010. "The real mechanisms of the global economy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 30(4), pages 706-716.
    • Handle: RePEc:ekm:repojs:v:30:y:2010:i:4:p:706-716:id:466
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/466/465
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    More about this item

    Keywords

    exchange rate; currency overvaluation; growth; external saving; new developmentalism;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy

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