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Structuralist macroeconomics and the new developmentalism

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  • Luiz Carlos Bresser-Pereira

Abstract

This paper first presents some basic ideas and models of a structuralist development macroeconomics that complements and actualizes the ideas of the structuralist development economics that was dominant between the 1940s and the 1960s. A system of three models focusing on the exchange rate (the tendency to the cyclical overvaluation of the exchange rate, a critique of growth with foreign savings, and new a model of the Dutch disease) shows that it is not just volatile but chronically overvalued, and for that reason it is not just a macroeconomic problem; as a long term disequilibrium, it is in the core of development economics. Second, it summarizes “new developmentalism” – a sum of growth policies based on these models and on the experience of fast-growing Asian countries. JEL Classification: E0; E19; O11; B22.

Suggested Citation

  • Luiz Carlos Bresser-Pereira, 2012. "Structuralist macroeconomics and the new developmentalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(3), pages 347-366.
    • Handle: RePEc:ekm:repojs:v:32:y:2012:i:3:p:347-366:id:358
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    References listed on IDEAS

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    1. Luiz Bresser-Pereira & Paulo Gala, 2009. "Why Foreign Savings Fail to Cause Growth," International Journal of Political Economy, Taylor & Francis Journals, vol. 38(3), pages 58-76.
    2. Vos, Rob & Frenkel, Roberto & Ocampo, José Antonio & Palma, José Gabriel & Marfán, Manuel & Ros, Jaime & Taylor, Lance & Correa, Nelson & Cimoli, Mario, 2005. "Beyond Reforms: Structural Dynamics and Macroeconomic Vulnerability," IDB Publications (Books), Inter-American Development Bank, number 347, November.
    3. -, 2005. "Beyond reforms: structural dynamics and macroeconomic vulnerability," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1290 edited by Eclac.
    4. Luiz Carlos Bresser-Pereira, 2008. "The Dutch disease and its neutralization: a Ricardian approach," Brazilian Journal of Political Economy, Center of Political Economy, vol. 28(1), pages 47-71.
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    1. Luiz Bresser-Pereira, 2012. "Why Economics Should Be a Modest and Reasonable Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 291-302.
    2. Freire Junior, Clovis, 2017. "Promoting structural transformation: Strategic diversification vs laissez-faire approach," MERIT Working Papers 2017-037, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    3. Guadagno, Francesca, 2016. "The determinanths of industrialisation in developing countries, 1960-2005," MERIT Working Papers 2016-031, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. Botta, Alberto & Porcile, Gabriel & Spinola, Danilo & Yajima, Giuliano Toshiro, 2023. "Financial integration, productive development and fiscal policy space in developing countries," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 175-188.
    5. Freire Junior, Clovis, 2017. "Economic diversification: Explaining the pattern of diversification in the global economy and its implications for fostering diversification in poorer countries," MERIT Working Papers 2017-033, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    6. Alfano, Lucia, 2022. "The new developmental state and the challenges of the socio-ecological transformation: Lessons from Argentina and Brazil," IPE Working Papers 189/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    7. Judit Ricz, 2015. "Towards a new model of state-led development in Brazil (?)," IWE Working Papers 215, Institute for World Economics - Centre for Economic and Regional Studies.
    8. Laura Carvalho & Fernando Rugitsky, 2015. "Growth and distribution in Brazil the 21st century: revisiting the wage-led versus profit-led debate," Working Papers, Department of Economics 2015_25, University of São Paulo (FEA-USP).
    9. Karsten Kohler & Engelbert Stockhammer, 2023. "Flexible exchange rates in emerging markets: shock absorbers or drivers of endogenous cycles?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 32(2), pages 551-572.
    10. Eric Kemp-Benedict & Crystal Drakes & Nella Canales, 2020. "A Climate-Economy Policy Model for Barbados," Economies, MDPI, vol. 8(1), pages 1-21, February.
    11. Adriana Moreira Amado & Maria de Lourdes Rollemberg Mollo, 2015. "The 'developmentalism' debate in Brazil: some economic and political issues," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(1), pages 77-89, January.
    12. Pedro Mendes Loureiro, 2016. "Reformism, Class Conciliation And The Pink Tide: Prospects For The Working Classes Under Left-Of-Centre Governments In Latin America," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 020, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    13. Alena Petrushkevich, 2013. "Russian Federation: Drivers and Challenges of Economic Growth and Development," Competence Centre on Money, Trade, Finance and Development 1305, Hochschule fuer Technik und Wirtschaft, Berlin.
    14. Salvatore Monni & Massimo Pallottino, 2013. "Beyond growth and development: Buen Vivir as an alternative to current paradigms," Departmental Working Papers of Economics - University 'Roma Tre' 0172, Department of Economics - University Roma Tre.
    15. Nikhat KHALID & Saba ISMAIL, 2022. "The dynamics of India – ASEAN trade with special reference to manufactured exports and their technological composition," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(630), S), pages 161-172, Spring.

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    More about this item

    Keywords

    structuralism; development macroeconomics; exchange rate; developmentalism;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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