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Metalistas x papelistas: origens teóricas e antecedentes do debate entre monetaristas e desenvolvimentistas [Metallists Vs. "Paper moneyists": theoretical origins and what preceded the debate between monetarists and developmentalists]

Author

Listed:
  • Pedro Cezar Dutra Fonseca

    (UFRGS)

  • Maria de Lourdes Rollemberg Mollo

    (UnB)

Abstract

The paper analyzes the debate between metallism and "paper moneyism" which took place in Brazil in the second half of the 19th century and advocates that the latter was one of the currents that contributed to the genesis of developmentalism. In order to do so, it reviews the monetary controversies in England since the beginning of that century. Based on them, it identifies the theoretical origins of the Brazilian debate, highlighting the issue that refers to the neutrality or non-neutrality of money. Next, it shows how this question was adapted to the peculiarities of the Brazilian economy, emphasizing the "paper moneyists'"option for growth, departing from the orthodoxy of that time. The influence upon the fledgling developmentalism is empirically studied based on the speeches of Getulio Vargas, since he was the central character of the developmentalist State that was central to the Brazilian post-1930 historical experience.

Suggested Citation

  • Pedro Cezar Dutra Fonseca & Maria de Lourdes Rollemberg Mollo, 2012. "Metalistas x papelistas: origens teóricas e antecedentes do debate entre monetaristas e desenvolvimentistas [Metallists Vs. "Paper moneyists": theoretical origins and what preceded the debat," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 22(2), pages 203-233, May-Augus.
    • Handle: RePEc:nov:artigo:v:22:y:2012:i:2:p:203-233
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    More about this item

    Keywords

    Brazilian economy; Latin-American economic thought; economic development; bullionism; monetary controversies;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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