A Post-Keynesian Institutionalist perspective from Latin America: the monetary circuit across stages of development

This chapter traces several contributions of heterodox Latin American economic thought to economic development research, scholarship that has long contained elements compatible with Institutional and Post Keynesian economics, and has recently converged with Post-Keynesian Institutionalism by focusing on financialization as well as financial crises. The chapter links the region's economic heterodoxy to a historical analysis of Latin American development in the context of capitalist development worldwide. Tracing capitalism's development in Latin America and the Caribbean through three stages, the chapter gives special attention to the contributions of José Carlos Mariátegui, Agustín Cueva, Raúl Prebisch, and Celso Furtado. Their work highlights the monetary circuit, in addition to unequal exchange relations, contradictions among social classes, the conformation of leading groups, and the administrative management processes of governments. More recent contributions by Latin Americanists - such as Eugenia Correa - enhance Post-Keynesian Institutionalist thinking on topics including the emergence and consequences of money manager capitalism.