The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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The access to demand

Luiz Carlos Bresser-Pereira

In Dimitri B. Papadimitrious, ed. (2014) Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan A. Kregel. Londres: Palgrave Macmillan: 196-206; republished in Keynesian Brazilian Review 1 (2015) February: 35-43. Texto para Discussão EESP/FGV 366, maio 2014.


In this paper I argue that, in developing countries, sufficient aggregate demand is not enough to motivate investment and achieve full employment. Besides, according to the Keynesian developmental macroeconomics under construction, competent business enterprises must have access to that demand - access which is denied to most of them because developing countries face the tendency to the cyclical and chronic overvaluation of the exchange rate.



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