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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Como sair do regime liberal de política econômica e da quase-estagnação desde 1990

Luiz Carlos Bresser-Pereira

Estudos Avançados, 31 (89): 2017: 7-22.


Brazil has grown extraordinarily between 1930 and 1980 under a developmental economic policy regime; since 1990, it is quasi-stagnant under a liberal regime. Lula did nothing to change it. Dilma Rousseff tried, in 2011, but failed. Rentier-financier liberalism is incompatible with growth, because it keeps interest rates very high and the exchange rate overvalued in the long-term, which depresses private investment. To come out of quasi-stagnation, a developmental policy regime is required - a regime that rejects fiscal and exchange rate populism, defends moderate interest rates, a competitive exchange rates, and progressive taxes. Observ: This was the first time I used the concept of liberal, or developmental "policy regime".



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