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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New developmentalism: Macroeconomics and political economy for developing countries

Luiz Carlos Bresse-Pereira

Discussion paper for DOC Policy Institute. Published in Portuguese in Folha de S.Paulo, 17.12.2017.


A short (4.000 words) summary of new developmentalism - a new theoretical framework for allow middle-income countries to grow again. The theory is focused in the exchange rate and in the current account, and argues that these countries must keep its macroeonomic prices right to grow. Yet, there is a tendency to to the chronic and cyclical overvaluation of the exchange rate, which makes the competent manufacturing companies, existing and potencial, non-competitive. To neutralize such tendency, which is consequence of a high level interest rate and a non-neutralized Dutch disease, the country must have fiscal and exchange rate responsibility; it mut keep the interest rate low and the exchange rate competitive.



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