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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Neutralizing the Dutch disease

Luiz Carlos Bresser-Pereira

Journal of Post Keynesian Economics, January 27, 2020


This paper discusses the economic policies required to neutralize the Dutch disease-a long-term overvaluation of a national currency originated in the export of commodities-and the political economy involved. The difficulty in addressing this major market failure is associated with two political problems: the natural resource curse, the generalized rent-seeking that often takes over a commodity-exporting country, and exchange rate populism, the practice of keeping the currency overvalued, to ensure the reelection of politicians. While the two political problems have cultural and institutional roots that make them resilient to change, this paper shows that there is a relatively simple policy-a variable export tax on the commodities-that will make the currency competitive and therefore make it possible for the manufacturing industry to flourish.
  

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