Capitalism, development, and democracy
Adam Przeworski
Capitalism is a necessary but not a sufficient condition for democracy. This relation is historically contingent. It is true that democracy tends to prevail in the most developed capitalist countries. But this is not because capitalist development breeds democracy. The reason is that once democracy is present in wealthy societies, everyone has too much at stake to risk a struggle for dictatorship.
Vol.24, n.o4(96), 2004
O preço da riqueza
Ademar Ribeiro Romeiro
The paper reviews the work of E. Altvater dealing with the challenges of the environmental depletion to humankind survival. It shows the logic of its analytical structure, built to demonstrate its central thesis: growing environmental problems are inherent to capitalism development, leading to a sharp division between a small number of countries with high levels of natural resources consumption and the others, poor ones, destined to play a role as natural resources reserves for the former. The paper argues about the validity of the hypothesis of this analytical model. It assumes as true only the first one, on the impossibility to diffuse all over the world the euro-american production and consumption patterns without causing an environmental disaster. The other ones are viewed either as lacking empirical evidence or more solid arguments.
Vol.17, n.o3(67), 1997
'TINA', AIDS, and the underdevelopment problem in Africa
Akinpelu O. Olutayo, Molatokunbo A. O. Olutayo e Ayokunle O. Omobowale
The assumption that ‘There Is No Alternative’ (TINA) to capitalism as practiced in the United States of America and Western Europe has been the bane of aids effectiveness in assisting to solve the underdevelopment problem in Africa. This paper attempts to show that except there is a fundamental reorientation in the conceptualization of capitalism-free market and democracy-the underdevelopment problem would only be further complicated with aids.
Vol.28, n.o2(110), 2008
Estado e economia na Coreia do Sul - do estado desenvolvimentista à crise asiática e à recuperação posterior
Alexandre Queiroz Guimarães
The State and the economy in South Korea: from the developmentist state to the Asian crisis and later recovery. The article focuses on the institutions of South Korean capitalism and on the interactions between the state and the economy. The economic model in South Korea was characterized by a very interventionist state, which played a very active role in the process of industrialization. However, South Korea suffered a severe crisis in 1997, attributed by many authors to the distortions inherent to strong state intervention. The article shows that the crisis was a result of the combination between internal economic fragilities and a rapid process of financial deregulation, which undermined the state`s capacity of control. The crisis, nevertheless, does not disqualify the role of the national institutions in the very successful process of industrialization. Despite the reforms, the Korean capitalism conserves much of the previous model of business organization and industrial relations. The state continues strong and played active role in the process of economic reforms. There are, nevertheless, doubts about the impacts of the reforms and the new configuration of Korean capitalism. They will depend on the current transformations in world economy and in the East Asian countries.
Vol.30, n.o1(117), 2010
Capitalismo monopolista de estado: um ponto de vista crítico
Aloísio Teixeira
The article analyzes the concept of state monopoly capitalism and its application to the current stage of capitalism in Brazil. The first part surveys the theoretical literature, from Lenin’s original formulation to recent developments bu French and Soviet authors, and sums up the main criticism to the concept. It suggests also the emphasis on the capital internalization process as an alternative analytical approach for the understanding of modern capitalism. In the second part, the article questions those authors who consider that the concept of state monopoly capitalism provides an ade-quate framework for the analysis of Brazilian capitalism.
Vol.3, n.o4(12), 1983
O nordeste brasileiro, contraponto inacabado da acumulação?
Assuéro Ferreira
The first part of this article analyzes the mechanism of regional subordina-tion which had its start in the thirties. This mechanism tended to strengthen the structural factors, which inhibited an internal dynamic. Later it seeks to explain how this subordination was consolidated in a higher stage of monopoly capitalism where the State was fundamental element, which made this policy viable. It concludes by examining the limits of the reproduction of capital on a regional level from the perspective of a dif-ferentiated and limited geographical space.
Vol.3, n.o3(11), 1983
A revolução agrícola no Brasil: singularidade do desenvolvimento do capitalismo na agricultura brasileira: 1850-1930
Claudio Gontijo
This paper shows that the universal logic of capitalism can be identified within the singularity of agricultural change in Brazil during the initial period of industrialization (1889-1930), through the mediation of a particular pattern of agricultural transformation based on large estates. The development of agriculture was marked by the process of gradual transformation of the large esta-tes (latifundia) into modern capitalist enterprises, in such a way that the Brazilian pattern could not be based on small peasant properties. As a result, the development of capitalist relations of production and the productive forces remained weak and was limited to industry, while the majo-rity of the population could not improve its poor living conditions.
Vol.8, n.o2(30), 1988
Pós-grande indústria e neoliberalismo
Eleutério F. S. Prado
Capitalism is coming from the modern industry phase to the post-modern industry phase. In modern industry, as was said in Capital, the main material content of capital relation was physical assets (systems of machines); in post-modern industry, the main forms of capital are impressed on intangible assets (scientific knowledge and technologies). As Marx in Grundrisse previewed it, now capital appropriates not only live labor, but general intellect too. From this point of view, neoliberalism and capital globalization are not viewed here, immediately, as results of financial capital domination, but as expressions of capital and labor contradiction in the post-large scale industry.
Vol.25, n.o1(97), 2005
Notas sobre a constituição do capitalismo na Russia: da emancipação dos servos a grando indústria
Fabrício Augusto de Oliveira
This work focus on the transition period in which the main conditions for the capi-talist mode of production was established in the Russian economy. The choice of this country was due to the especial characteristics of its developmental pattern. In the Russian economic history, as opposed to the British case, State and the foreign capital were the main responsible for the country’s economic changes. On the other hand, me formation of a capitalist system has been based upon the big land ownership and upon the peasant impoverishment, instead of a really revolutionary way based on peasant economy. The study has tried to grasp the historical process which has generated the internal market to capitalism and to appreciate the role of both the State and the foreign capital in the large industry formation which, in fact, had already been a reality at the end of l9th century.
Vol.4, n.o1(13), 1984
Elementos explicativos da expansão econômica virtuosa dos anos dourados (1945-1973)
Fernando Augusto M. de Mattos
This paper intends to describe the main causes of the virtuous economic expansion of the Golden Age of Capitalism (1948-1973). The study highlights that some important institutional and political factors, defined under the auspicies of the Cold War, were decisive to allow the Nation States to act in favour of full employment.
Vol.25, n.o1(97), 2005
O investimento na economia camponesa: considerações teóricas
Francisco de Assis Costa
This paper presents a model based on Marx and Chayanov which explains investment by the peasant production unit. The paper presents the basis of Marx’s pessimistic view, and Chayanov’s approach to the peasants special propensity for investment. Based on this discussion an analytical model is formulated which considers the Chayanovian potential derived from a microeconomic perspective of the peasant, and the limits on peasant investment in a capitalist system derived from a marxian macroeconomic perspective on the specific characteristics of petty commodity production. Finally, the paper points to generalizations which center on the contradictions between real restrictions determined by macro variables and the subjective potential of the family production and consumption unit, the essential focus of the interpretation of the diverse forms of the relationship peasant/capitalism.
Vol.15, n.o1(57), 1995
O reino do capital
João Antonio de Paula
"The Reign of the Capital". The article examines some constitutive aspects of capitalism from a historical and institutional point of view. The basic argument developed in the article is that the constitution of a specifically capitalist mode of production entails the imposition of some institutions whose general meaning is the dissolution of the particularities that are typical of the pre-modern world. The result of this process is a pseudo-universal sociability whose main instance is the fetishism of commodities.
Vol.23, n.o4(92), 2003
Ensaio sobre a atualidade da lei do valor
João Antônio de Paula
In what sense is it possible to admit the fitness and relevance of the theory of value nowadays? This is the subject of this essay; an outcome of my thinking of the applica-bility of the Marxist theory of value to present days. Firstly, this essay intends to set the place, the territory where value reigns and where its laws and dynamics are fully effective. Setting the limits of the theory of value, however, means to identify what it is not able to explain and what it does not seek to explain; what is beyond its reach. Secondly, it also intends to discuss the meaning of the theory of value in the present day capitalism: the capitalism of oligopolies, the capitalism where the state strongly intervenes in the economy, the capitalism of administered prices, etc. The conclusion drawn here is that the theory of value is shaken but not abolished; that its absence and silence are equally meaningful; and that there is something like a clamorous silence of the theory of value affecting deeply the present day capitalism.
Vol.4, n.o2(14), 1984
A lei do valor e a crise do nosso tempo
João Antonio de Paula e Fernando Damata Pimentel
This essay is about the present crisis of the institutions, structures and policies which made possible remarkable growth of the capitalist world economy for more than three decades following World War II. It deals with weakening of the dollar, instability of the international financial system, extreme indebtedness of countries, firms and governments and deterioration of institutions like the IMF and GATT. We maintain that the present predicament also involves a crisis of the general mechanisms of capitalist regulation, i.e. the law of value and its pseudo-substitutes, such as state intervention and oligopolistic administration. In sum, we argue that the crisis which capitalism faces at the present time is general — economic, political and institutional — and that it results from the same mechanisms which stimulated rapid growth in previous decades. In this sense, the present imbroglio is a kind of “auto-immune” response, or in other words, it is due to blockage of the sanitizing action of Schumpeter’s “creative destruction”.
Vol.9, n.o2(34), 1989
O proletariado como produtor e como produto
João Bernardo
The author criticizes the theses according to which the labour force is produced outside the capitalist production process. In the model he proposes the family-wages covers both the production of goods and services and the production of labour force. The proletariat considered as input produces surplus value and considered as output embodies surplus value. The author analyses the relationships between the labour force as output and as input. He also intends to show that the market role m the capitalism is minor and the state role is the central one. In changing from output to input the labour force is devalued by the process of the relative surplus value. At last he analyses some implications of this model as far as thc social struggles are concerned.
Vol.5, n.o3(19), 1985
Notas introdutórias ao capitalismo monopolista: um comentário
João Damásio

Vol.1, n.o3(3), 1981
Uma nova contribuição para o debate sobre a demanda efetiva
João Heraldo Lima e Maurício Borges Lemos
The central purpose of the article is to explore some consequences of the absence of notion of turnover-time (or an equivalent) in the formulation of the theory of effec-tive demand. It opens with an attempt to redefine the schemes of reproduction in order to get expressions, which can best support the relevant discussion. Then it goes on to the examination of the assumptions the principle of effective demand requires to operate and finally suggests the way the concepts developed in book II of Capital might be helpful to explain the cyclical fluctuations of capitalism.
Vol.4, n.o2(14), 1984
Valor, concorrência e concentração
Jonas Zoninsein
This article discusses Hilferding’s theory of competition and argues that it resembles the neo-classical theory of perfect competition. The existence of differential profit rates is interpreted by Hilferding as representing an expression of the process of general monopolization in the economy, the law of value being therefore gradually weakened. Yet, in the light of Marx’s conception, the phenomenon of differential rates of profit among capitals in one and the same industry, as well as the differential rates of profit in different industries are necessary phenomena of competition. The conclusion may thus be reached that monopoly Is part of the concept of capitalist competition and that the law of value should be maintained as an indispensable theoretical foundation for the study of the workings of capitalism.
Vol.6, n.o3(23), 1986
Subdesenvolvimento sustentável? Velhas e novas contradições na periferia do capitalismo
Jorge Luís Teixeira Àvila e Roberto Luís de Melo Monte-Mór
This paper addresses the concept of sustainable development and, more particularly, its applicability in underdeveloped economies when analyzing reciprocal effects between economic organization and environmental issues. It also addresses the relationships between development and underdevelopment, from an ecological economics’ approach, and its theoretical implications regarding the concept of sustainable development. We conclude that the specificities of Latin American economies, when compared to those economies of developed countries, also entail, beyond economical disparities, the existence of strong antagonisms from an environmental standpoint, which are recurrently ignored by most of the interpretations concerning sustainable development.
Vol.31, n.o3(123), 2011
O estado e o comércio internacional: tecnologia e competitividade
Jorge Niosi e Philippe Faucher
The pure theory of international trade is essentially a chapter of economics. It does not take into account the role of the state. Yet this role is crucial in con-temporary capitalism. In the first section of this paper the basic trends of interna-tional trade are examined. In the second section some theoretical aspects of the evolution of the theory of international trade are discussed. The third section brings an analysis of the role of state in international trade and technological develop-ment. The paper concludes underlining the need of “reintroducing the state” into economics.
Vol.10, n.o1(37), 1990
Dezoito anos depois de lucro, acumulação e crise: uma análise sobre desenvolvimento econômico, progresso tecnológico e distribuição
José Antônio Rodrigues da Cunha
This paper revisits Bresser-Pereira´s (1984, 1986, 2002) integrated analysis on economic development, technological progress and functional income distribution. That analysis combines pure economic theory aspects and historical aspects in an innovative perspective. Criticisms about the succession of phases of capitalism development tentatively advanced by Bresser-Pereira (1984, 1986) are offered, as long as suggestions for further research.
Vol.24, n.o4(96), 2004
Instabilidade capitalista e demanda efetiva
José Carlos de Souza Braga
As regards the controversy surrounding effective demand and the work of Michäl Kalecki, it must be understood that he not only formulated an adequate theory of economic cycles but, by revealing the limits of this theory, dealt with a more complex set of problems which are specific to the movement of capitalism: the question of the simultaneous determination of cycles and trends. To develop this theory entails reformulating the above concepts in order to grasp the antinomy of the trend in capitalism and its interactions with fluctuations and changing circumstances. This in turn requires a critique of the concept of economic time, or more precisely a clarification of capitalist temporality. It is also necessary to re-assess the theoretical status of the principle of effective demand, in relation to a theory of capital and of capitalist calculation, within a theory of instability; the temporalization of this principle, as effected in macroeconomic models is not sufficient for the comprehension of capitalist dynamics as a whole.
Vol.3, n.o3(11), 1983
Notas introdutórias ao capitalismo monopolista
Jose Carlos de Souza Braga e Frederico Mazzucchelli

Vol.1, n.o2(2), 1981
Um modelo macrodinâmico pós-keynesiano de simulação
José Luis Oreiro e Fábio Hideki Ono
A post-keynesian macro-dynamic model of simulation. The objective of this article is to present the structure and the simulation results of a one-sector macro-dynamic model that embeds some elements of the post-keynesian theory. The computational simulation of the model replicates some important features of capitalist dynamics as the phenomenon of cyclical growth, the long-run stability of the profit rate and functional distribution of income, the maintenance of idle-capacity in the long-run and the occurrence of a single episode of deep fall in real economic activity, which is in accordance with the rarity character of great crashes in the history of capitalism. Moreover, the simulation results show that a great reduction in inflation rate will be followed by an increase of financial fragility, increasing the like-hood of a great depression. As a policy advice derived from the simulation results, we can state that the Central Bank should never promote big reductions in inflation rate.
Vol.27, n.o1(105), 2007
Sobre a crise do estado brasileiro
José Luiz Fiori
In the center of present crisis of Brazilian economy and society is the crisis of the State. To understand this crisis this paper makes a revision of the nature and the role of the Brazilian State in the present and in the past. The paper agues that in the peripheral capitalism, like Brazilian, the State has played different roles and has produced different effects as compared to the State of developed countries. Here the State is not only an essential and fundamental component of the process of capital accumulation, but has difficult to play the role of arbiter of class conflicts and competition between different interest groups. Among other things, the nature of the Brazilian State has produced and reproduced increasing inequality structural heterogeneity.
Vol.9, n.o3(35), 1989
Flexibilidade dinâmica, cooperação e eficiência econômica: anotações
José Ricardo Tauile
This paper deals with the new competitiveness standards that are being set in contemporary capitalism by more cooperative environment among economic agents. It is argued that economic efficiency can be traced to contemporary forms of cooperation at grassroot levels of the social organization of production, pushing the arena of competition upwards. Even more efficient performances of flexible automation technologies seem to presuppose intra-firm and inter-firm cooperative environments, radically departing from previous conflictive relation standards of modern capitalism. So much so that one of the pillars of orthodox economics, namely the theory of the firm, have been undergoing profound modifications to cope with these new facts of contemporary economic life.
Vol.14, n.o1(53), 1994
As transformações do capitalismo contemporâneo e sua natureza na análise de Marx
José Ricardo Tauile e Luiz Augusto E. Faria
This paper deals with five points of contemporary capitalism dynamics: 1) the form and operation of the world financial market that functions 24 hours a day; 2) transformations in monetary relations, specifically the rela-tion between money and power; 3) the influence of the operation of capital blocks over territories; 4) the exhaustion of the limits of surplus extraction by means of wage labour exploitation, increasing degradation of the conditions of social cohesion, and fracturing the accumulation regime; 5) the new refer-ences that sustain and regulate the general equivalent, i.e. the foundation of the equivalencies nominated in money. It ends by demanding a new global social contract, at national and international levels.
Vol.19, n.o1(73), 1999
A acumulação produtiva no capitalismo contemporâneo
José Ricardo Tauile e Luiz Augusto E. Faria
Virtuality, immateriality and the development of even more abstract forms of wealth are characteristics of contemporary capitalism. Nevertheless, the course of accumulation needs productive labor. The transformations hidden under these appearance forms are viewed in the light of Marx’s thought in three different ways. 1. The new forms of productive labor that challenge the distinction of productive and unproductive. 2. The transformation of productive capital through concentration, centralization and changing forms of competition. 3. The relationship of productive capital and finance capital, and the new role of money capital.
Vol.24, n.o2(94), 2004
Mudança em tempos de globalização: o capitalismo não é mais progressista?
José Ricardo Tauile e Luiz Augusto E. Faria
Change in times of globalization: is capitalism not progressive any more? Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovations and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society’s productive structures, lowering investment, employment and growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency.
Vol.25, n.o3(99), 2005
Avaliação do processo de reestruturação industrial brasileiro
José Roberto Mendonça de Barros e Lídia Goldenstein
The interaction of four tendencies (globalization, opening of the economy, stabili-zation and privatization) has been breaking the triad composed of state owned, foreign owned and private family owned enterprises, which was from the fifties to the begin-ning of the nineties the mainstay of Brazil’s capitalism. Brazilian economy is being subjected to deep changes that despite difficulties has made feasible the solidification of a new dynamic of investments which may allow the initiation of sustained growth. This paper was a first trial to evaluate that process and to define the grounds for a policy of competitiveness and investments that diversify from the ancient industrial policies practiced in Brazil would help to minimize the pains of the process and help in making it solid.
Vol.17, n.o2(66), 1997
Michal Kalecki e a teoria da demanda efetiva
Julio López G.
The purpose of this essay is the presentation of a general view of the theory of the functioning and dynamics of advanced capitalism of Kalecki. After analyzing the general relationship between effective demand and the levels of economic activity and employment, the author studies the logic’s of Kalecki’s cyclical model of growth. Along with the presentation of Kalecki’s ideas, the author takes issue with some criticisms of the theory of effective demand.
Vol.6, n.o3(23), 1986
Michael Kalecki, um pioneiro da teoria econômica do desenvolvimento
Julio Lopez G., Martín Puchet A. e Michael Assous
Michal Kalecki, a pioneer of development economics. Kalecki made important contributions to development economics, which rank him among the founding fathers of this area of our discipline. The objective of this paper is to give an account of his contributions, and in particular of his conception of the peculiarities and the way of functioning of the underdeveloped economies, and of the barriers that limits their capacity for high and sustained long run growth. As most socialist economists of his time, he was skeptic about the possibilities of overcoming underdevelopment under capitalism. However, in contradistinction to other pioneers of development economics, Kalecki did not stress the international forces that hamper development, but put the accent rather in the internal institutions and social and political determinants. In particular, the feudal and semi-feudal conditions in agriculture, the reduced market ensuing from income concentration and widespread monopolization of the economy, and the lack of willingness of entrepreneurs to carry out the necessary investments. Accordingly, his economic policy recommendations emphasized also the domestic aspects involved.
Vol.29, n.o2(114), 2009
Continuidade ou ruptura? Uma análise de alguns aspectos da filosofia social de John Stuart Mill, Alfred Marshall e John Maynard Keynes
Laura Valladão de Mattos

 It is argued in this paper that it’s possible to speak of a ‘tradition’ in the field of social and economic philosophy uniting the works of J.S.Mill, Alfred Marshall and John Maynard Keynes. This ‘tradition’ can be characterized by the following concepts: (a) by the rejection of the acquisitive values of capitalism; (b) by the ideia that capitalism would be incapable of spontaneously solving the problems of distribution of wealth and poverty; (c) by the idea that, for the sake of the preservation of liberty, diversity and economic efficiency, individual initiative should be free to act wherever it engenders good results, but that the State should intervene whenever the free initiative fails, acting in the good of collectivity; (d) by the belief that it would be possible to make capitalism significantly better by the way of small and gradual changes.  

Vol.35, n.o2(139), 2015
Sobre dinheiro e valor: uma crítica as posições de Brunhoff e Mollo
Leda Maria Paulani
This paper deals with the relation between money and value in Marx’s work. It has three purposes. The first (section 1) is to criticize Brunhoff’s approach to this subject in “Money in Marx” (1978). The second (section II) is to demonstrate that this conception may imply results that seem inadequate to a correct comprehension of capitalism. Finally, section III aims to reply some critical considerations made by Mollo (1991) about Fausto’s approach to the question. Attention is called to methodological and theoretical aspects in the paper as a whole.
Vol.14, n.o3(55), 1994
Acumulação e rentismo: resgatando a teoria da renda de Marx para pensar o capitalismo contemporâneo
Leda Maria Paulani

 Se investigarmos a literatura crítica de extração marxista dos últimos anos, perceberemos a recorrência de alguns temas que são indicativos da forma contemporânea de operar do sistema capitalista (mercadoria conhecimento, valor agregado pela marca, financeirização). Apesar de aparentemente desconexos, os fenômenos aí envolvidos podem ser conectados teoricamente com o auxílio da teoria da renda de Marx, que aparece desenvolvida na seção VI do livro III de O Capital, e também nas Teorias da Mais Valia. O objetivo do presente artigo é resgatar as observações existentes nesses trabalhos de Marx para pensar a interconexão entre os fenômenos contemporâneos acima referidos e a natureza do processo atual de acumulação de capital. Procurar-se-á mostrar que o rentismo é hoje um dos traços mais marcantes desse processo.

 The investigation of Marxist literature in recent years reveals the recurrence of certain themes that are indicative of the contemporary way of working of the capitalist system (commodity-knowledge, value added by brand, financialization). Although seemingly unrelated, these phenomena can be theoretically connected with the aid of Marx’s theory of rent, as it appears in Section VI of Book III of Capital, and in Theories of Surplus Value. The purpose of this article is to rescue Marx’s observations in these works to think about the interconnectedness of the contemporary phenomena mentioned above and the nature of the current process of capital accumulation. This theoretical exercise seems to show that the rent seeking is, nowadays, one of the most striking features of this process.

Vol.36, n.o3(144), 2016
Democracy and growth in pre-industrial countries
Luiz Carlos Bresser-Pereira

Este trabalho distingue três tipos de país (rico, de renda média e pré-industrial) e centra-se no último, que, ao contrário dos outros dois, não completou suas revoluções industrial e capitalista. Um país pré-industrial pode ser governado bem e sob a democracia? Hoje a democracia é um valor universal e, portanto, os países estão sob a pressão do Ocidente e de sua própria sociedade para serem democráticos, embora suas sociedades não sejam suficientemente maduras, nas quais o excedente econômico seja apropriado pelo mercado. De fato, nenhum país completou sua revolução industrial e capitalista no âmbito de uma democracia mínima. Além disso, o país pré-industrial é extremamente difícil de governar, porque ele geralmente não tem uma nação forte e estado capaz. Esta dupla pressão representa um grande obstáculo ao seu desenvolvimento.

This paper distinguishes three types of countries (rich, middle-income, and pre-industrial) and focus on the latter, which, in contrast to the other two, didn’t complete their industrial and capitalist revolutions. Can pre-industrial countries be governed well and under democracy? Today democracy is a universal value, and, so, these countries are under pressure from the West and from its own society to be democratic, even though they do not dispose of mature enough societies in which the economic surplus is appropriated through the market. In fact, no country completed its industrial and capitalist revolution within the framework of even a minimal democracy. Additionally, pre-industrial countries are extremely difficult to govern because they usually don’t have a strong nation and capable states. This double pressure represents a major obstacle to their development.

Vol.37, n.o1(146), 2017
A inflação no capitalismo de estado (e a experiência brasileira recente)
Luiz Carlos Bresser-Pereira

Vol.1, n.o2(2), 1981
Globalization, nation-state and catching up
Luiz Carlos Bresser-Pereira
Globalization and nation-states are not in contradiction, since globalization is the present stage of capitalist development, and the nation-state is the territorial political unit that organizes the space and population in the capitalist system. Since the 1980s, Global Capitalism constitutes the economic system characterized by the opening of all national markets and a fierce competition between nation-states. Developing countries tend to catch up, while rich countries try to neutralize such competitive effort, using globalism as an ideology, and conventional orthodoxy as a strategy. Middle-income countries that are catching up in the realm of globalization are the ones that count with a national development strategy. This is broadly the case of the dynamic Asian countries. In contrast, Latin American countries have no longer their own strategy, and grow less. To add data to the argument, the author conducts an econometric test comparing these two groups of countries, and three variables: the rate of investment, the current account deficit or surplus that would indicate or not a competitive exchange rate, and public deficit.
Vol.28, n.o4(112), 2008
Reflexões sobre o Novo Desenvolvimentismo e o Desenvolvimentismo Clássico
Luiz Carlos Bresser-Pereira

 Este artigo, inicialmente, distingue, primeiramente, o Novo Desenvolvimentismo, um novo sistema teórico que está em criação, do desenvolvimentismo realmente existente, que foi responsável pelo desenvolvimento original de muitos países, mas muitas vezes é apenas uma forma de populismo fiscal ou keynesianismo vulgar. Segundo, o distingue o Desenvolvimentismo Clássico, que o precedeu. Terceiro, brevemente analisa o chamado “social-desenvolvimentismo” e nada vê ali que se aproxime de uma teoria. Finalmente, o artigo fornece um resumo do Novo Desenvolvimentismo – seus principais argumentos no campo da economia política, da teoria econômica e da política econômica.

 Reflecting on new developmentalism and classical developmentalism. This paper, first, distinguishes new developmentalism, a new theoretical system that is being created, from really existing developmentalism – a form of organizing capitalism. Second, it distinguishes new developmentalism from its antecedents, Development Economics or classical developmentalism and Keynesian Macroeconomics. Third, it discusses the false opposition that some economists have adopted between new developmentalism and social-developmentalism, which the author understands as a form of really existing developmentalism; as theory, it is just a version of classical developmentalism with a bias toward immediate consumption. Finally, it makes a summary of new developmentalism – of its main political economy, economic theory and economic policy claims.

Vol.36, n.o2(143), 2016
Five models of capitalism
Luiz Carlos Bresser-Pereira

Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil. 

Vol.32, n.o1(126), 2012
The 2008 financial crisis and neoclassical economics
Luiz Carlos Bresser-Pereira
The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on self-regulated and efficient markets. Although capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the “30 glorious years of capitalism” (1948–77) and that could have avoided a financial crisis as profound as the present one. It did not because a coalition of rentiers and “financists” achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even more risky. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and “scientifically”, neoliberal ideology and deregulation. From this crisis a new capitalism will emerge, though its character is difficult to predict. It will not be financialized but the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, where professionals will have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed.
Vol.30, n.o1(117), 2010
Fatores aceleradores, mantenedores e sancionadores da inflação
Luiz Carlos Bresser-Pereira e Yoshiaki Nakano
In order to understand inflation or stagflation in present day oligopolistic capitalism, it is necessary to distinguish the accelerating, the maintaining and the sanctionating factors of inflation. Four are the accelerating factors: change in profit margins, change in real wages above (or below) productivity, changes in the real exchange rate and in the costs of imports. The basic maintaining factors are formal and informal indexation of the economy and mark-up pricing. Given and autonomous inflation, that is, independent of sustained demand or full employment, the fundamental sanctionating factor of inflation will be the money supply.
Vol.4, n.o1(13), 1984
O dólar e os desequilíbrios globais
Luiz Gonzaga Belluzzo
The Dollar and the Global Disequilibria. The global expansion of capitalism under American hegemony in the second half of the 20th century has changed the international division of labor and center-periphery scheme proposed under British hegemony. Under the new international division of labor, the United States is forced to generate an ever growing deficit in their trade account in order to accommodate the “mercantilist’ expansion of Asian countries, produced by the trans-nationalization of big capital, under American aegis. This form of global economic articulation is at the root of the rupture of the Bretton Woods system and the growing financial liberalization imposed by the hegemonic power over other countries since the 80s.
Vol.25, n.o3(99), 2005
Eugênio Gudin: as controvérsias do neoliberalismo caboclo
Maria Angélica Borges
This article examines Eugênio’s Gudin theorical production that express his new liberal posture, which highlights his opposition to Roberto Simonsen, Cepal’s economic development theory, Marx and followers. Gudin recognized Karl Marx as the biggest enemy of capitalism. He attributed to the thinker the creation of the concept of capitalism with historical connotations. Radically denying this content and balancing the conception of the natural and eternal character of this system, he focused on capitalism as a production system which connects itself harmonically with democracy. He worked with the pair of concepts: economy market and democracy as an antithesis of planning and totalitarism, structuring the discourse that stress the abstract general plan, disregarding a concrete-historical analysis for each specific case. Consenquentely, every aspect that does not fit that pair is considered undemocractic and interventionist, as an equivalent denial of the human ideal, sometimes that should be avoided, or even destroyed.
Vol.20, n.o4(80), 2000
Instabilidade do capitalismo, incerteza e papel das autoridades monetárias: uma leitura de Minsky
Maria de Lourdes Rollemberg Mollo
This paper is a study of the idea of inherent instability of capitalism in Minsky’s conception. We begin by describing how Minsky connect the idea of financial fragility and instability with the instability of capitalism. Then we analyze two important features of Minsky’s explanation of the economy’s inherent tendency toward financial fragility and crises. The first is the subjective behavior of the economic agents, given the uncertainty in the economic world. The second is the role of banks and monetary authorities when the money supply is considered, as here, endogenous.
Vol.8, n.o1(29), 1988
Growth and security under welfare-corporate capitalism and market socialism
Myron J. Gordon
A pure capitalist system has private ownership of wealth and administration of the economy via markets. A pure socialist system has state ownership and administration by a bureaucracy. One offers growth and insecurity, and the other offers security and stagnation. In reality, neither has existed nor can exist for long. The feasible alternatives are welfare capitalism and market socialism. Over the last fifty years, the transition from welfare to corporate capitalism has taken place in the West under U.S. leadership. It has resulted in increasing insecurity and inequality within rich countries and between rich and poor countries. The transition from bureaucratic to market socialism in China over the last twenty years has brought to its people amazing growth and prosperity--and many of the ills of a market economy. It remains to be seen whether market socialism in China is an attractive alternative to welfare capitalism or is no more than a transition to corporate capitalism.
Vol.21, n.o3(83), 2001
Desigualdade e acumulação de capital no capitalismo periférico
Raúl Prebisch
The paper argues that in developing countries the changing political and social relations so as the technical progress create a systematic tendency for a dynamic disequilibrium between con-sumption and investment. Under these conditions, the continued growth requires a macroeconomic policy directed to increase the rate of accumulation through a reduction in the aggregate consump-tion of both capitalist and working classes. Politically this kind of regulatory policy should be seen as an opportunity for the working class to increase its share in the wealth ownership.
Vol.7, n.o1(25), 1987
Uma mestra na periferia do capitalismo: a economia política de Maria da Conceição Tavares
Rogério P. Andrade e Renata Carvalho Silva
A master in the periphery of capitalism. Maria da Conceição Tavares is an eminent figure in Brazilian economic thought, especially in heterodox circles. She has tackled various issues, such as underdevelopment, from the perspective of a “critique of political economy”. The purpose of this article is to identify the main theoretical references, as well as the methodological stance, in Tavares’s works, by revisiting the author’s critical dialogue with some strands of Political Economy. Although Tavares’s work sets up a dialogue with various economists, the paper will focus on her interpretation of Marx, Keynes and Kalecki, whose ideas are of utmost importance for the construction of her analytical framework.
Vol.30, n.o4(120), 2010
Expectativas, incerteza e instabilidade no capitalismo: uma abordagem a partir de Keynes
Rogério Pereira de Andrade
This paper deals with some crucial aspects found in Keynes theoretical contribution. We intend to show the importance of time, expectations and uncertainty in his analytical scheme and how he explains the existence of capitalism instability taking into account these elements as constituti-ves of capitalistic system. Furthermore we make some philosophical digression on the nature and importance of decisions in a context of time and uncertainty about the future that necessarily sur-rounds all human action.
Vol.7, n.o2(26), 1987
A concepção keynesiana das crises econômicas e sua crítica com base em Marx
Rômulo Soares Polari
This article analyzes the limitations of explication and solution offered by Keynes, in respect to the capitalistic economic crisis, in the light of Marx’s ideas. Firstly, it discusses why Keynes even apprehending the capitalism crisis vocation, operating in “laissez-faire” conditions, does not understand its causes, immanent to the development of the capitalistic production relations. It also attempts to show that only in a non-time related perspective, the Keynesian solution would be able to attenuate the contradictions inherent to capitalism and to resolve the problems from its crisis. Finally, it develops new ideas in an attempt to present as sufficiently steady the affirmation that, in the middle and long run the keynesians “remedies” tend to aggravate the contradictions which caused the crisis and create news problems, inconsistent with capitalistic interests.
Vol.4, n.o2(14), 1984
Pespectivas do capitalismo e do socialismo na busca de uma teoria de classe do estado e da democracia
Ronald Chilcote

Vol.10, n.o4(40), 1990
Em memória de Raúl Perbisch (1901-1986)
Steffen Flechsig
Starting from Raúl Prebisch’s personal and intellectual trajectory — from an young neoclassi-cal at service of Argentinean oligarchy to a critical of Latin-American development — this pa-per provides a de tailed analysis and a critical appraisal of his ultimate contribution on peripherical capitalism. In conclusion, it is intended to claim that his search for an alternative appro-ach to Latin-American capitalism has not succeeded in breaking up the boundaries of bourge-ois political economy.
Vol.11, n.o1(41), 1991
Autonomy of the State and devepment in the democratic capitalism
Marcus Ianoni

State autonomy and development in democratic capitalism. The paper argues that if the state, as an expression and part of a pact of domination, operates as a corporate actor with relative autonomy, vision and capacity to promote the development, it is a key institution in the economic transformation. Supported in the neo-Marxism, exposes the limits of institutionalist approach of autonomy from the state to explain its origin, but does not rule out this approach. Maintains that the class-balance theory of the state may explain its relative autonomy and at the same time aid in understanding the historical experiences of social-developmental state action, particularly in the social democratic regimes and in Latin America current. 

Vol.33, n.o4(133), 2013
Democracy over Governance
Amelia Correa e Romar Correa

Varieties of institutional economics are available to evaluate varieties of capitalism. These methodologies dig behind preferences and technology to arrive at the ground on which agents make choices. The individual is at the foundation of these edifices, neoclassical and otherwise. Consequently, the denouement of all these models is that the market knows best in the absence of effective counterfactuals. A natural corollary is that the task of the government is to set effective mechanisms in place in order to approach the best outcomes. In contrast, we propose a framework which contends with the modern economy as an aggregate that evolves in historical time. Problems like effective demand failures are endemic to capitalist economies. Therefore, systematic State intervention is essential to their functioning. In particular, political economy teaches us that intervention must be in the interest of wage earners. In contrast to the earlier model, the fabric of norms and conventions that facilitate the growth and development of economies must emerge from the consciousness and practices of the working class.        

Vol.33, n.o4(133), 2013
Incerteza e não ergodicidade: crítica aos neoclássicos
Marcelo Mallet Siqueira Campos e Tulio Chiarini

Uncertainty and non-ergodicity: critique of the neoclassical. The starting point of this essay is to show that, in our view, the problem of the traditional economics is not in the deductive method nor the mathematical methods used, but to attribute to economic agents 'power' on the future and prescribe the existence of ergodic stochastic processes in their economic analyzes. Thus, building a theory on the ground whose bases are not able to sustain a proper understanding of the world, mainstream economics has difficulties in using the modeling for establishing deductions and conclusions that help understanding the system. Thus, the logical-mathematical rigor in economic models and deduction can be used with appropriate axioms, which is not the case of mainstream economics. Our hypothesis is that the inability of the mainstream in predicting economic crisis is due to the non-recognition of some principles that best describe the dynamics of financialized contemporary capitalism, as the principles of non-ergodicity and Keynesian uncertainty. 

Vol.34, n.o2(135), 2014
Inconvenient glow: Cliometrics and the “golden age” of capitalism
Fernando Rugitsky

Este trabalho tem como objetivo criticar a literatura cliometria recentes sobre a chamada "idade de ouro" do capitalismo. As obras de Nicholas Crafts, Gianni Toniolo, e Barry Eichengreen são reconstruídas, a fim de revelar as principais características deste programa de investigação. Seu foco estreito quantitativa, sua dependência de proposições teóricas emprestados da economia neoclássica, e sua interpretação auspicioso da reconstrução do pós-guerra são o foco principal das críticas apresentadas. Por fim, a tentativa dos cliometricians historicizar a "idade de ouro" e de-historicizar décadas seguintes está relacionada com a compreensão ideológica das últimas décadas como um período de "grande moderação". 

Vol.34, n.o4(137), 2014
Just how capitalist is China?
Tiago Nasser Appel

In this paper, we review old and modern conceptions of “capitalism” and then we evaluate how “well” China fares on three touchstones of capitalism: competitive markets, generalization of wage-labour, and private ownership of the means of production. While we accept that China has come a long way under the first two criteria since the 1980s, we do not deem China yet to be a full-fledged capitalist economy for the State still wields great power through the allocation of massive state resources and control of large and highly profitable state enterprises, which dominate key sectors of the economy. 

Vol.34, n.o4(137), 2014
Why was there no capitalism in early modern China?
Tiago Nasser Appel


Neste artigo, lançamos a seguinte pergunta: por que a China do Início da Idade Moderna não conseguiu fazer a transição para o capitalismo, tal como viemos a conhecê-lo no Ocidente? Embora a China estivesse à altura da Europa em características econômicas chave – comercialização e comodificação de bens, terra e trabalho – até o século XVIII, nós sugerimos que ela não embarcou em uma trajetória de acumulação capitalista por causa do “Fato do Império”. Carecendo do nível de dificuldades fiscais encontradas na Europa do Início da Era Moderna, a China Imperial não precisou taxar pesadamente os comerciantes e os notáveis; portanto, ela não precisou negociar direitos e obrigações com a classe mercantil. De forma mais inovadora, também propomos que a relativa falta de dificuldades fiscais na China militou contra o desenvolvimento de uma “simbiose virtuosa” entre a taxação, a monetização da economia e a dívida pública. Falamos em “simbiose virtuosa” porque foi, essencialmente, a mobilização dos recursos sociais – via dívida pública e impostos – em prol da manutenção de uma força militar o que criou as primeiras grandes oportunidades para os comerciantes e banqueiros acumularem uma riqueza sem precedentes.

In this paper, we ask the following question: why couldn’t Early Modern China make the leap to capitalism, as we have come to know it in the West? We suggest that, even if China compared well with the West in key economic features – commercialization and commodification of goods, land, labor – up to the 18th century, it did not traverse the path to Capitalism because of the “fact of empire”. Lacking the scale of fiscal difficulties encountered in Early Modern Europe, Late Imperial China did not have to heavily tax merchants and notables; therefore, it did not have to negotiate rights and duties with the mercantile class. More innovatively, we also propose that the relative lack of fiscal difficulties meant that China failed to develop a “virtuous symbiosis” between taxing, monetization of the economy and public debt. This is because, essentially, it was the mobilization of society’s resources – primarily by way of public debt or taxes – towards the support of a military force that created the first real opportunities for merchants and bankers to amass immense and unprecedented wealth.

Vol.37, n.o1(146), 2017
Dr. Brasilia and Mr. Nacala: the apparent duality behind the Brazilian state-capital nexus
Tomaso Ferrando

 In August 2010 Brazil decided to limit foreign direct investments (FDIs) in land, and attracted the attention of politicians as much as the fears of businessmen. However, few months before, in September 2009, it had concluded a trilateral agreement with Japan and Mozambique to implement agribusiness and contract farming on an area of ten million hectares in the Mozambican region of Nacala. In light of that, the paper analyses the apparent duality of the Brazilian politics, and concludes that, exactly like in the case of the novel by Robert Louis Stevenson, it is not a matter of pathology, but a voluntarily induced double personality which is strategic in positioning Brazil at the core of the global capitalist system.

Vol.35, n.o2(139), 2015
Nature of the state economic expanded functions in the Brazilian economy
Niemeyer Almeida Filho

Natureza das funções econômicas alargadas do Estado na economia brasileira. O artigo discute a dinâmica da acumulação de capital nas economias da América Latina. A hipótese é que nessas economias o papel do Estado é comparativamente mais amplo do que nas economias dos centros do capitalismo, por razões estruturais. O argumento baseia-se principalmente em Marx e Kalecki, além de elementos históricos das economias da América Latina, particularmente da economia brasileira. Em seguida, o artigo explora as consequências dinâmicas desta natureza em nível nacional, concluindo que esta condição dá um maior grau de instabilidade. 

Nature of the State economic expanded functions in the Brazilian economy. The paper discusses the dynamics of capital accumulation in Latin America economies. The hypothesis is that in these economies the role of the State is comparatively broader than in the economies of the centers of the capitalism by structural reasons. The argument is mainly based on Marx and Kalecki, besides historical elements of Latin America economies, particularly the Brazilian economy. Then the paper explores the dynamics consequences of this nature at the national levels, concluding that this condition gives a higher degree of instability. 

Vol.36, n.o1(142), 2016
Piketty in the light of Pasinetti and Foley: Income distribution, economic growth and financial fragility
Marwil Dávila-Fernández e José Luis Oreiro

 O artigo se propõe discutir a hipótese de que a distribuição funcional da renda não é necessariamente estável à medida que a economia cresce. São revisitados os modelos de Pasinetti e Foley mostrando que se empregarmos a definição tradicional de capital (i) r>g é condição necessária para a existência de crescimento balanceado sendo compatível com um nível constante de desigualdade ao longo do tempo e (ii) r>i é condição necessária para a obtenção de uma trajetória de crescimento financeiramente robusta. Desse modo concluímos que desde uma perspectiva pós-keynesiana, o argumento de Thomas Piketty de que a raiz da desigualdade no capitalismo está em que a taxa de retorno do capital é maior do que a taxa de crescimento da economia é questionável.

 The paper discusses the hypothesis that the functional distribution of income is not necessary stable along the growth path of a capitalist economy. We reviewed Pasinetti and Foley models showing that if we use the traditional definition of capital, i.e. capital as the value of productive resources (i) r>g is a necessary condition for the existence of balanced growth, and it will not lead to an explosive process of income concentration and (ii) r>i is a necessary condition for a financially robust growth path. Thus we conclude that from a post- Keynesian perspective, Piketty's argument that the root of the increase of inequality in capitalism is that the capital return rate is higher than the growth rate of the economy is wrong.

Vol.36, n.o4(145), 2016
Notas críticas sobre O Capital no século XXI de Thomas Piketty
Rosa Maria Marques e Marcel Guedes Leite

 Este artigo tem como objetivo analisar alguns aspectos do último livro de Thomas Piketty, “O Capital no século XXI”, do ponto de vista marxista. São abordadas as relações que fundamentam sua análise de longo prazo da desigualdade na distribuição de renda e riqueza, seus conceitos de capital e de longo prazo, bem como sua interpretação do pensamento de Marx. Também são levantados alguns problemas existentes em sua base de dados. A análise tem como ponto de partida a crítica realizada por alguns autores marxistas de renome, tais como Michel Husson, David Harvey e Yanis Varoufakis, bem como de Robert Boyer. Entre as conclusões do artigo, destaca-se o fato de o estudo de Piketty estar fracamente fundamentado teoricamente.

 This article aims to analyze some aspects of the latest book by Thomas Piketty, "Capital in the Twenty-First Century" from a Marxist point of view. The relationships that underlie his long-term analysis of the unequal distribution of income and wealth are addressed, his concepts of capital and long-term, as well as his interpretation of Marx's thought. The article also raised some problems in his database. The analysis takes as its starting point the critic ism made by some renowned Marxist authors such as Michel Husson, David Harvey and Yanis Varoufakis, as well as Robert Boyer. Among the conclusions, it is highlighted the fact that Piketty’s study is the ortically poorly grounded. 

Vol.36, n.o4(145), 2016
Renda da terra e o espaço urbano capitalista contemporâneo
Renan Pereira Almeida e Roberto Luís de Melo Monte-Mór

 Este trabalho visa expor e discutir quais correntes do pensamento econômico são capazes de apresentar formulações que dialoguem com a conformação espacial das cidades no capitalismo contemporâneo. Para isso, parte-se de uma apresentação dos pressupostos de um modelo neoclássico tradicional de Economia Urbana, seguido da apreciação crítica desse modelo. A partir dessa crítica, expõem-se as diversas visões das escolas de pensamento econômico em relação ao conceito de renda da terra, o qual é entendido como uma categoria de análise ainda útil para se entender tal estrutura espacial, bem como são fundamentais as considerações sobre as particularidades do urbano.

 This paper aims to expose and discuss which schools of economic thought are able of presenting formulations that dialogue with the spatial conformation of cities in contemporary capitalism. For this, it is based on a presentation of the assumptions of a traditional Neoclassical model of Urban Economics, followed by a critical appreciation of this model. From this critique, different views of the schools of economic thought are exposed in relation to the concept of land rent, which is understood as a category of analysis still useful to understand such a spatial structure, as well as the considerations about the particularities of the urban.

Vol.37, n.o2(147), 2017
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