The effects of the global economic crisis in Latin America
Arturo Guillén

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

Vol.31, n.o2(122), 2011
A China como um duplo pólo na economia mundial e a recentralização da economia asiática
Carlos Aguiar de Medeiros

China as a double pole in the world economy and the recentralization of the Asian economy. The extraordinary growth of Chinese trade that occurred in the last years changed China’s role on world and regional economy. As a major producer of industrial consumer goods to OCDE countries, China has negatively affected many Asian competitors but as an expansive market China became the main source of growth to Asian countries. This new dimension was achieved after the Asian crisis of 1997 by an economic expansion led by public investment. After considering the Chinese balance of payment position and its industrial strategy this paper investigates this double dimension of China on trade and its influence on Asian countries.

Vol.26, n.o3(103), 2006
Rethinking macroeconomic policies for development
Deepak Nayyar

The global economic crisis has created an opportunity to rethink macroeconomics for development. Such rethinking is both necessary and desirable. It is essential to redefine macroeconomic objectives so that the emphasis is on fostering employment creation and supporting economic growth instead of the focus on price stability alone. It is just as important to rethink macroeconomic policies which cannot simply be used for the management of inflation and the elimination of macroeconomic imbalances, since fiscal and monetary policies are powerful and versatile instruments in the pursuit of development objectives. In doing so, it is essential to the overcome the constraints embedded in orthodox economic thinking and recognize the constraints implicit in the politics of ideology and interests.

Vol.31, n.o3(123), 2011
Global booms and busts: How is Brazils middle class faring?
Jan Peter Wogart

Brazil’s Post War economic history has been marked by inflationary booms and busts, which kept large parts of the population poor, as income distribution remained highly skewed, and most governments failed to put enough efforts and resources into education and health. That seems to have changed recently, as an increasing number of studies have shown considerable advances in the incomes of the lower and the middle classes. This essay examines those findings and puts them into a historical perspective, discussing earlier attempts and hopes of Brazilian policy makers to advance the welfare of the population. It concludes that while the last fifteen years have been remarkable for the country to achieve macroeconomic stability and while the increasing efforts of supporting the poor seemed to have been moving income distribution slowly towards a more equal level, there is still a long way to go. The 2008 world financial crisis also hit Brazil hard, but the recovery has been smoother and faster than in any OECD country. The impact of the current crisis may provide a good test as to the robustness of the previous trends to further the wellbeing of the poor and the middle class

Vol.30, n.o3(119), 2010
The two forms of capitalism: developmentalism and economic liberalism
Luiz Carlos Bresser-Pereira

 Este artigo argumenta que o Estado e o mercado são as principais instituições que regulam o capitalismo e, consequentemente, que a forma de organização econômica e política do capitalismo ou é desenvolvimentista ou é liberal. O artigo define Estado desenvolvimentista, o relaciona com a formação de uma coalizão de classe desenvolvimentista, e assinala que o capitalismo nasceu desenvolvimentista no mercantilismo, tornou-se liberal no século XIX e, depois de 1929, tornou-se novamente desenvolvimentista, mas agora democrático e social. Todas as revoluções industriais e capitalistas ocorreram no quadro do desenvolvimentismo, onde o Estado coordena o setor não competitivo da economia e os cinco preços macroeconômicos (que o mercado é incapaz de tornar “certos”), enquanto o mercado coordena o setor competitivo. Na década de 1970, uma crise abriu espaço para uma forma de capitalismo neoliberal ou financeiro-rentista. Desde a crise financeira global de 2008, a hegemonia neoliberal chegou ao fim e, a partir de então, estamos passando por um período de transição.

 This paper argues that the state and the market are the main institutions regulating capitalism, and, correspondingly, that the form of the economic and political coordination of capitalism will be either developmental or liberal. It defines the developmental state, relates it to the formation of a developmental class coalition, and notes that capitalism was born developmental in its mercantilist phase, turned liberal in the nineteenth century, and, after 1929, became once again developmental, but, now, democratic and progressive. All industrial and capitalist revolutions took place within the framework of developmentalism, whereby the state coordinates the non-competitive sector of the economy and the five macroeconomic prices (which the market is unable to make “right”), while the market coordinates the competitive sector. In the 1970s, a crisis opened the way for a short-lived and reactionary form of capitalism, neoliberalism or rentier-financier capitalism. Since the 2008 Global Financial Crisis, the neoliberal hegemony has come to an end, and we are now experiencing a period of transition.

Vol.37, n.o4(149), 2017
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
A crise financeira global
Maria da Conceição Tavares
The article begins with an analysis of the current financial crisis, emphasiz-ing three basic components: loans taken out by large productive enterprises in the national and international credit market; short term loans taken by all the Third World countries as well as the majority of European countries in the Soviet sphere: and finally the fact that every country shows larger fiscal deficits of an increasingly endogenous nature. It also analyzes the responsibility of North american economic policy in the crisis. It questions the optimistic perspectives in relation to thc international credit market and points out the necessity for a coordinated financial solution which would give a new form to the assets and liabilities of the principal banks and large transnational enter-prises, as well as setting the stage for the renegotiation of the foreign debt in the case of the most vulnerable national economies.
Vol.3, n.o2(10), 1983
Pressão externa e abertura comercial no Brasil
Marianne Nassuno

This article discusses the influence of external pressure on the Brazilian trade liberalization process. The conditions under which external pressure is defined are based on the approach of international politics authors known as “realists” and related to the interests of the States, reliance on specific pressure instruments and vulnerability to pressure. Events such as the decline of the American hegemony, the rise of newly industrialized countries, the globalization of the international economy and the debt crisis, which led to an increase in international conflict during the 1980’s are analysed, as well as domestic factors like the economic vulnerability of Brazil.

Vol.18, n.o1(69), 1998
Trajetórias e interesses: os EUA e as finanças globalizadas num contexto de crise e transição
Jaime Cesar Coelho

 Interests and International Relations Trajectories: the US and the global finances in a context of crises and transition. This paper aims to analyze the elements of continuity and discontinuity in American foreign policy from the nineties. In this regard, it emphasizes the importance of financial issues within the scope of the U.S. government strategies for foreign integration and tries to analyze comparatively the Republicans and Democrats government of the period, ending with some prospective questions concerning the Democratic government of President Obama in the context of international economic crisis.

Vol.31, n.o5(125), 2011
Germany s social-economic model and the euro crisis
Michael Dauderstädt

Germany’s socio-economic model, the “social market economy”, was established in West Germany after World War two and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010) were introduced which many consider as the key of Germany’s recent success. The reforms had mixed results: Employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs) which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially. 

Vol.33, n.o1(130), 2013
The effects of fiscal policy after the global recession: Assessing the evidences
Luiz Fernando de Paula e Manoel Carlos de Castro Pires

This paper offers a commented review of the most recent empirical studies of the effects of fiscal contraction on economic growth which have helped underpin the prescription that fiscal policy should be expansionary in coming years in order to contain economic semi-stagnation in the developed countries. The paper shows that there is ample literature showing that fiscal expansion helps the economy grow, and that fiscal contraction tends to reduce output and employment in the short term. 

Vol.33, n.o2(131), 2013
A (im)previsibilidade da crise e o pluralismo da Economia
Luís Felipe Lopes Milaré

The (un)predictability of the crisis and the pluralism in Economics. This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy.   

Vol.33, n.o4(133), 2013
Crise global, mudanças geopolíticas e inserção do Brasil
Bernardo Campolina e Clélio Campolina Diniz

Global crises, geopolitical changes and ion of Brazil. This paper has as its purpose to analyze the ion of Brazil in the international economic order, considering the fundaments of the world power, the global crisis, the geopolitical changes and their consequences on the global order. The text attempts to present the advantages and structural challenges for an adequate international ion of technology are the key elements in a process of economic and social innovation whose goals are to build a richer society, more just and compassionate, and environmentally sustainable. 

Vol.34, n.o4(137), 2014
Economic stagnation in the United States: underlying causes and global consequences
Robert A. Blecker

This paper analyzes the causes of the slow recovery of the U.S. economy since the financial crisis and Great Recession of 2008-9. Fallen house values and excessive household debts continue to depress consumer spending, while corporations are failing to invest in spite of record profits. The increasingly unequal distribution of income limits demand, while long-term structural transformations continue to erode employment creation. An expansionary monetary policy has been incapable of sparking a more robust recovery and fiscal policy has been shifted to an austerity stance. In this context, Brazil and other emerging market nations cannot count on the United States to continue to be the leading source of global demand as it was in previous decades. 

Vol.34, n.o4(137), 2014
The Euro and the recent european crisis vis-à-vis the gold standard and the great depresssion: Institutionalities, specificities and interfaces
Giuliano Contento de Oliveira e Paulo José Whitaker Wolf

O artigo busca estabelecer interfaces entre a Grande Depressão dos anos 1930 sob o Padrão Ouro e a Crise Europeia recente sob o Euro. Argumenta-se que, a despeito de suas especificidades, as duas crises revelaram os efeitos potencialmente nocivos, em termos econômicos e sociais, de arranjos institucionais que reduzem consideravelmente a autonomia das políticas monetária, fiscal e cambial dos países participantes, sem, entretanto, serem acompanhados pelo aumento da cooperação liderado por uma potência hegemônica, em âmbito global (no caso da Grande Depressão) ou regional (no caso da Crise Europeia), que não apenas seja capaz, mas que também esteja disposta a exercer as funções de comprador e emprestador de última instância, sobretudo em momentos caracterizados pelo aumento da incerteza, pela deterioração do estado geral das expectativas e pelo aumento da preferência pela liquidez. De fato, tanto os países do centro europeu no passado como os países da periferia europeia no período recente foram efetivamente empurrados em direção a ajustes deflacionários em que a redução de preços e salários foi acompanhada pela redução da produção e do emprego. Assim, na ausência da possibilidade de se restaurar a autonomia de política econômica, a superação da crise pressupõe, tanto antes – sob o padrão ouro – como atualmente – sob o Euro –, ações conjuntas destinadas a assegurar que a responsabilidade do ajuste seja distribuída igualmente entre as economias e que, portanto, algumas delas não sejam beneficiadas à custa de outras nesse processo.

The paper aims to establish interfaces between the Great Depression of the 1930s under the Gold Standard and the recent European Crisis under the Euro. It is argued that, despite their specificities, both crises revealed the potentially harmful effects, in economic and social terms, of institutional arrangements that considerably reduce the autonomy of monetary, fiscal and exchange rate policies of participating countries, without being accompanied by increased cooperation between them, which should be led by a global (in the case of the Great Depression) or regional (in the case of the European Crisis) hegemonic power, which is not only capable of, but is also willing to act as a buyer and lender of last resort, especially in circumstances characterized by increased uncertainty, the deterioration of the general state of expectations and increased liquidity preference. In fact, central European countries in the past and peripheral European countries nowadays were effectively pushed toward deflationary adjustments in which a reduction of prices and wages was accompanied by a reduction of output and employment levels. Thus, in the absence of the possibility of restoring the autonomy of economic policy, the overcome of the crisis necessarily requires, both before – under the Gold Standard - and nowadays – under the Euro –, joint actions aimed to assure that the responsibility for the adjustment will be equally distributed among all the economies, in order to avoid that some of them benefit at the expense of the others in this process.

Vol.37, n.o1(146), 2017
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