Memorandum on Models of Capitalism and Democracy

Luiz Carlos Bresser-Pereira

Memorandum for the workshop "Models of Capitalist Democracy and Latin American Development", sponsored by the Social Science Research Council. New York, November 1994.

There are three models of capitalism: the American, the Japanese, and the European or social democratic. The choice criterium is efficiency - what will lead Latin American to choose a combination of the social-democratic and the Japanese (developmental) model. As to democracy, it is a end in itself or a means to freedom and peace, not to economic development. Thus, trade-offs between growth and democracy should not be considered.

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