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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Secular stagnation in the framework of rentier-financier capitalism and globalization

Luiz Carlos Bresser-Pereira

Paper for the 21st FMM Conference "The crisis of globalization", Berlin, November 9-11, 2017. October 11, 2017, version. Texto para Discussão FGV/EESP, 463, Outubro 2017.


Rentier-financier capitalism, neoliberalism and globalization have been in a crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible worlds. But the rich capitalist world faces the threat of secular stagnation. In this paper, I discuss this threat, the main authors that have been discussing it, and the new historical facts that are behind such threat. Among the threats are the fall of the productivity of capital associated with information and communication technology, the increase of monopoly power, the profusion of capitals, and globalization, which opened room for the competition of developing countries.



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