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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Accelerating, maintaining and sanctioning factors of inflation

Luiz Carlos Bresser-Pereira with Yoshiaki Nakano

Brazilian Journal of Political Economy, 1984 4(1): 1-25. In Portuguese, in the same journal and in Anais do X Encontro Nacional de Economia da ANPEC, Belém, dezembro 1983.


To understand inflation or stagflation in present day oligopolistic capitalism, it is necessary to distinguish the accelerating, the maintaining and the sanctioning 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 sanctioning factor of inflation will be the money supply.



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