A inflação (brasileira) segundo Marx
It is not the prices that vary in accordance with the amount of money in circulation; it is rather the amount of money in circulation that varies in accordance with the variation of the sum of prices. It is not the risting of the earnings that causes the rising of the prices. On the contrary, it is the rising of the prices, producing deprecations in the currency that provokes in consequence losses of the earnings’ acquisitive power. When increases of the sum of prices occur, whatever their origins, we will have one of the following inevitable consequences: on the one hand, the same quantity of commodities is then exchanged by a larger amount of money; on the other hand, the same amount of money then buys a smaller quantity of commodities. This happens in the internal trading relations as well as in the international trading relations of each country. In both cases, the main fact to point out is the reduction of the money’s acquisitive power. This reduction can be produced eighter spontaneously, by the action of the forces of the market, or as a result — as in the case of the alterations of the rate of exchange — of the intervention of the Government authority. Therefore, according to Marx, contrary to the different theories supported by the “vulgar economy”, the inflationary phenomenon begins with the currency depre-ciation, of which are consequences or subsequences, the price increases and the reduc-tion of the earnings’ acquisitive power. The Brazilian inflation in the ‘70s and ‘80s was seriously aggravated by the world’s cyclical crisis, by the capital’s overproduction in the rich countries, by imports of surplus capital through banking loans, and by the monetary anarchy which displac-ed the investments of the productive sectors, deviating them to the non-productive sectors.