Abstract

Celso Furtado’s analysis of Brazilian underdevelopment is widely recognized for
its historical-structural approach, while his macroeconomic analytical bias often receives little
attention. Considering this, in addition to giving emphasis to this perspective of his analysis,
this work aims at carrying out an empirical essay which tests the relationships among the
main variables of the author’s scheme. For this purpose, an SVAR (Structural Vector Autoregressive)
is used with data from Brazilian economy, from 1965 to 2015. The results show
that the tested interrelations are consistent with his macroeconomic interpretation of the
growth process of Brazilian economy in the boundary of underdevelopment.

JEL Classification: O11.