Structuralist macroeconomics and the new developmentalism

Vol. 32 No. 3 (2012)

Jul-Sep / 2012
Published July 1, 2012

How to Cite

Bresser-Pereira, Luiz Carlos. 2012. “Structuralist Macroeconomics and the New Developmentalism”. Brazilian Journal of Political Economy 32 (3):347-66.

Structuralist macroeconomics and the new developmentalism

Luiz Carlos Bresser-Pereira
Emeritus professor of Getulio Vargas Foundation.
Brazilian Journal of Political Economy, Vol. 32 No. 3 (2012), Jul-Sep / 2012, Pages 347-366


This paper first presents some basic ideas and models of a structuralist development macroeconomics that complements and actualizes the ideas of the structuralist development economics that was dominant between the 1940s and the 1960s. A system of three models focusing on the exchange rate (the tendency to the cyclical overvaluation of the exchange rate, a critique of growth with foreign savings, and new a model of the Dutch disease) shows that it is not just volatile but chronically overvalued, and for that reason it is not just a macroeconomic problem; as a long term disequilibrium, it is in the core of development economics. Second, it summarizes “new developmentalism” – a sum of growth policies based on these models and on the experience of fast-growing Asian countries.

JEL Classification: E0; E19; O11; B22.

Keywords: structuralism development macroeconomics exchange rate developmentalism