In order to understand inflation or stagflation in present-day oligopolistic capitalism,
it is necessary to distinguish the accelerating, maintaining and sanctionating 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 markup
pricing. Given an autonomous inflation, that is, independent of sustained demand or full
employment, the fundamental sanctionating factor of inflation will be the money supply.

JEL Classification: E31; E12.

This paper attempts to analyse the relations between the crisis and Mexican economic
policy, basically focusing on three points: (a) the way by which the adopted economic
policy has contributed to provoke a situation of depression with hyperinflation; (b) the
problems and short term prospects which derive of the limits of ·the adopted political stabilization
scheme; (C) the problems and the medium and long term prospects which will be
faced by the Mexican economy during the period after the stabilization phase.

JEL Classification: E31; O40; O54.

This article attempts to analyze the methods utilized and results achieved by the
State in the policy of Vale do São Francisco’s economic revitalization. The importance of this
valley results from its geographical situation; in spite of cutting off a half-arid region, São
Francisco is an abundant and perennial river. By reason of its waterfalls, it allows the construction
of barrages, which will be used for energy production and for the development of
irrigated agriculture as well. The government policy, which has provoked the use of funds
and utilization of modern techniques which have not contributed for better living conditions
for the local population, is also analyzed. Thus, there is a modernization without social-economic
development, in view of the model utilized by State intervention.

JEL Classification: O44; L94; O13; O18; Q40.

This paper analyses the role and funding of state-owned enterprises in view of
both the understanding of the classic functions of the State and the democratic transition in
Brazil and the challenge of having decentralized decision making.

JEL Classification: H61; H11; L32; O10.

This work focuses on the transition period in which the main conditions for the
capitalist mode of production were established in the Russian economy. The choice of this
country was due to the special characteristics of its developmental pattern. In the Russian
economic history, as opposed to the British case, State and the foreign capital was the main
responsible for the country’s economic changes. On the other hand, the formation of a capitalist
system has been based upon big land ownership and upon peasant impoverishment,
instead of a really revolutionary way based on the peasant economy. The study has tried to
grasp the historical process which has generated the internal market to capitalism and to
appreciate the role of both the State and the foreign capital in the large industry formation
which, in fact, had already been a reality at the end of the 19th century.

JEL Classification: N13; P11.

Industrial Bourgeoisie assumes the hegemonic role which had belonged until
then to the feudal large estates. This is the great transformation that occurred in the
Brazilian society in this recessive stage of Kondratieff’s cycle. The principal areas of this
stage in Brazilian economic crisis are analysed as well and pointed out the two main aspects
which will have to orient the overcoming phase of this crisis: the privatization of public services
and the greater intervention of the State in foreign trade.

JEL Classification: E32.

This paper discusses the theoretical and empirical nature of the main drivers of
the movement of production internalization, with a focus on direct foreign investment. The
main conclusion is that there is no and couldn’t be a general theory to explain such phenomena.

JEL Classification: F60; F20.

This note is an intellectual biography of Keynes and the origin of his main ideas,
with the historical background that fostered their formulation.

JEL Classification: B31; B22.

This note aims for a critical appreciation of Furtado’s analysis of the 1929
Economic crisis’ effects on the industrial development of Brazil. Although in need of corrections,
Furtado’s view on the event as the pivotal point in Brazil’s industrialization remains
true.

JEL Classification: N16; N56; L52.

This is a reproduction of the communications between Brazil and the IMF regarding
the lending to Brazil of IMF resources.

JEL Classification: F34; H63.