This paper discusses the recent evolution of negotiations between Brazil and the
IMF. Section I presents a short survey of the difficulties encountered during the first phase
of negotiations from November 1982 to September 1983. Section II examines policy targets
for 1983 and performance criteria for fiscal policy, monetary policy and the external sector.
The general outline of the IMF programme for Brazil in 1984-85 is analysed in Section III,
where it is shown that its basic guidelines are based on questionable assumptions and that
the speed with which the adjustment is being attempted may be incompatible with Brazil’s
objective situation. The final section provides a brief summary of the main conclusions.

JEL Classification: E31; F34; H63.

This article deals with the political debate concerning the Brazilian wage legislation
during the second semester of 1983. It explores the reasons behind proposals based on
full price indexation but suggests that measures that maintain the level of real mean wages
during periods of wage readjustment are a realistic first step in a policy aimed at real wage
recuperation in a nonrecessionary environment. The article discusses some mechanisms of
real average wage maintenance, including a sliding scale of readjustments not based on fixed
adjustment periods. Complementary measures dealing with price controls and broader macroeconomic
policies are discussed in closing.

JEL Classification: J31; J33.

This paper is an analysis of the causes and perspectives for Brazil’s current economic
crisis, with a special attention to the stabilization program part of the deal with the IMF.

JEL Classification: E31; F34, O40; H63.

There are two main approaches to the analysis of the present financial crisis of the
social security system. To some, the crisis has structural roots, as the gap between benefit payments
and payroll contributions tends to rise in the absence of a profound reform in the system.
To others, the explanation is still one of a conjectural nature as the recessive policies have opposite
effects on the two sides of the social security budget: lower revenues cannot match an increasing
expenditure in a situation where the benefits are fully indexed. The paper reviews the
main arguments of these two versions as well as additional explanations that refer to a premature
liberalization of the benefits and the lack of a sound financial policy in the past, which did
not allow the accumulation of reserves to face periods of distress. The main propositions following
the distinct interpretations of the crisis are, then, analysed, the emphasis being on the
redistributive effects of cutting benefits and/or changing the financial basis. The paper ends by
arguing that before going into the discussion of specific measures to solve the crisis, it will be
necessary to appraise the degree of protection offered to distinct social groups through the social
security system.

JEL Classification: H55; J32.

The central purpose of the article is to explore some consequences of the absence of notion of turnover-time (or an equivalent) in the formulation of the theory of effec-tive demand. It opens with an attempt to redefine the schemes of reproduction in order to get expressions, which can best support the relevant discussion. Then it goes on to the examination of the assumptions the principle of effective demand requires to operate and finally suggests the way the concepts developed in book II of Capital might be helpful to explain the cyclical fluctuations of capitalism.

JEL Classification: B51; E11.

This article analyzes the limitations of explication and solution offered by
Keynes, in respect to the capitalistic economic crisis, in the light of Marx’s ideas. Firstly, it
discusses why Keynes even apprehending the capitalism crisis vocation, operating in “laissez-
faire” conditions, does not understand its causes, immanent to the development of the
capitalistic production relations. It also attempts to show that only in a non-time related
perspective, the Keynesian solution would be able to attenuate the contradictions inherent
to capitalism and to resolve the problems from its crisis. Finally, it develops new ideas in an
attempt to present as sufficiently steady the affirmation that, in the middle and long run the
Keynesians “remedies” tend to aggravate the contradictions which caused the crisis and create
news problems, inconsistent with capitalistic interests.

JEL Classification: B51; E11; E12.

Em que sentido é possível admitir a adequação e relevância da teoria do valor
nos dias de hoje? Este é o assunto deste ensaio; um resultado do meu pensamento sobre a
aplicabilidade da teoria marxista do valor nos dias atuais. Em primeiro lugar, este ensaio
pretende situar o lugar, o território onde reina o valor e onde as suas leis e dinâmicas são
plenamente eficazes. Colocar os limites da teoria do valor, entretanto, significa identificar
o que ela não consegue explicar e o que não busca explicar; o que está fora de seu alcance.
Em segundo lugar, pretende também discutir o significado da teoria do valor no capitalismo
atual: o capitalismo dos oligopólios, o capitalismo onde o Estado intervém fortemente na
economia, o capitalismo de preços administrados etc. de valor é abalado, mas não abolido;
que sua ausência e silêncio são igualmente significativos; e que há algo como um silêncio
clamoroso da teoria do valor afetando profundamente o capitalismo atual.

JEL Classification: B51; D46.

The objective of this work is to contribute to the discussion about the tendency
of agriculture in capitalist countries. Through the study of a concrete case, we try to show
that in the absence of tax and credit subsidies, profitability in agriculture limits the viability
of the capitalist enterprise in the sector. The first item presented is a quick theoretical synthesis
of the elements that reduce the profitability of companies operating in the agricultural
sector. Subsequently, the presentation of the farm that serves as a concrete case is made,
followed by the exposition of the methodology used and finally the analysis of the data collected,
and the conclusions obtained.

JEL Classification: Q12; Q18.

This note discusses the methodology used in producing economic logical categories
and the distinction between Marx and the Classic Political Economy thinkers.

JEL Classification: B41.