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A succinct introduction to the theoretical debate on economic development and stagnation. In this book, André Nassif examines the complexity of economic theory, shaped by the interactions of diverse agents—firms, households, governments, and banks—across various markets. Despite its abstract nature, economic theories can be made accessible through careful explanation. Development and Stagnation covers the main theoretical foundations of economic development and incorporates key contributions from Latin America. Overall, the book offers a comprehensive overview of contemporary debates that critically engages with these theories while maintaining academic rigor.
Foreword
Luiz Carlos Bresser-Pereira
Preface
Figures and Tables
Introduction
Economic Development and Stagnation: the Different Theoretical Views
An Illustrative Case: Brazil from Economic Development to Stagnation
What to Expect from This Book
Organisation of the Book
Part 1: The Developmental School
Prologue to Part 1
1 The Conceptual Roots of Developmentalism
1 Introduction
2 Smith and Increasing Returns
3 Marx and Capital Accumulation
4 Schumpeter and Technological Progress as a Process of “Creative Destruction”
5 Conclusion
2 Classical Developmentalism and Its Recent Unfoldings
1 Introduction
2 Economic Development as Structural Change: the Lewis Model with Unlimited Labour Supply
3 The Big Push Model and Development as a Balanced Process
4 Production Linkages and Development as an Unbalanced Process
5 Industrialisation, Deindustrialisation and Stagnation
6 Conclusion
3 The Centre-Periphery Model and eclac’s Political Economy: Yesterday and Today
1 Introduction
2 The Centre-Periphery Model as a Theoretical Basis for Latin American Developmental Structuralism
3 eclac’s Political Economy and the Developmental State
4 eclac’s Neostructuralism and the Centre-Periphery Model Today
5 Conclusion
4 Underdevelopment, Development, and Stagnation: Celso Furtado’s Theoretical Relevance
1 Introduction
2 Underdevelopment, Development and Stagnation under Furtado’s View
3 The Dutch Disease and the Resource Curse: Furtado’s Seminal Analysis
4 Conclusion
5 Prologue to New Developmentalism: Notes on the Inflation Targeting Regime and Fiscal Austerity
1 Introduction
2 Inflation Targeting Regime
3 Fiscal Austerity
4 Conclusion
6 New Developmentalism: Integrating Macroeconomics with Development Theory
1 Introduction
2 The Central Theses of New Developmentalism
3 Critical Points of the New Developmental Theory
4 Conclusion
7 Conclusion and Policy Implications of Part 1: in Defence of the Return of National Development Plans
Part 2: The Neoclassical Liberal School
Prologue to Part 2
8 International Trade Theories and the Case for Free Trade
1 Introduction
2 New International Trade Theories and the Reaffirmation of Free Trade
3 Conclusion
9 The Neoclassical Macroeconomics of Growth
1 Introduction
2 Growth Models in Closed Economies
3 Neoclassical Growth Models in Open Economies
4 Neoclassical Growth Models: the Developmental Critique
5 Conclusion
10 The Washington Consensus and the Ideology of Neoliberalism
1 Introduction
2 The Bretton Woods Era and Regulated Liberalism
3 The Washington Consensus and the Spread of Neoliberalism
4 Conclusion
11 Conclusion and Policy Implications of Part 2: Market Failures as a Criterion for Adopting Public Policies
A Critical Evaluation of the Neoclassical Liberal Argument
1 Market Failures as a Criterion for Adopting Public Policies: the Neoclassical Liberal Argument
2 Market Failures: a Critique of the Neoclassical Liberal Argument
Conclusion
Bibliography
Index