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 agentsfirms, households, governments, and banksacross 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
1Introduction
2Smith and Increasing Returns
3Marx and Capital Accumulation
4Schumpeter and Technological Progress as a Process of Creative
Destruction
5Conclusion
2 Classical Developmentalism and Its Recent Unfoldings
1Introduction
2Economic Development as Structural Change: the Lewis Model with Unlimited
Labour Supply
3The Big Push Model and Development as a Balanced Process
4Production Linkages and Development as an Unbalanced Process
5Industrialisation, Deindustrialisation and Stagnation
6Conclusion
3 The Centre-Periphery Model and eclacs Political Economy: Yesterday and
Today
1Introduction
2The Centre-Periphery Model as a Theoretical Basis for Latin American
Developmental Structuralism
3eclacs Political Economy and the Developmental State
4eclacs Neostructuralism and the Centre-Periphery Model Today
5Conclusion
4 Underdevelopment, Development, and Stagnation: Celso Furtados Theoretical
Relevance
1Introduction
2Underdevelopment, Development and Stagnation under Furtados View
3The Dutch Disease and the Resource Curse: Furtados Seminal Analysis
4Conclusion
5 Prologue to New Developmentalism: Notes on the Inflation Targeting Regime
and Fiscal Austerity
1Introduction
2Inflation Targeting Regime
3Fiscal Austerity
4Conclusion
6 New Developmentalism: Integrating Macroeconomics with Development Theory
1Introduction
2The Central Theses of New Developmentalism
3Critical Points of the New Developmental Theory
4Conclusion
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
1Introduction
2New International Trade Theories and the Reaffirmation of Free Trade
3Conclusion
9 The Neoclassical Macroeconomics of Growth
1Introduction
2Growth Models in Closed Economies
3Neoclassical Growth Models in Open Economies
4Neoclassical Growth Models: the Developmental Critique
5Conclusion
10 The Washington Consensus and the Ideology of Neoliberalism
1Introduction
2The Bretton Woods Era and Regulated Liberalism
3The Washington Consensus and the Spread of Neoliberalism
4Conclusion
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
1Market Failures as a Criterion for Adopting Public Policies: the
Neoclassical Liberal Argument
2Market Failures: a Critique of the Neoclassical Liberal Argument
Conclusion
Bibliography
Index
André Nassif is an Associate Professor at Fluminense Federal University, Brazil, specializing in Macroeconomics, Economic Development, and International Economics. A former BNDES economist, he has taught globally and published widely in academic journals and edited volumes.
