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paper: Developmental capitalism and the liberal alternative
Author: Luiz Carlos Bresser-Pereira
Paper presented at the annual conference of the Society for the Advencement of Socio-Economics, Milan: June 29, 2013., vol. , nº , /2013, pp. -
Abstract: Once it became clear that socialism was not a medium-term alternative to capitalism, a new approach developed in the study of capitalism – the models of capitalism approach. But it is unable to set out an alternative to economic liberalism although liberal capitalism was again proving unable to promote growth with stability. In this paper, I return to the stages approach and add to it the coordination approach, to compare developmentalism with economic liberalism. Developmentalism – a form of social organization of capitalism wherein the state plays a moderate but strategic role in regulating markets and coordinating the economic system – first appeared historically under the name of mercantilism, which was also the era that gave birth to capitalism; it appeared for the second time in the 30 Golden Years of Capitalism (1946–73). It is associated with structuralist development economics and with Keynesian macroeconomics. Economic liberalism first appeared in the 19th century. Its second moment was the 30 Neoliberal Years of Capitalism (1979–2008), but, much in the same way as the first phase of economic liberalism fell apart with the 1929 New York stock exchange crash, its failure has demonstrated that it was not a real alternative to the developmental and social-democratic state built in Europe after World War II. It is associated with neoclassical and Austrian economics. In this paper the author concludes, first, that historically, developmentalism has been the alternative form of economic and political organization of capitalism to economic liberalism, and, second, that developmental capitalism and its political expression, social democracy, is superior to liberal capitalism. If this analysis makes sense, after the present transition crisis, a third form of developmentalism will emerge from the ashes of neoliberalism, and will take the form of a developmental capitalism coordinated by markets and by a new developmental state pursuing democratically defined political objectives.

paper: The past and the future of the developmental state
Author: Amiya Kumar Bagchi
Journal of World-Systems Research, vol. 6, nº 2 , Summer/2000, pp. 398-442

The New Developmentalism Project - Structuralist Development Macroeconomics Center - São Paulo School of Economics of Getulio Vargas Foundation

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