Changes in times of globalization: is capitalism not progressive any more?

José Ricardo Tauile () and Luiz Augusto Estrella Faria ()

Brazilian Journal of Political Economy, 2005, vol. 25, issue 3, 233-253

Abstract: Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovations and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society’s productive structures, lowering investment, employment and growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency. JEL Classification: P17; O49; B15.

Keywords: Development; Economic Change; Productive Forces; Neoliberalism; Brazilian Economy (search for similar items in EconPapers)
Date: 2005
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