Brazilian underdevelopment portrayed by its excluding growth dynamics: an empirical analysis based on Celso Furtado

Alanna Santos de Oliveira () and Carlos Alves do Nascimento ()

Brazilian Journal of Political Economy, 2022, vol. 42, issue 2, 481-502

Abstract: Celso Furtado’s analysis of Brazilian underdevelopment is widely recognized forits historical-structural approach, while his macroeconomic analytical bias often receives littleattention. Considering this, in addition to giving emphasis to this perspective of his analysis,this work aims at carrying out an empirical essay which tests the relationships among themain variables of the author’s scheme. For this purpose, an SVAR (Structural Vector Autoregressive)is used with data from Brazilian economy, from 1965 to 2015. The results showthat the tested interrelations are consistent with his macroeconomic interpretation of thegrowth process of Brazilian economy in the boundary of underdevelopment. JEL Classification: O11.

Keywords: Celso Furtado; underdevelopment; growth; wages; subsistence sector (search for similar items in EconPapers)
Date: 2022
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