An interpretation of the Brazilian economy from the profit rate: 1950-2020

Adalmir Marquetti, Eduardo Maldonado Filho (), Alessandro Miebach and Henrique Morrone ()

Brazilian Journal of Political Economy, 2023, vol. 43, issue 2, 309-334

Abstract: The paper investigates the path of the profit rate and its components in Brazilbetween 1950 and 2020. The high growth in developmentalism, 1950-1980, in contrast to thegreat stagnation in neoliberalism, 1980-2020, is interpreted based on the rate of profit and itscomponents: the profit share, the productivity of capital and the level of capacity utilization.The fall in the rate of profit due to the decline in capital productivity resulted in a slowdownin the rate of capital accumulation and economic growth. In the 1980-2020 period there wasa structural break in the relationship between productive investment and profits with theadoption of neoliberalism, the same profit rate resulted in lower capital accumulation. Thegreat stagnation is explained by the fall in the profit rate and the adoption of neoliberalism. JEL Classification: E25; N16; O30.

Keywords: Brazil; profit rate; labor productivity; capital productivity; profit share; capacity utilization (search for similar items in EconPapers)
Date: 2023
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