New and Classical Developmentalism compared: a response to Medeiros

Luiz Carlos Bresser-Pereira ()

Review of Keynesian Economics, 2020, vol. 8, issue 2, 168-177

Abstract: New Developmentalism, which Carlos Medeiros (2020) criticizes, is a new theoretical approach to development macroeconomics and the political economy of middle-income countries. It is a system of thought whose roots are in Post-Keynesian economics and Classical Developmentalism, but it is an open and growth-oriented approach. This paper summarizes the new theoretical framework. Thereafter, it responds to the indictments that New Developmentalism is neither a Post-Keynesian nor a developmental theory, but rather an expression of the ‘market failure approach,’ ‘methodological nationalism,’ the ‘mistaken’ association of exchange-rate economic growth, etc. The paper then argues that New Developmentalism is a system of thought that responds to the new realities of the globalized world and compares New Developmentalism with Classical Developmentalism.

Keywords: Developmentalism; Keynes; Post-Keynesian economics; exchange rate (search for similar items in EconPapers)
JEL-codes: B2 E11 O11 (search for similar items in EconPapers)
Date: 2020
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