Metalistas x papelistas: origens teóricas e antecedentes do debate entre monetaristas e desenvolvimentistas [Metallists Vs. "Paper moneyists": theoretical origins and what preceded the debate between monetarists and developmentalists]

Pedro Cezar Dutra Fonseca and Maria de Lourdes Mollo ()
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Pedro Cezar Dutra Fonseca: UFRGS

Nova Economia, 2012, vol. 22, issue 2, 203-233

Abstract: The paper analyzes the debate between metallism and "paper moneyism" which took place in Brazil in the second half of the 19th century and advocates that the latter was one of the currents that contributed to the genesis of developmentalism. In order to do so, it reviews the monetary controversies in England since the beginning of that century. Based on them, it identifies the theoretical origins of the Brazilian debate, highlighting the issue that refers to the neutrality or non-neutrality of money. Next, it shows how this question was adapted to the peculiarities of the Brazilian economy, emphasizing the "paper moneyists'"option for growth, departing from the orthodoxy of that time. The influence upon the fledgling developmentalism is empirically studied based on the speeches of Getulio Vargas, since he was the central character of the developmentalist State that was central to the Brazilian post-1930 historical experience.

Keywords: Brazilian economy; Latin-American economic thought; economic development; bullionism; monetary controversies (search for similar items in EconPapers)
JEL-codes: B10 E42 N16 N26 (search for similar items in EconPapers)
Date: 2012
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