This article analyzes the economic growth in Brazil in 1950–2008. It shows that a fall in both the profit rate and the output/capital ratio is behind the debt crisis and the subsequent neoliberal restructuring since the late 1980s. Therefore, there has not been any disconnection between profitability and investment, so the capacity to generate surplus underlies the particularities of the capital accumulation during both the import substitution and the neoliberal phases.
BrunoM.2007. Financiarisation et accumulation du capital productif au Brésil. Les obstacles macro-économiques à une croissance soutenue. Revue Tiers Monde189: 65–92.
6.
BrunoM.DiawaraH.AraújoE.ReisA. C.RubensM.2009. Finance-led growth regime no Brasil: Estatuto teórico, evidências empíricas e consequências macroeconômicas. Texto para Discussão1455, IPEA, Rio de Janeiro, December.
7.
CarchediG.1991. Frontiers of Political Economy. London: Verso.
CimoliM.PorcileG.PrimiA.VergaraS.2005. Cambio estructural, heterogeneidad productiva y tecnología en América Latina. In Heterogeneidad estructural, asimetrías tecnológicas y crecimiento en América Latina, ed. CimoliM., 9–39. Santiago de Chile: ECLAC (LC/W.35).
10.
DalumB.LaursenK.VerspagenB.1999. Does specialization matter for growth?Industrial and Corporate Change8 (2): 267–88.
11.
EmmanuelA.BettelheimC.AminS.1973. Imperialismo y comercio internacional. Mexico City: Siglo XXI.
12.
FeijóC.LamonicaM.2012. Importancia del sector industrial para el desarrollo de la economía brasileña. Revista de la CEPAL107: 115–36.
FreemanA.2016. Booms, depressions and the rate of profit: A pluralist, inductive guide. In The Great Financial Meltdown: Systemic, Conjunctural or Policy Created? ed. SubasatT., 73–96. Northampton, MA: Edward Elgar.
15.
GaulardM.2010. La désindustrialisation Brésilienne: Une lecture marxiste. Problemas del desarrollo41 (161): 82–107.
16.
GonçalvesR.2006. Desestabilização macroeconômica e dominação do capital financeiro no Brasil. In Neoliberalismo y sectores dominantes, coords. E. Basualdo and E. Arceo, 207–36. Buenos Aires: CLACSO.
GonzálezJ.MariñaA.1992. Formación de capital, productividad y costos: relaciones básicas. Análisis EconómicoX(20): 3–17.
19.
Groningen Growth and Development Centre (GGDC). 2007. Groningen Growth and Development Centre 10-sector database. Data Latin America, Brazil, June, University of Groningen. http://www.ggdc.net/. (accessed May 23, 2013).
20.
HermannJ.2011. Reformas, endividamento externo e o “milagre” económico. In Economia Brasileira contemporânea (1945–2010), ed. GiambiagiF.VillelaA.CastroL. B.HermannJ., 49–72. Rio de Janeiro: Campus.
21.
HofmanA.1992. Capital accumulation in Latin America: A six country comparison for 1950-89. Review of Income and Wealth38(4): 365–401.
22.
Instituto de Estudos para o Desenvolvimento Industrial (IEDI). 2007. O problema do preço relativo do investimento fixo no Brasil. São Paulo: Instituto de Estudos para o Desenvolvimento Industrial.
23.
Instituto de Pesquisa Econômica Aplicada (IPEA). 2017. Base de dados macroeconômicos. Instituto de Pesquisa Econômica Aplicada. http://www.ipea.gov.br. (accessed February 15, 2017).
24.
MariniR. M.1973. Dialéctica de la dependencia. Mexico City: Era.
25.
MarquettiA.2012. Banco de dados. Pontifícia Universidade Católica do Rio Grande do Sul, unpublished paper.
26.
MarquettiA.FilhoE. M.LautertV.2010. The profit rate in Brazil, 1953–2003. Review of Radical Political Economics42 (4): 485–504.
27.
MarquettiA.PorsseM.2014. Patterns of technical progress in the Brazilian economy, 1952-2008. CEPAL Review113(4): 57–73.
28.
MarxK.1857–58. Grundrisse, vol. I. New York: International Publishers.
29.
MarxK.1867. Capital, vol. I. New York: International Publishers.
30.
MateoJ. P.2007. La tasa de ganancia en México, 1970–2003 (Doctoral dissertation, Complutense University of Madrid, Spain).
31.
MedialdeaB.2012. Límites estructurales al desarrollo económico: Brasil (1950–2005). Problemas del Desarrollo171 (43): 55–81.
32.
MohunS.2009. Aggregate capital productivity in the US economy, 1964–2001. Cambridge Journal of Economics33 (5): 1023–46.
33.
Organisation for Economic Co-operation and Development (OECD). 2001. Measuring Capital: OECD Manual. Paris: OECD Publishing.
34.
Organisation for Economic Co-operation and Development (OECD). 2007. OECD Employment Outlook 2007. Paris: OECD Publishing.
35.
RobertsM.2016. Monocausality and crisis theory: A reply to David Harvey. In The Great Financial Meltdown: Systemic, Conjunctural or Policy Created? ed. SubasatT., 55–72. Northampton, MA: Edward Elgar.
36.
RowthornR.RamaswamyR.1999. Growth, trade, and deindustrialization. IMF Staff Papers46 (1): 18–41.
37.
Saad-FilhoA.MolloM. L. R.2002. Inflation and stabilization in Brazil: A political economy analysis. Review of Radical Political Economics34 (2): 109–135.
38.
ShaikhA.1989. Accumulation, finance, and effective demand in Marx, Keynes, and Kalecki. In Financial Dynamics and Business Cycles: New Prospects, ed. SemmlerW., 65–86. New York: M.E. Sharpe.
39.
ShaikhA. (1990) 1991. Valor, acumulación y crisis. Bogotá: Tercer Mundo Editores.
40.
ShaikhA.1999. Explaining the global economic crisis. Historical Materialism5: 103–44.
41.
ShaikhA.2000. Explaining inflation and unemployment: An alternative to neoliberal economic theory. In Contemporary Economic Theory, ed. A. Vachlou, 89–105. London: Macmillan.
42.
ShaikhA.2016. Capitalism: Competition, Conflict, Crises. New York: Oxford University Press.
