This study aims to investigate the relations between the level of the real exchange rate, foreign savings and domestic savings in Brazil. The appreciation of the domestic currency caused by financing the current account deficit reduces the expected profit rate in the tradable goods industry,...

We live in a capitalist world characterized by economic inequality. Inequality is a real curse, but it does not have to always increase. In different phases of capitalism, it may be increasing, constant, or decreasing, depending on the dominant type of technical progress (capital-using,...

Latin America has a long history of attempts to achieve regional integration, yet success has been modest. This paper contends that this is essentially due not so much to protectionist practices in the various countries, but to the lack of a common currency or, at least, of a tightly managed...

The present paper is a formalization of the critique of the growth with foreign savings strategy that one of its authors has been working on in recent years. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign...

Modern mainstream economics has assumed that the role of the state is limited to activities in which free markets failâthat is, cannot perform the task of equilibrating supply and demand at a price that is efficient. To the author, a Brazilian economist, this is a dangerous oversimplification...