This paper sketches some basic features of the pattern of finance prevailing
during the Korean process of heavy industrialization in the seventies, as well as the financial
restructuring by which the Korean economy managed to cross over the foreign debt crisis in
the eighties. Emphasis is laid upon Korean privatization of state banking and corresponding
foreign liabilities, as contrasted to the state absorption in the Brazilian case.

JEL Classification: O53; L52.

In Brazil there is a general consensus that fiscal adjustment measures are required
to obtain price stability. Nevertheless, this appears as an empty consensus because
it is stated as general propositions with little operational content. This article intends to go
a little further presenting fiscal issues and reforms related to the theory of fiscal federalism.
It is argued that most of macroeconomic fiscal problems arises from an unclear division of
duties between federal and state and local governments. Political resistances to change are
reported and a scheme of fiscal federalism combined with revenue sharing is proposed as
a way to overcome the obstacles to reform since it associates local demand diversity with
regional income redistribution.

JEL Classification: H20; H77; H71.

This article analyzes the influence exercised by the so-called “American model”
on the setting up of the institutional framework which allowed the consolidation of scientific
competence in Economics in Brazil. It shows the principal mechanisms through which
the patterns established in the developed countries, in the USA in particular, were incorporated
into the studies of Economics in Brazil; and also, the resistance met by the process of
internationalization or Americanization in some areas of the university environment in the
country. The data and tables organized offer a quantitative dimension of this process.

JEL Classification: A20; A11.

This paper presents a reflection about the contemporary agricultural crisis in the
developed countries. We try to show that it results not only from the supply/demand disequilibrium,
as it is supposed by the majority of the analysts, but also by what we consider as structural
factors of the technological modernization pattern. It seems that, by ecological reasons,
it is over the historical trend of increasing agricultural labor productivity which allowed the
farmers income to rise and the agricultural prices to fall. In these countries the farmers income
has been reduced compared to that of urban workers. The only solution for this problem
would be transforming the agricultural producers into agro-industrial producers.

JEL Classification: Q11; Q18.

This paper deals with the relation between money and value in Marx’s work.
It has three purposes. The first (section I) is to criticize Brunhoffs approach to this subject
in “Money in Marx” (1978). The second (section II) is to demonstrate that this conception
may imply results that seem inadequate to a correct comprehension of capitalism. Finally,
section III aims to reply some critical considerations made by Mollo (1991) about Fausto’s
approach to the question. Attention is called to methodological and theoretical aspects in
the paper as a whole.

JEL Classification: D46; B51; E51.

Deregulation and antitrust enforcement revival are two recent tendencies in developed
and third world countries as well. At first sight, they seem inconsistent as deregulation
stresses the free market organization, while antitrust policy limits private business strategies.
This paper discusses the economic reasons for regulation and antitrust enforcement
and the relationship between industrial and antitrust policies. Some historical examples are
brought to the discussion, including the Brazilian experience.

JEL Classification: K21; L44.

This article discusses the question of the relationship between the degree of
centralization of the price-decision-making process of economic agents and the inflation rate.
There are compared in a theoretical model, the conventional wisdom that postulates a positive
relationship between the two variables, the so-called “neo-corporativist” vision that puts
exactly the opposite conclusions, and an alternative conciliating the other two that will be
our principal focus. We will also analyse the behavior of organizations in the economy based
on the Olson work, taking some interesting implications to the model. It’s put in perspective
the question of the Brazilian union organization based on the model.

JEL Classification: E31; J51.

Innovative practices in leading Brazilian companies have been noted in a number
of recent research publications. Innovations have occurred mainly in the fields of technology,
organization and in the production and labour processes. How far and deep would these
recent changes need to develop and diffuse in order to constitute a national model of production
and labour management? This article explores the alternatives available to Brazil in the
1990s by balancing the potential of these changes for growth – or for stagnation – in face of
recent international trends towards new production and labour management styles.

JEL Classification: P12; J01.

The paper provides historical data of inflationary tax and inflationary transfers
to commercial banks in Brazil.

JEL Classification: E31.

The paper tries to demonstrate that the fundamental aim of Keynes’ work as an economist was to solve important issues in economic theory and not, as commonly said, to influence public policy. Indeed, his vision of economics as a moral science, that employs introspection and judgements of value, prevents him of committing the Ricardian Vice, so that the Schumpeterian charge is groundless. The work concludes that Keynes was aware of the Senior Indetermination.

JEL Classification: B31; B21.

Contrary to the huge development of the Brazilian economy from the post-war
to the end of the seventies, the eighties signified the rupture of this cycle and the combination
of a chronic inflationary process, the economic stagnation and the worsening of
income inequality. These factors together have not revealed to be neutral concerning the
distributive aspect. Between 1981 and 1989, the income of the 10 per cent richer increased
14,2 per cent, while the income of the 20 per cent poorer decreased 26 per cent. This work
presents some international comparisons, even on the functional as well as on the personal
distribution of income and concludes that this distribution becomes a fundamental aspect
to the stabilization and to the economic-social development recovering.

JEL Classification: O15.

Em 27 de fevereiro de 1994, o Governo Federal publicou a exposição de motivos
para criação da Unidade Real de Valor-URV. Além disso, editou a Medida
Provisória n2434 e o Decreto nº 1066. A segunda fase do Plano Real, baseada
nas ideias originais de Pérsio Arida e André Lara Resende, ficou definida.
No dia 7 de julho de 1994, foi implantada a reforma monetária que completou
o Plano. Publicou a seguir os atos de 27 de fevereiro de 1994.