Brazilian underdevelopment portrayed by its excluding growth dynamics: an empirical analysis based on Celso Furtado

Vol. 42 No. 2 (2022)

Apr-Jun / 2022
Published May 5, 2022
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How to Cite

Oliveira, Alanna Santos de, and Carlos Alves do Nascimentos. 2022. “Brazilian Underdevelopment Portrayed by Its Excluding Growth Dynamics: An Empirical Analysis Based on Celso Furtado”. Brazilian Journal of Political Economy 42 (2):481-502. https://doi.org/10.1590/0101-31572022-3269.

Brazilian underdevelopment portrayed by its excluding growth dynamics: an empirical analysis based on Celso Furtado

Alanna Santos de Oliveira
Economista-Pesquisadora do Centro de Estudos e Pesquisas Econômico-Sociais – CEPES, do Instituto de Economia e Relações Internacionais da Universidade Federal de Uberlândia – IERI-UFU, Uberlândia/ MG, Brasil.
Carlos Alves do Nascimento
Professor Associado do Instituto de Economia e Relações Internacionais da Universidade Federal de Uberlândia – IERI-UFU, Uberlândia-MG, Brasil.
Brazilian Journal of Political Economy, Vol. 42 No. 2 (2022), Apr-Jun / 2022, Pages 481-502

Abstract

Celso Furtado’s analysis of Brazilian underdevelopment is widely recognized for
its historical-structural approach, while his macroeconomic analytical bias often receives little
attention. Considering this, in addition to giving emphasis to this perspective of his analysis,
this work aims at carrying out an empirical essay which tests the relationships among the
main variables of the author’s scheme. For this purpose, an SVAR (Structural Vector Autoregressive)
is used with data from Brazilian economy, from 1965 to 2015. The results show
that the tested interrelations are consistent with his macroeconomic interpretation of the
growth process of Brazilian economy in the boundary of underdevelopment.

JEL Classification: O11.


Keywords: Celso Furtado underdevelopment growth wages subsistence sector