Models of growth and distribution for Brazil
Taylor, Lance | Bacha, Edmar L. | Cardoso, Eliana A. | Lysy, Frank J.
The experience of Brazil in the last fifteen or twenty years provides a classic case for the study of economic change. Following several years of economic stagnation and political unrest, the military coup of 1964 inaugurated first a period of rigorous economic stabilization and then almost a decade of very rapid growth, accompanied by a marked increase in income inequality. Rapid expansion in exports and in the openness of the economy occurred simultaneously with increases in the depth and sophistication of financial intermediation. The functional income distribution apparently shifted toward capital, and at the same time the role of state enterprises increased enormously. An unprecedented marriage of private capitalism and state intervention produced a growth spurt unmatched in recent Latin American history. Regrettably, the pattern of income distribution was such that much of the population did not benefit from this growth. The papers in this volume explore the Brazilian experience from the point of view of political economy, using computable general equilibrium income distribution models. The investigation has focused on the interactions of growth and income distribution, though the length of the ongoing research project, which began in 1972, has allowed time for both intellectual enrichment and change. The purpose of this volume is to put together the authors' current ideas about the Brazilian economic model and to point to fruitful lines of future research.
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