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ABSTRACT This paper explores the relationship between economic growth and tax incentives, while verifying the hypothesis of convergence in SUDENE’s coverage area. Results indicate that tax incentives positively and significantly affect productivity growth at municipal level, both in the aggregate and in industrial sectors, and at state level, in the aggregate and in the sectors of services and public administration. As for convergence, there is municipal and state σ-convergence in the aggregate and in the sectors of industry, services, and public administration. β-convergence is found at municipal and state levels in the aggregate and in all sectors.

Resumo em Inglês:

ABSTRACT The most prominent current developments of capitalism are the new Schumpeterian cycle and the new international division of labor. The emergence of new global actors takes place through state intervention, which suggests that state regulation tends to preserve its role. The conclusion is that the Welfare State has its role assured as an instrument that guarantees the proper functioning of the capitalist economy in the twenty-first century. It is likely to undergo changes in its scope, though not in its essence, and a possible synthesis of the Welfare State is likely to be forged.

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Abstract The article analyzes the Brazilian trade balance according to the Classification by Broad Economic Categories and tests the stability of import demand using Ordinary Least Squares regressions and Bai and Perron (2003) structural break tests, with monthly data from 1997 to 2023. The results indicate a deterioration in Brazil’s integration into international trade, with deficits in sophisticated sectors and surpluses in basic activities. Instability in import demand coefficients is observed during periods of high economic activity and the 2009 crisis. It is concluded that Brazil needs industrial policies to reverse this unfavorable external integration.

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ABSTRACT Keynes did not agree with Marx’s theory of money because it impeded the elaboration of monetary reforms to control capital accumulation. In contrast to Marx’s ideas, the policy proposals of Gesell, which reach back to Proudhon, indicate that it is possible for society to tame the chaotic forces of money in search of profits to guarantee economic and social prosperity. By interpreting the concept of liquidity preference with help of set theory from mathematics, we indicate that the core of the controversy lies at the question about the structural distinction between goods and money, and that Marx’s theory of money is indeed compatible with a monetary reform along the lines proposed by Proudhon, Gesell and Keynes.

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ABSTRACT Studies increasingly demonstrate that deindustrialization impacts electoral performance, affecting left - and right - wing parties differently. However, there is limited analysis of the mechanisms linking deindustrialization to voting patterns. This paper tests the hypothesis that union weakening is a key mediating factor in this relationship. Analyzing Brazilian presidential elections (2002-2022), the study finds that municipalities experiencing both deindustrialization and union decline exhibit stronger effects of industrial loss on voting. The results suggest that the erosion of organized labor, driven by deindustrialization, is crucial to understanding current electoral dynamics, highlighting the importance of this mechanism in shaping political outcomes.

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ABSTRACT This article examines Alberto Guerreiro Ramos’s contributions to understanding the dilemmas and prospects of Brazilian economic development, emphasizing the originality and relevance of his thought. The methodological approach is based on a bibliographic review, aiming to identifying the State of the Art on the subject. The analysis is structured around four axes: i) biographical context, ii) theoretical-methodological foundations, iii) critiques of structural obstacles, and iv) proposals for a national-developmental project in Brazil. The study concludes that Guerreiro Ramos’s work represents a landmark in Critical Sociology and Sociology of Development, in Brazil and should be further explored in contemporary economic studies.

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Abstract This article examines two non-canonical episodes of Dutch disease in Mexico (1988-1994 and 2018-2025), demonstrating that sustained real exchange rate appreciation and manufacturing debilitation can arise absent commodity-driven terms of trade improvements. The first episode originated in exchange rate mismanagement under the Pacto de Solidaridad Económica; the second, in financially mediated carry trade dynamics amid elevated interest rate differentials. Drawing on structuralist and new-developmentalist frameworks, we show that both episodes engendered deindustrialization symptoms, stagnant domestic manufacturing output despite resilient exports, transmitted through financial rather than commercial channels, thereby tightening the balance-of-payments constraint on long-term growth.

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ABSTRACT This study investigates the determinants of investment rate in Brazil over the period 1995-2019, drawing on the post-Keynesian approach proposed by Bhaduri and Marglin (1990). Using annual time-series data and Vector Autoregressive (VAR) and Vector Error Correction Model (VECM) techniques, the results show that aggregate demand - proxied by GDP - exerts a positive and persistent influence on investment, confirming the relevance of accelerator-type mechanisms. Profitability displays only transitory effects, while the wage share has a more durable and increasingly significant impact, surpassing profits as a driver of investment in the long run. These findings indicate that Brazil’s growth regime is hybrid, with wage-led features prevailing over profit-led dynamics. The evidence underscores the importance of redistributive and demand-oriented policies to foster capital accumulation and sustain long-term growth from a post-Keynesian perspective.

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ABSTRACT This article examines the effects of Constitu-tional Amendment No. 95 (EC 95) on consolidating a regime of permanent fiscal austerity and the Public Budget Financialization in Brazil. It argues that EC 95 institutionalized a state model prioritizing fiscal stability over social equity, with negative impacts on sectors such as healthcare, education, and social security. Drawing on critical literature and secondary data, the study reveals a shift toward a liberal welfare regime and proposes alternatives such as progressive tax reform, renewed public investment, and an active industrial policy as necessary strategies to rebuild Brazil’s social contract and promote inclusive development.

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ABSTRACT This article addresses the complexity and breadth of China’s economic development since the Economic Reforms of 1978, from a macro-institutional perspective. It aims to understand the compatibility between the composition and configuration of the “institutional matrix,” encompassing the relationships among the state, markets, and enterprises. Particular emphasis is placed on the existence of a “deeply embedded institutional framework” as a fundamental component of China’s economic planning, which extends across all administrative spheres and includes both domestic and foreign private sectors. This framework has supported ongoing institutional innovations, which have, in turn, been essential to the country’s economic development.

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Abstract The article analyzes war as a process of financial accumulation. It argues that military expenditure, in articulation with finance, operates as a central mechanism for compensating insufficient effective demand and the declining rate of profit. The objective is to examine the connection between the financialized accumulation regime and the military-industrial complex over the period 1949-2024. The study mobilizes empirical evidence on the financialization of war through the channels of public debt markets, stock markets, and the control of the defense industry by asset managers and investment funds.

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ABSTRACT Theeconomic globalization, underway since the 1970s, when the Bretton Woods international monetary system collapsed, has been responsible for several exchange rate and financial crises in the world economy. In the absence of a consensus among nation-states and multilateral institutions on the reform of the international monetary and financial system, the creation of regional economic arrangements has become an alternative. This article proposes a regional economic arrangement for South America based on Davidson’s plan for an International Monetary Clearing Union.