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Raúl Prebisch and economic dynamics: cyclical growth and centre-periphery interaction

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Date
2016-04
Author
Pérez Caldentey, Esteban
Vernengo, Matías
UN Symbol
LC/G.2676-P
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Abstract
Prebisch believed that understanding the evolution of capitalist economies over time and in different contexts required a general cycle approach, encompassing all the different areas of economic activity, which he labelled “economic dynamics.” This theory, developed between 1945 and 1949, stemmed from a critique of both neoclassical and Keynesian theories, which Prebisch viewed as static representations of capitalism. It was applied first to a closed economy and then to a centre-periphery context. The theory combined the notion that profit is the driving force of economic activity, with a process of forced savings and the idea that the time lag between income circulation (and the resulting demand) and the completion of the production process are the main source of cyclical fluctuations. Prebisch’s dynamics theory, which he never completed, influenced his “development manifesto” (Prebisch, 1950).
Translation
Raúl Prebisch y la dinámica económica: crecimiento cíclico e interacción entre el centro y la periferia
Published in:
CEPAL Review   No.118

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CEPAL Review
ECLAC Subtopics
INTERNATIONAL TRADE ; MACROECONOMICS ; STRUCTURAL HETEROGENEITY
United Nations Subtopics
ECONOMISTS ; ECONOMICS ; ECONOMIC DEVELOPMENT ; BUSINESS CYCLES ; PERIPHERAL CAPITALISM
Country / Region
LATIN AMERICA
URI
https://hdl.handle.net/11362/40434
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