Amado, Adriana Moreira; (1995) Disparate regional development in Brazil: A monetary production approach. Doctoral thesis (Ph.D), UCL (University College London).

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Abstract

Money at the regional level has not been properly treated. This can be understood within orthodox theory, since it is considered an irrelevant element that is only introduced in the analysis after all the real conditions of equilibrium have been settled in real terms. However, within heterodoxy this is not acceptable, since money can have a significant role in those theories. In this thesis we observe the lack of a monetary analysis within the regional development theory and use Dow's pioneer models as an attempt to overcome this gap. These models assume the Post Keynesian perspective of money as a non-neutral variable in Monetary Production Economies and demonstrate that in situations in which there is a significant differentiation in the structures of the regional economies money and the financial system can create vicious circles that tend to amplify the initial inequality in levels of development. We illustrate the model analysing the case of Brazil. First we establish the bases on which the regional question was settled. We point out that in this period financial elements had not a key role to play at the regional level, although it did at the national level. Then we analyse the period in which the State had no well-defined policy for the regions, searching for the main elements which determine the real and financial dynamic of the regional economies. State policies and institutions were developed for the peripheral regions in the 1960s; we examine whether these changes caused significant transformation in the private mechanisms. We find that the mechanisms which allow the generation of vicious circles which reinforce the disparate pattern of regional economic growth are not counteracted by the policies followed.

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