THE LASTING RELEVANCE OF CELSO FURTADO IN UNDERSTANDING BRAZIL’S ECONOMIC DEVELOPMENT

Abstract

Celso Furtado was a renowned Brazilian economist who developed the theory of underdevelopment and criticized the dysfunctions of liberal ideology in situations of underdevelopment in primary-exporting economies. He argued that underdevelopment is a productive structure historically determined by the evolution of European capitalism and that the structural roots of underdevelopment must be sought in the historical chain of factors that determine dependence. To overcome underdevelopment, he defended macroeconomic planning and state intervention, in addition to arguing that the internal market and industrialization, driven by social criteria, generate development. This article will examine Celso Furtado's theory of underdevelopment and his critique of liberalism, as well as his proposals to overcome underdevelopment.