Al Campbell Paul Cooney Claudio Lara Cort é s Abelardo Mari ñ a Flores Sergio C á mara Izquierdo Orlando Justo Diego Mansilla Gilberto Marquez

Transcription

1 Contributors Al Campbell is a professor at the economics department of the University of Utah, Salt Lake City, USA. Paul Cooney is a professor at the Universidad Nacional de General Sarmiento in Buenos Aires, Argentina and has been a member of the URPE Steering Committee since Claudio Lara Cort é s is an economist member of the Red de Estudios de Econom í a Mundial (REDEM) and SEPLA. Abelardo Mari ñ a Flores is a professor of political economy at the Universidad Aut ó noma Metropolitana-Azcapotzalco, Mexico. Sergio C á mara Izquierdo is a professor of political economy at the Universidad Aut ó noma Metropolitana-Azcapotzalco, Mexico. Orlando Justo is a professor in the Department of Business Management at BMCC/City University of New York. Diego Mansilla is a professor at the Universidad Nacional de Buenos Aires (UBA), Argentina. Gilberto Marquez is a professor at the Universidade Federal do Par á, Brasil. Guillermo Maya Mu ñ oz is a researcher and professor at the economics department at the Universidad Nacional de Colombia, Medell í n, Colombia. Guido Perrone is a researcher and professor at the Universidad Nacional de General Sarmiento in Buenos Aires, Argentina. Juan E. Santarc á ngelo is a researcher of the Consejo Nacional de Investigaciones Econ ó micas y T é cnicas (CONICET) and a professor at the Universidad Nacional de Quilmes in Buenos Aires, Argentina. Daniel Restrepo Soto is a graduate student at the economics department at the Universidad Nacional de Colombia, Medell í n, Colombia.

2 Index accumulation, 2 in Argentina, 33 aggregate demand in Brazil, 67 in Colombia, 109 role in theories of disproportionality and underconsumption, 19 agricultural sector in Argentina, 45 in Brazil, 57, 76 in Cuba, 194 in Venezuela, 206 Al Campbell, 3, 141 American financial system, 13 anti-labor bias in Mexico, 180 policies in Mexico, 176 Argentina, 2, 33 Baran, Paul, 19 Barco, Virgilio, 87 BNP Paribas, 10 Brazil, 3, 59 and Argentina, 52 capital accumulation, 23 in Brazil, 63 in post-war Mexico, 168 capital flight, 40 in Argentina, 44 in Latin America, 234 in Venezuela, 198, 216 capital flows, 39 in Chile, 119, 124 in Colombia, 111 capital inflows in the U.S., 12 capitalist system Marxian tradition, 28 Carchedi, Guglielmo, 24 central bank in Colombia, 103 Chávez, Hugo, 197 Chile, 3, 117 economic model, 117 China and Argentina, 54 and Brazil, 83 and Colombia, 98 collateralized debt obligations, 9 Colombia, 3, recession, 107 commercial impacts of the crisis, 232 transmission chanel in Argentina, 40 commodity prices in Argentina, 48 in Brazil, 84 impact of Chinese demand on, 99 consumption in Brazil, 67 domestic in Colombia, 99 role in Post-Keynesian explanation of the crisis, 15 in Venezuela, 199 See energy: consumption

3 252 Index convertibility regime in Argentina, 36 Cooney, Paul, 1, 59, 229 copper in Chile, 122, 127 prices, 236 Cortés, Claudio Lara, 3, 117 countercyclical measures in Brazil, 68 countercyclical policies, 2 credit market dynamism in Chile, 125 credit systems in Chile, 134 crisis of accumulation in the 1970s, 61 in Brazil, 65 cuases and theoretical explanations, 5 future perspectives, 29 impact on Argentina, 39 Marxist explanations, 17 outbreak of the Global Crisis, 6 Post-Keynesian explanation, 15 theoretical frameworks, 229 triggers and the real causes for Marx, 18 Cuba, 3, 141 economic transformation, 143 deindustrialization in Brazil, 73, 77 in Colombia, 100 in Mexico, 181 energy consumption in Argentina, 51 in Latin America, 235 prices in Colombia, 108 production in Argentina, 50 in Venezuela, 194 exchange rate in Colombia, 104 Latin America, 232 in Mexico, 185 export promotion in Chile, 127 external debt evolution in Argentina, 42 in Chile, 133 chronic debt in Mexico, 177 in Venezuela, 217 external vulnerability in Brazil, 59 falling rate of profit theory of crisis, 23 Fannie Mae and Freddy Mac, 13 fictitious capital, 65 as a cause of the crisis, 22 finance capital, 63 financial fragility hypothesis, 16 financial mechanism, 40 financial sector in Brazil, 71 in Chile, 118 in Colombia, 101 liberalization in Mexico, 178 financialization, 22, 59 Flores, Abelardo Mariña, 4, 165 foreign direct investment, 3 in Argentina, 40 in Brazil, 59 in Chile, 128 in Colombia, 89, 95 in Cuba, 149 Latin America, 232 in Mexico, 177 foreign indebtedness in Argentina, 42 Foster, John Bellamy, 20 future scenarios for Brazil, 82 for Latin America, 243 GDP growth in Argentina, 34 in Brazil, 66 in Chile, 120 in Colombia, 89 in Cuba, 145

4 Index 253 in Latin America, 168, 230 in Mexico, 166 in Venezuela, 198 Gerard, Dumenil and Levy, Dominique, 22 global crisis in Argentina, 33 in Brazil, 59 in Chile, 119 in Cuba, 141 debates and conclusions, 26 in Latin America, 234 in Mexico, 166 government reforms since 2003 in Venezuela, 197 government spending in Brazil, 68 household mortgage liabilities, 7 Human Development Index, 217 hydrocarbon sector in Venezuela, 206 income distribution in Colombia, 103 in Venezuela, 217 industrialization by import substitution in Argentina, 45 in Mexico, 169 in Venezuela, 196 inflation in Chile, 121 in Colombia, 92 3 in Mexico, 178 in Venezuela, 198 informal employment in Brazil, 80 institutional environment in Colombia, 94 interest rate in Brazil, 71 in Latin America, 232 in Mexico, 185 in U.S., 9 International Monetary Fund in Argentina, 43 international trade in Argentina, 34, 46 investment in Chile, 132 Latin America, 233 Izquierdo, Sergio Cámara, 4, 165 JP Morgan Chase, 10 Justo, Orlando, 1, 5, 229 Kirchner, Cristina Fernández de, 43 Kirchner, Nestor, 42 Kirchner administration in Argentina, 36 Kliman, Andrew, 25 Kotz, David, 22 labor market conditions Latin America, 238 labor productivity in Chile, 134 Lapavitsas, Costas, 22 Latin America insertion in the world economy, 241 Latin America s future perspectives, 229 Lehman Brothers, 11 limits of cyclical economic policy, 184 loan instruments and different types, 7 mortgage, 8 Luxemburg, Rosa, 19 macroeconomic effects of the crisis in Venezuela, 202 performance in Brazil, 66 policies in Chile, 119 Magdof, Harry, 19 Mansilla, Diego, 4, 193

5 254 Index manufacturing sector in Argentina, 34 in Brazil, 74 chronic shortage of foreign exchange in Argentina, 45 in Colombia, 100 employment generation in Venezuela, 212 in Venezuela, 201, 209 Marquez, Gilberto, 59 Marx on crisis, 17 Mexico, 165 mining in Brazil, 74 in Chile, 128 in Colombia, 93 Minsky, Hyman, 17, 28 three types of borrowers: hedge, speculative, and Ponzi, 16 monetary policy in Mexico, 184 Moseley, Fred, 25 multinational corporations in Colombia, 97 in Mexico, 181 Muñoz, Guillermo Maya, 87 neoclassical economics main assumptions, 14 neoclassical explanation of crisis, 13 neoliberal policies, 61 in Mexico, 175 neoliberalism as the cause of the crisis, 22 nickel sector in Cuba, 154 North American Free Trade Agreement, 177 Northern Rock, 10 NY Federal Reserve Bank, 10 OECD, 5 oil industry in Venezuela, 203 prices influence in Venezuela s performance, 215 organic composition of capital, 24 Perrone, Guido, 33 petroleum industry in Venezuela, 195 Piketty, Thomas, 101, 115 Post-Keynesians main assumptions on the causes of crisis, 15 poverty, 238 primary sector in Venezuela, 205 rate of exploitation, 24 rate of profit in Argentina, 44 in Colombia, 101 Marxian definition, 23 in Mexico, 168 reform of the 1990s in Colombia, 89 remittances in Argentina, 40 rentier-state in Venezuela, 196 reprimarization in Argentina, 55 in Brasil, 74 in Brazil, 65, 79 in Chile, 129 in Colombia, 98 Latin America, 241 reserves in Argentina, 43 in Chile, 123 Roberts, Michael, 25 role of the State in Latin America, 235 Rousseff, Dilma, 3, 59, 84 Santarcángelo, Juan E., 1, 2, 4, 5, 33, 229 securitization of mortgages, 62

6 Index 255 service sector in Brazil, 75 in Chile, 129 in Cuba, 148 Shaikh, Anwar, 26 Silva, Lula da, 3, 59 Sismondi, Simondi de, 19 social indicators evolution in Latin America, 238 Soto, Daniel Restrepo, 87 Soto, Restrepo, 3 soybeans production in Argentina, 46 state banks in Brazil, 69 stock market in Brazil, 74 Latin America, 232 structural transformations in Mexico, 168 sub-prime borrowers, 8 globalization, 11 loans, 9 Sweezy, Paul, 19 terms of trade in Argentina, 45 theories of disproportionality, 18 tourism in Cuba, 155 trade in Brazil, 70 in Colombia, 99 evolution in Cuba, 146 Latin America, 235 in Mexico, 177 transformation from a stable economy into a fragile one, 16 under-consumption theories of crisis, 19 three types of effective demand, 20 unemployment in Brazil, 80 in Chile, 120 in Colombia, 90 US housing market, 61 Venezuela, 4, 193 economic history, 195 employment, 217 wages in Colombia, 90 in Venezuela, 219