Neostructuralism and Heterodox Thinking in Latin America and the Caribbean in the Early Twenty-First Century

image of Neostructuralism and Heterodox Thinking in Latin America and the Caribbean in the Early Twenty-First Century
Neostructuralism delves more deeply into the issues addressed in structuralism, aiming to improve positioning in the international economy, boost productive employment creation, reduce structural heterogeneity and improve income distribution, while maintaining financial balances capable of sustaining changes in the sphere of production by means of social and State support. Far from being an insular system of thinking, neostructuralism is an open system that lends itself to dialogue with other philosophies that recognize the limitations of the dominant paradigm and object to its methodological monism. This book offers a fresh look at neostructuralism and heterodox thinking at the start of the twenty-first century. In a context shaped by the impacts of the worst economic and financial crisis since the Great Depression and by paradigmatic changes at the global level, it aims to carve out arenas for discussion between alternative lines of thinking in order to lay the foundations for a socioeconomically inclusive and environmentally sustainable model of development for the region.

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Growth, employment and equality: The new role of the State

Following the collapse of the belief in the omnipotence of market mechanisms, reflections on the role of the State are drawn from two observations. The first is the idea of growth with equity, which emerged in Latin America a decade ago, bucking the trend of rising inequality in the rest of the world. The second is that in systemic crises, economic analysis faces radical uncertainty, meaning that —as Joseph Schumpeter acknowledged— if models fail, it means that the macroeconomic theory must be wrong and that therefore a new approach must be adopted that inspires a new concept of development and of the State. This chapter addresses growth, employment, equality and the new role of the State. More specifically, it analyses the reorganization of the role of the State with a view to providing a mechanism whereby inequalities are consistently reduced under a long-term sustainable growth regime.

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