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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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Neostructuralism and macroeconomics for development

One of the fundamental responsibilities of the State in the field of economic and social development is for the overarching environment in which the producers and consumers of goods and services of the national economy operate, known as the macroeconomy. When designing the macroeconomic environment, two basic features should be borne in mind: that it should enable the full use of production resources, with sustainable domestic and external balances, and that it should support the building of new capacities. Among other conditions, domestic demand needs to evolve in step with production capacity, or potential GDP, and macroeconomic prices (particularly, the exchange rate) needs to be compatible with a sustainable external balance. This is what has been called macroeconomics for development, which is essential to developing a strategy for growth with equity.

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