The ideas of Prebisch

This paper reviews the evolution of Prebisch’s thought from his early focus on the centre-periphery dynamics to his latest writings on the crisis in peripheral capitalism. An analysis of some of Prebisch’s fundamental ideas follows. Evidence is provided which supports Prebisch’s core ideas, as well as bearing out the observation that he changed with the limes, though probably not enough. The author argues that while Prebisch’s ideas can help restore some balance to the current debates regarding the merits of free markets, his analysis of what the State is capable of doing was insufficient.