Towards a Robinsonian interpretation of capital accumulation in Latin America

The implementation of countercyclical macroeconomic policies in many countries of Latin America in response to the international financial crisis of 2008-2009 (ECLAC, 2012) coincided with something of a revival in short-term Keynesian macroeconomic policies, but this did not extend to the adoption of policies informed by long-term Keynesian or post-Keynesian thinking. This is particularly evident in the case of Joan Robinson’s contributions. The lack of mathematical formalization in the original model put forward by Robinson has, along with the sheer diversity of the formalizations proposed by numerous academics, been regarded as one of its weaknesses (Skott, 2004) or one of the factors militating against its use (Backhouse, 2003).

Related Subject(s): Economic and Social Development