Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis. The approach originated with the work of the Economic Commission for Latin America (ECLA or CEPAL) and is primarily associated with its director Raúl Prebisch and Brazilian economist Celso Furtado. Prebisch began with arguments that economic inequality and distorted development was an inherent structural feature of the global system exchange. As such, early structuralist models emphasised both internal and external disequilibria arising from the productive structure and its interactions with the dependent relationship developing countries had with the developed world. Prebisch himself helped provide the rationale for the idea of import substitution industrialization, in the wake of the Great Depression and World War II. The alleged declining terms of trade of the developing countries, the Singer–Prebisch hypothesis, played a key role in this.
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👉 Structuralist economics in the context of Raúl Prebisch
Raúl Prebisch (April 17, 1901 – April 29, 1986) was an Argentine economist known for his contributions to structuralist economics such as the Prebisch–Singer hypothesis, which formed the basis of economic dependency theory. He became the executive director of the Economic Commission for Latin America (ECLA or CEPAL) in 1950. In 1950, he also released the very influential study The Economic Development of Latin America and its Principal Problems.
Structuralist economics in the context of Celso Furtado
Celso Monteiro Furtado (July 26, 1920 – November 20, 2004) was a Brazilian economist and one of the most distinguished intellectuals of the 20th century. His work focuses on development and underdevelopment and on the persistence of poverty in peripheral countries throughout the world. He is viewed, along with Raúl Prebisch, as one of the main formulators of economic structuralism, an economics school that is largely identified with CEPAL, which achieved prominence in Latin America and other developing regions during the 1960s and 1970s and sought to stimulate economic development through governmental intervention, largely inspired on the views of John Maynard Keynes. As a politician, Furtado was appointed Minister of Planning (Goulart government) and Minister of Culture (Sarney government).