Development and Underdevelopment in the History of Economic Thought

The centrality of the notion of power to think the economy: R. Prebisch, C. Furtado.

mallorquin carlos, autonomous universsity of Zacatecas, Zacatecas, México

Recently Latin American economic thought has had a great "revival" and difussion, specially within and among western-centric discourses (anglosaxon and / or European), paradoxically it has lost most of its political and theoretical "punch" which can be observed in Latin America during the classic period of developmentalism 1950´s and 1960´s. My paper aims to underscore these aspects recovering Prebisch and Furtado´s main thesis. Power asymmetries between and among agents explain patterns of income distribution, and, in the last instance it can be made to understand so called "asymmetric price-demand elasticities", which in turn implies strategic reforms in the manner agents possess in separation certain specific elements of their conditions of existence. These aspects explain the heterogenous specificity of agents, regions and economic formations, Centre and Periphery alike


Keywords: Prebisch, Furtado, latin american structuralism, development