Financing public investments in the capitalist economy and its economic and social effects: understanding its importance through history and Keynes’s theory
Palabras clave:
unemployment, public administration, basic social capital, financing public investments;, government investment
Resumen
The 1930s are historically recognized as the decade of the 1929 Crash and the years of economic non-stagnation for the US government and those of several European countries. The so-called “Keynesian” policies, despite being successful experiences, were continuously “attacked” ever since John Maynard Keynes launched his General Theory (GT). The success of the GT may be attributed to the significant reduction in unemployment at the time, mainly due to an increase in public investment spending. This is because the main device available for public administration to reduce a high unemployment rate, when an economy is in a cyclical state of recession/depression, is public investment, preferably investment in basic social capital. Having made this preamble, the main objective of the article is to discuss the importance of financing public investments in the capitalist economy and its economic and social effects, having as a basis for this the history and the economic theory of John Maynard Keynes. For this, it is crucial to adopt an exploratory, qualitative and bibliographic approach as a methodological procedure. It may be concluded that the only egress to stimulate private investment in times of crises, apart from measures to support consumption through social programs for the unemployed, is government investment. This is because government investments are autonomous investments, i.e., they do not depend on interest, nor on income. Furthermore, autonomous investment decisions, especially in the construction of public works with huge economic (roadways, ports, railways) and social (schools, hospitals and housing) repercussions, tend to break the barrier of distrust in relation to the future and promote a dynamic effect on the economy and society as a whole. Keynes, therefore, emphasizes the importance of governmental intervention to stabilize the economy. The importance of Keynes’s economic theory lies in the fact that his ideas brought a new perspective to economic theory and helped shape the economic policies implemented in many countries to this day. His contributions paved the way for a better understanding of economic dynamics, whether in the public or private sector, in stabilizing the economy, especially in times of crisis, and in promoting social welfare.
Descargas
La descarga de datos todavía no está disponible.
Citas
BEAUD, Michel. (2001). History of Capitalism, 1500-2000. Translated by Tom Dickman and Anny Lefebvre. New York: Monthly Review Press.
BLEANEY, Michael. (1985). The rise and fall of Keynesian economics: an investigation of its contribution to capitalist development. London: Macmillan.
CARVALHO, David Ferreira. (1994). Crises de hegemonia e globalização na ordem mundial. Papers do NAEA (UFPA), Belém, v. 31, p. 1-34, 1994. Available at: https://periodicos.ufpa.br/index.php/pnaea/article/viewFile/11981/8291. Viewed on: Jan. 10, 2024.
CARVALHO, David Ferreira; CARVALHO, André Cutrim. (2012). Crise Financeira, Recessão e Risco de Depressão no Capitalismo Globalizado do Século XXI. Cadernos CEPEC, [S.l.], v. 1, n. 5, abr. 2012. ISSN 2238-118X. Available at: https://periodicos.ufpa.br/index.php/cepec/article/view/6772 . Viewed on: Jan. 10, 2024.
CARVALHO, Fernando Cardim de. (1999). Políticas econômicas para economias monetárias. In: CARVALHO, Fernando Cardim de. Macroeconomia moderna: Keynes e economia contemporânea. Rio de Janeiro: Campus.
CARVALHO, André Cutrim; CARVALHO, David Ferreira. (2018). A economia monetária da produção capitalista de Keynes sob a perspectiva de compreensão da história e da teoria. HISTÓRIA ECONÔMICA & HISTÓRIA DE EMPRESAS, v. 21, p. 233-274. Available at: https://hehe.org.br/index.php/rabphe/article/view/514/403 . Viewed on: Jan. 10, 2024.
CHICK, Victoria. (1993). Macroeconomia após Keynes: um reexame da teoria geral. Rio de Janeiro: Forense Universitária.
CROZIER, Andrew J. (1997). The causes of the second world war. Massachusetts: Blackwell Publishers Ltda.
DAVIDSON, Paul. (1994). Post Keynesian macroeconomic theory: A foundation for successful economic policies for the Twenty-first Century. Cambridge: England; Edward Elgar.
DENZIN, Norman K.; LINCOLN, Yvonna S. (2006). O planejamento da pesquisa qualitativa. Porto Alegre, Penso, 432 p.
DILLARD, Dudley. (1993). A teoria econômica de John Maynard Keynes. São Paulo, Pioneira.
DUROSELLE, Jean Baptiste. (1917). A Europa de 1815 aos nossos dias: vida política e relações internacionais. Tradução de Olívia Krakenbuhl, 3ª ed. São Paulo: Pioneira.
FIGARO, Roseli. A triangulação metodológica em pesquisas sobre a comunicação no mundo do trabalho. Revista Fronteiras - Estudos Midiáticos, v. 16, n. 2, p. 124-131, 2014. Available at: https://doi.org/10.4013/fem.2014.162.06 . Viewed on: Jan. 10, 2024.
FLIK, Uwe. (1998). Qualitative research. London, Sage, 256 p.
GALBRAITH, John Kenneth. (1988). 1929: O Colapso da Bolsa. São Paulo, Pioneira.
GARLIPP, José Rubens Damas. (2001). Economia desregrada: Marx, Keynes e Polanyi e a Riqueza no Capitalismo Contemporâneo. Orientador: Luiz Gonzaga de Mello Belluzzo. 248 f. Tese (Doutorado) - Instituto de Economia, Universidade Estadual de Campinas. Available at: https://repositorio.unicamp.br/Busca/Download?codigoArquivo=490524. Viewed on: Jan. 10, 2024.
GIL, Antônio Carlos. (1991). Como elaborar projetos de pesquisa. São Paulo: Atlas, 1991.
HANSEN, Alvin Harvey. (1943). Política fiscal e ciclo econômico. México: Fondo de Cultura Econômica.
HARROD, Henry Roy Forbes. (1958). La vida de John Maynard Keynes. México: Fondo de Cultura Económica.
JENSEN, K. B.; JANKOWSKI, N. M. (1993). Metodologías cualitativas de investigación en comunicación de masas. Barcelona: Bosch.
KEYNES, John Maynard. ([1936], 1973). The collected writings of John Maynard Keynes: the general theory of employment, interest and money. Edited by: D. Moggridge. London: Macmillan, 1973. v. 7. [Originally published in 1936]
………. (1972) How to Pay for the War. In: The Collected Writings of John Maynard Keynes. v. IX. Londres: Macmillan.
………. (1978) Como pagar a Guerra. In: KEYNES, John Maynard. Keynes: Economia. Tamás Szmrecsányi (org.). São Paulo, Atlas. Coleção Grandes Cientistas Sociais.
……. (1980) Activities 1940-1946: shaping the post-war world: employmet. The collected writings of John Maynard Keynes. reimp. London: Macmillan, 1973; v. 27.
............ (1996) teoria geral do emprego, do juro e da moeda. São Paulo: Nova Cultural, 1996. (Coleção “Os Economistas”).
............. ( 2018) The General Theory of Employment, Interest and Money. Cambridge, Palgrove Macmillan,
KREGEL, Jan Allan. (1985). Budget deficits, stabilization policy and liquidity preference: Keynes’s post-war policy proposals. In: VICARELLI, F. Keynes’s relevance today. London: Macmillan.
LAKATOS, Eva Maria; MARCONI, Marina de Andrade. Fundamentos de metodologia científica. São Paulo: Atlas, 1991.
MAZZUCCHELLI, Frederico. (2009). Os anos de chumbo: Economia e política internacional no entreguerras. São Paulo, UNESP/FACAMP.
.......... (2014). A grande depressão dos anos 1930 e a crise atual: contrapontos e reflexões. In: Aloísio Sérgio Barroso; Renildo Souza. (Org.). A grande crise capitalista global 2007-2013: gênese, conexões e tendências. São Paulo: Anita Garibaldi: Fundação Maurício Grabois, v. 1, p. 209-248, 2013. Available at: https://www.cesit.net.br/wp-content/uploads/2015/08/CartaSocial28.pdf . Viewed on: Jan. 10, 2024.
MITCHELL, Wescley Clair. Business cycles. Berkeley: University of California Press, 1913.
MOGGRIDGE, Donald. Edward. A política econômica na segunda guerra mundial. Ensaios sobre John Maynard Keynes. Rio de Janeiro, Paz e Terra, 1977.
SBROCCO, Fernando Moreira. (2011). A Alemanha no período entre-guerras: um estudo sobre a hiperinflação e a ascensão do nazismo. Available at: http://hdl.handle.net/11449/121089 . Viewed on: Jan. 10, 2024.
SICSU, João. (2019). Brasil: é uma depressão, não foi apenas uma recessão. Revista de Economia Contemporânea, v. 1, n. 23, p. 1-41, 2019. Available at: https://revistas.ufrj.br/index.php/rec/article/view/24294. Viewed on: Jan. 10, 2024.
SILVA, Edna Lúcia da; MENEZES, Estera Muszkat. (2005). Metodologia da pesquisa e elaboração de dissertação. 4. ed. rev. e atual. Florianópolis: UFSC.
SOUSA, Angélica Silva de; OLIVEIRA, Guilherme Saramago de; ALVES, Laís Hilário. (2021). A pesquisa bibliográfica: princípios e fundamentos. Cadernos da Fucamp, Minas Gerais, v. 20, ed. 43, p. 64-83. Available at: https://revistas.fucamp.edu.br/index.php/cadernos/article/view/2336/1441. Viewed on: Jan. 10, 2024.
SKIDELSKY, Robert. Keynes. Rio de Janeiro: Jorge Zahar Editor, 1999.
Documentos oficiais
BEA – BUREAU OF ECONOMIC ANALYSIS. (2019). Data. Washington, D.C.: U.S. Department of Commerce. Available at: https://www.bea.gov. Viewed on: Jan. 10, 2024.
BLS – BUREAU OF LABOR STATISTICS. (1948). Labor force, employment, and Unemployment, 1929-39: Estimating Methods. Washington, D.C.: Bureau of Labor Statistics, 1948. Available at https://www.bls.gov/opub/mlr/1948/article/pdf/labor-force-employment-and-unemployment-1929-39-estimating-methods.pdf . Viewed on: Jan. 10, 2024.
ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT – OECD. (1977). OECD Observer. Paris: OECD. Available at: https://www.oecd-ilibrary.org/docserver/observer-v1977-3-en.pdf?expires=1703087263&id=id&accname=guest&checksum=B08931A67ABAFA2063D4783ECF6C96BF . Viewed on: Jan. 10, 2024.
1 This article is the result of the research project, entitled: “The Conception of Cyclical Movements in Times of Crisis: “post-pandemic” socioeconomic implications in Brazil”, developed within the scope of the Federal University of Pará (also known as UFPA), by the Keynes Economic Theory Research Group (also known as GTEK).
2 This and all non-English citations hereafter have been translated by the authors.
3 The monetary economy of production is Keynes’ object of study, with due emphasis on the role of money and the inclusion of a decision theory in which economic time becomes important in an environment where the decisions of economic agents are subject to risks and uncertainties.
4 N. B. For direct citations, the English version was used of HARROD, Roy Forbes. The Life of John Maynard Keynes. London, Macmillan and Co. Ltd. (1963: 441).
BLEANEY, Michael. (1985). The rise and fall of Keynesian economics: an investigation of its contribution to capitalist development. London: Macmillan.
CARVALHO, David Ferreira. (1994). Crises de hegemonia e globalização na ordem mundial. Papers do NAEA (UFPA), Belém, v. 31, p. 1-34, 1994. Available at: https://periodicos.ufpa.br/index.php/pnaea/article/viewFile/11981/8291. Viewed on: Jan. 10, 2024.
CARVALHO, David Ferreira; CARVALHO, André Cutrim. (2012). Crise Financeira, Recessão e Risco de Depressão no Capitalismo Globalizado do Século XXI. Cadernos CEPEC, [S.l.], v. 1, n. 5, abr. 2012. ISSN 2238-118X. Available at: https://periodicos.ufpa.br/index.php/cepec/article/view/6772 . Viewed on: Jan. 10, 2024.
CARVALHO, Fernando Cardim de. (1999). Políticas econômicas para economias monetárias. In: CARVALHO, Fernando Cardim de. Macroeconomia moderna: Keynes e economia contemporânea. Rio de Janeiro: Campus.
CARVALHO, André Cutrim; CARVALHO, David Ferreira. (2018). A economia monetária da produção capitalista de Keynes sob a perspectiva de compreensão da história e da teoria. HISTÓRIA ECONÔMICA & HISTÓRIA DE EMPRESAS, v. 21, p. 233-274. Available at: https://hehe.org.br/index.php/rabphe/article/view/514/403 . Viewed on: Jan. 10, 2024.
CHICK, Victoria. (1993). Macroeconomia após Keynes: um reexame da teoria geral. Rio de Janeiro: Forense Universitária.
CROZIER, Andrew J. (1997). The causes of the second world war. Massachusetts: Blackwell Publishers Ltda.
DAVIDSON, Paul. (1994). Post Keynesian macroeconomic theory: A foundation for successful economic policies for the Twenty-first Century. Cambridge: England; Edward Elgar.
DENZIN, Norman K.; LINCOLN, Yvonna S. (2006). O planejamento da pesquisa qualitativa. Porto Alegre, Penso, 432 p.
DILLARD, Dudley. (1993). A teoria econômica de John Maynard Keynes. São Paulo, Pioneira.
DUROSELLE, Jean Baptiste. (1917). A Europa de 1815 aos nossos dias: vida política e relações internacionais. Tradução de Olívia Krakenbuhl, 3ª ed. São Paulo: Pioneira.
FIGARO, Roseli. A triangulação metodológica em pesquisas sobre a comunicação no mundo do trabalho. Revista Fronteiras - Estudos Midiáticos, v. 16, n. 2, p. 124-131, 2014. Available at: https://doi.org/10.4013/fem.2014.162.06 . Viewed on: Jan. 10, 2024.
FLIK, Uwe. (1998). Qualitative research. London, Sage, 256 p.
GALBRAITH, John Kenneth. (1988). 1929: O Colapso da Bolsa. São Paulo, Pioneira.
GARLIPP, José Rubens Damas. (2001). Economia desregrada: Marx, Keynes e Polanyi e a Riqueza no Capitalismo Contemporâneo. Orientador: Luiz Gonzaga de Mello Belluzzo. 248 f. Tese (Doutorado) - Instituto de Economia, Universidade Estadual de Campinas. Available at: https://repositorio.unicamp.br/Busca/Download?codigoArquivo=490524. Viewed on: Jan. 10, 2024.
GIL, Antônio Carlos. (1991). Como elaborar projetos de pesquisa. São Paulo: Atlas, 1991.
HANSEN, Alvin Harvey. (1943). Política fiscal e ciclo econômico. México: Fondo de Cultura Econômica.
HARROD, Henry Roy Forbes. (1958). La vida de John Maynard Keynes. México: Fondo de Cultura Económica.
JENSEN, K. B.; JANKOWSKI, N. M. (1993). Metodologías cualitativas de investigación en comunicación de masas. Barcelona: Bosch.
KEYNES, John Maynard. ([1936], 1973). The collected writings of John Maynard Keynes: the general theory of employment, interest and money. Edited by: D. Moggridge. London: Macmillan, 1973. v. 7. [Originally published in 1936]
………. (1972) How to Pay for the War. In: The Collected Writings of John Maynard Keynes. v. IX. Londres: Macmillan.
………. (1978) Como pagar a Guerra. In: KEYNES, John Maynard. Keynes: Economia. Tamás Szmrecsányi (org.). São Paulo, Atlas. Coleção Grandes Cientistas Sociais.
……. (1980) Activities 1940-1946: shaping the post-war world: employmet. The collected writings of John Maynard Keynes. reimp. London: Macmillan, 1973; v. 27.
............ (1996) teoria geral do emprego, do juro e da moeda. São Paulo: Nova Cultural, 1996. (Coleção “Os Economistas”).
............. ( 2018) The General Theory of Employment, Interest and Money. Cambridge, Palgrove Macmillan,
KREGEL, Jan Allan. (1985). Budget deficits, stabilization policy and liquidity preference: Keynes’s post-war policy proposals. In: VICARELLI, F. Keynes’s relevance today. London: Macmillan.
LAKATOS, Eva Maria; MARCONI, Marina de Andrade. Fundamentos de metodologia científica. São Paulo: Atlas, 1991.
MAZZUCCHELLI, Frederico. (2009). Os anos de chumbo: Economia e política internacional no entreguerras. São Paulo, UNESP/FACAMP.
.......... (2014). A grande depressão dos anos 1930 e a crise atual: contrapontos e reflexões. In: Aloísio Sérgio Barroso; Renildo Souza. (Org.). A grande crise capitalista global 2007-2013: gênese, conexões e tendências. São Paulo: Anita Garibaldi: Fundação Maurício Grabois, v. 1, p. 209-248, 2013. Available at: https://www.cesit.net.br/wp-content/uploads/2015/08/CartaSocial28.pdf . Viewed on: Jan. 10, 2024.
MITCHELL, Wescley Clair. Business cycles. Berkeley: University of California Press, 1913.
MOGGRIDGE, Donald. Edward. A política econômica na segunda guerra mundial. Ensaios sobre John Maynard Keynes. Rio de Janeiro, Paz e Terra, 1977.
SBROCCO, Fernando Moreira. (2011). A Alemanha no período entre-guerras: um estudo sobre a hiperinflação e a ascensão do nazismo. Available at: http://hdl.handle.net/11449/121089 . Viewed on: Jan. 10, 2024.
SICSU, João. (2019). Brasil: é uma depressão, não foi apenas uma recessão. Revista de Economia Contemporânea, v. 1, n. 23, p. 1-41, 2019. Available at: https://revistas.ufrj.br/index.php/rec/article/view/24294. Viewed on: Jan. 10, 2024.
SILVA, Edna Lúcia da; MENEZES, Estera Muszkat. (2005). Metodologia da pesquisa e elaboração de dissertação. 4. ed. rev. e atual. Florianópolis: UFSC.
SOUSA, Angélica Silva de; OLIVEIRA, Guilherme Saramago de; ALVES, Laís Hilário. (2021). A pesquisa bibliográfica: princípios e fundamentos. Cadernos da Fucamp, Minas Gerais, v. 20, ed. 43, p. 64-83. Available at: https://revistas.fucamp.edu.br/index.php/cadernos/article/view/2336/1441. Viewed on: Jan. 10, 2024.
SKIDELSKY, Robert. Keynes. Rio de Janeiro: Jorge Zahar Editor, 1999.
Documentos oficiais
BEA – BUREAU OF ECONOMIC ANALYSIS. (2019). Data. Washington, D.C.: U.S. Department of Commerce. Available at: https://www.bea.gov. Viewed on: Jan. 10, 2024.
BLS – BUREAU OF LABOR STATISTICS. (1948). Labor force, employment, and Unemployment, 1929-39: Estimating Methods. Washington, D.C.: Bureau of Labor Statistics, 1948. Available at https://www.bls.gov/opub/mlr/1948/article/pdf/labor-force-employment-and-unemployment-1929-39-estimating-methods.pdf . Viewed on: Jan. 10, 2024.
ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT – OECD. (1977). OECD Observer. Paris: OECD. Available at: https://www.oecd-ilibrary.org/docserver/observer-v1977-3-en.pdf?expires=1703087263&id=id&accname=guest&checksum=B08931A67ABAFA2063D4783ECF6C96BF . Viewed on: Jan. 10, 2024.
1 This article is the result of the research project, entitled: “The Conception of Cyclical Movements in Times of Crisis: “post-pandemic” socioeconomic implications in Brazil”, developed within the scope of the Federal University of Pará (also known as UFPA), by the Keynes Economic Theory Research Group (also known as GTEK).
2 This and all non-English citations hereafter have been translated by the authors.
3 The monetary economy of production is Keynes’ object of study, with due emphasis on the role of money and the inclusion of a decision theory in which economic time becomes important in an environment where the decisions of economic agents are subject to risks and uncertainties.
4 N. B. For direct citations, the English version was used of HARROD, Roy Forbes. The Life of John Maynard Keynes. London, Macmillan and Co. Ltd. (1963: 441).
Publicado
2024-02-20
Cómo citar
Cutrim Carvalho, A., Ferreira Carvalho, D., Silva dos Santos, C., Silva de Oliveira, L. I., & Filgueiras, G. C. (2024). Financing public investments in the capitalist economy and its economic and social effects: understanding its importance through history and Keynes’s theory. Espacio Abierto, 33(1), 164-199. https://doi.org/10.5281/zenodo.10664079
Número
Sección
Semestre
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0.
Los autores/as que publiquen en esta revista aceptan las siguientes condiciones:
- Los autores/as conservan los derechos de autor y ceden a la revista el derecho de la primera publicación, con el trabajo registrado con la licencia de atribución de CreativeCommons, que permite a terceros utilizar lo publicado siempre que mencionen la autoría del trabajo y a la primera publicación en esta revista.
- Los autores/as pueden realizar otros acuerdos contractuales independientes y adicionales para la distribución no exclusiva de la versión del artículo publicado en esta revista (p. ej., incluirlo en un repositorio institucional o publicarlo en un libro) siempre que indiquen claramente que el trabajo se publicó por primera vez en esta revista.
- Se permite y recomienda a los autores/as a publicar su trabajo en Internet (por ejemplo en páginas institucionales o personales) antes y durante el proceso de revisión y publicación, ya que puede conducir a intercambios productivos y a una mayor y más rápida difusión del trabajo publicado (vea TheEffect of Open Access).
