The pioneering contributions of Maria da Conceição Tavares to the analysis of demand-led growth in developing countries

Among her many other contributions, Maria da Conceição Tavares was a pioneer in the analysis of demand-led long run growth. From the early 1960s, she developed her views on the role of effective demand in the process of capital accumulation. First, in her work on import substitution and industrialization at CEPAL and later, adapting and developing in her own original way some key aspects of theoretical contributions, especially from Kalecki, but also from Steindl, particularly on the demand and capacity effects of investment, as well as some insights from Hilferding in her own explanation of autonomous investment. However, unlike Kalecki himself and most development economists, she understood that being monetary capitalist economies, effective demand is a key element in the explanation of both short run cycles and of the long run process of capital accumulation not only in developed, but also in developing economies. In this paper we review the evolution of her thinking on these issues and the strong influence her contributions had and still have, through the work of some of her students, on the current research agenda on demand-led growth.

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