November 2014
Intermediate to advanced
280 pages
9h 32m
English
Content preview from Inequality, Democracy, and Growth in BrazilBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Chapter 1
Low Economic Growth and its Proximate Causes
Abstract
The main focus of this chapter is on ten stylized facts that characterize the Brazilian economy of the democratic regime installed in 1985. Such characteristics hinder the accumulation of physical and human capital as well as interfere with an increase in productivity, resulting in a low potential for economic growth. The ten stylized facts are: (1) steady growth of public current expense; (2) ever increasing tax burden; (3) low savings; (4) high interest rate; (5) infrastructure bottlenecks; (6) increase in minimum salary above the increase in labor productivity; (7) closure of economy to international trade; (8) judicial uncertainty and weak property rights protection; (9) proliferation ...
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