Gregorio Vidal
Universidad Autónoma Metropolitana
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Publication
Featured researches published by Gregorio Vidal.
Journal of Post Keynesian Economics | 2012
Eugenia Correa; Gregorio Vidal; Wesley C. Marshall
This article seeks to contribute to the academic debate regarding financialization, through an analysis of its evolution in Mexico. As we argue, Mexico has been at the forefront of the tendencies and historical events that have defined financialization at the global level. Moreover, Mexico is alone among the worlds largest economies in its continual application of public policies that serve the needs of a financialized economy. The degree to which such policies have been applied and their corresponding results have made Mexico one of the more interesting case studies in the causes and consequences of financialization.
Archive | 2006
Eugenia Correa; Gregorio Vidal
Latin American (LA) countries have been changing with an increasing new focus on free market philosophy, liberalization and policies that are more open. Ideas on repressed financial markets, and the need to free them with the objective of increasing savings and investment have been at the forefront of debate among the LA political and financial authorities. The history of the last thirty years (since the early 1970s) can be easily summarized under the banner of financial deregulation.
Journal of Economic Issues | 2015
Gregorio Vidal; Wesley C. Marshall
Abstract: In this paper, we apply Celso Furtado’s vision of the process of economic development to the United States’ economy. Furtado was a creator of Latin American structuralism and continues to be one of the region’s most influential economists. Yet, he is little known in the English literature. As we argue, there are few academics who offer a theoretical framework capable of robustly evaluating the current trajectory of U.S. economic development with the depth of Furtado. Through his analytical lens, and with some help from John Maynard Keynes, we examine the present reality, as well as the more remote economic history of the US. We argue that, seen through Furtado’s lens, the US can now be accurately described as an under-developing economy.
International Journal of Political Economy | 2018
Gregorio Vidal
Abstract From 2003 to 2008, Latin America had a remarkable period of growth with few precedents in its economic history. This corresponds to the strengthening of economic policy options far from those advocated by the International Monetary Fund, World Bank, or the Washington Consensus agenda. With the exception of Venezuela, the international financial crisis and the great recession did not significantly affect economic growth. In the following years and until the end of 2011 and the beginning of 2012, GDP continued growing. From this moment forward, there was a change in economic growth tendencies and in some countries even strong recessions. The literature has argued that the change was the result of a rapid and significant drop in the international prices of raw materials, all relevant component of these countries’ exports. This article argues that there are other macroeconomic data that also explain the change in the dynamics in the some LA economies. Structural reforms and economic policies implemented since the 1980s through the early years of the last decade had effects that transformed economies and economic power relations. The changes carried out by governments, which were promoting an alternative economic policy in the region, were not able to advance sufficiently in the creation of new institutions. At the same time, they could not modify economic power relations to the point of creating significant increases in the rate of investment and the expansion of internal productive chains within the industrial base to give continuity to the process of economic development.
Journal of Economic Issues | 2017
Gregorio Vidal; Wesley C. Marshall
Abstract: There are many angles through which a critical observer can analyze the divergent class interests in most aspects of macroeconomic management. We examine the insistence of financial authorities of all major economies on reviving economic activity through monetary — and not fiscal — policy as a particularly clear example of favoring vested interests over the interests of the common man. Nearly a century after Thorstein Veblen wrote on the subject, one can find many parallel elements to the political landscape of the times. Today, the common man is often expressed by the “99%,” and many accept that the dominant vested interest is that of global banks. Unlike in Veblen’s times, economists today have many historical experiments in economic management that they can consult. By employing logic, historical experience, and an understanding of our current global finance-led capitalism, we offer a preliminary institutionalist analysis of the mechanisms of current monetary policy that “flood” Wall Street, while leaving employment, production, and investment — Main Street — all but forgotten. We then explain how vested interests have abandoned fiscal policy and left a deflationary macroeconomic environment.
Journal of Economic Issues | 2015
Gregorio Vidal; Wesley C. Marshall; Eugenia Correa
Abstract: In this article, we analyze at a conceptual level some of the more relevant effects of the neoliberal takeover on the provision of social costs, including employment, health care, and nutrition. Adopting key perspectives of Karl Polanyi and other thinkers, we develop our examination under the seemingly perpetual conflict between markets and social reproduction. We argue that financialization has both expanded market spaces and changed relationships within those spaces. The ever-greater domination of financial markets means that employment has become increasingly more precarious in the strict spaces of the labor market. At the same time, financialization has steadily eroded the social forms that exist outside of formal markets, greatly weakening the mechanisms through which societies can both defend themselves from predatory markets and reproduce themselves with some degree of purpose and hope for the future.
International Journal of Political Economy | 2014
Gregorio Vidal
Abstract The Mexican economy has undergone an important transformation that started at the end of the 1980s. There is a greater weight of private investment and some companies are making major investments in certain manufacturing activities. The composition of foreign trade now rests mostly on manufacturing. Multinational companies, which have acquired assets in the country or have made new investments, are mainly interested in exports. However, the growth of manufactured exports has occurred without a sustained real gross domestic product (GDP) growth, let alone GDP per capita. There are no signs of an increase in technical development and there is evidence of slower growth in equipment, machines, and tools used to manufacture the goods being exported. Based on Celso Furtado’s analysis, it is possible to argue that what happened in Mexico is a breakthrough in the growth of manufacturing exports, a growth that creates neither conditions for industrial development nor positive changes in the composition of employment. It has created an export platform concentrated in small group activities, mostly due to the arrival of subsidiaries of foreign firms in the country. Industry is not the engine of sustained growth and even less an expansion of productive activity that encourages the emergence of new branches and the multiplication of exchanges among the various sectors of the economy. One witnesses weak growth and a tendency toward stagnation.
Archive | 2013
Gregorio Vidal; Wesley C. Marshall
The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
Bulletin of Latin American Research | 2011
Gregorio Vidal; Wesley C. Marshall; Eugenia Correa
Archive | 1986
Gregorio Vidal; George Carriazo; Jorg Huffschmid; Eugenia Correa; Samuel Lichtensztejn