A relação capital-trabalho na economia do conhecimento

Capital-labor relations in the knowledge economy. The knowledge economy arises by the promotion of abstract and cooperative labor. This social labor is a product of intellectual and linguistic energy, which leads to mutations about capital accumulation and capital labor relations.

Economic capital allocation

For my Licentiate thesis, I conducted research on risk measures. Continuing with this research, I now focus on capital allocation. In the proportional capital allocation principle, the choice of risk measure plays a very important part. In the chapters Introduction and Basic concepts, we introduce three definitions of economic capital, discuss the purpose of capital allocation, give different viewpoints of capital allocation and present an overview of relevant literature. Risk measures are defined and the concept of coherent risk measure is introduced. Examples of important risk measures are given, e. g., Value at Risk (VaR), Tail Value at Risk (TVaR). We also discuss the implications of dependence and review some important distributions. In the following chapter on Capital allocation we introduce different principles for allocating capital. We prefer to work with the proportional allocation method. In the following chapter, Capital allocation based on tails, we focus on insurance business lines with heavy-tailed loss distribution. To emphasize capital allocation based on tails, we define the following risk measures: Conditional Expectation, Upper Tail Covariance and Tail Covariance Premium Adjusted (TCPA). In the final chapter, called Illustrative case study, we simulate two sets of data with five insurance business lines using Normal copulas and Cauchy copulas. The proportional capital allocation is calculated using TCPA as risk measure. It is compared with the result when VaR is used as risk measure and with covariance capital allocation. In this thesis, it is emphasized that no single allocation principle is perfect for all purposes. When focusing on the tail of losses, the allocation based on TCPA is a good one, since TCPA in a sense includes features of TVaR and Tail covariance.

Trajetórias e interesses: os EUA e as finanças globalizadas num contexto de crise e transição

This paper aims to analyze the elements of continuity and discontinuity in American foreign policy from the nineties. In this regard, it emphasizes the importance of financial issues within the scope of the U.S. government strategies for foreign integration and tries to analyze comparatively the Republicans and Democrats government of the period, ending with some prospective questions concerning the Democratic government of President Obama in the context of international economic crisis.

Política fiscal anticíclica, crise financeira internacional e crescimento econômico no Brasil

This study analyzes the long run equilibrium relationship and causality between economic growth and public expenditure in Brazil covering the period 1980-2008. The empirical results of the Granger causality test in a multivariate framework have shown up the importance of public investments not only to face the adverse effects of the international financial crisis, but also in stimulating the economic growth. Also, the results indicate the need of controlling the growing path of other current expenditure, social security and public debt.

Keynes e o conceito de capital: reflexões epistemológicas a respeito das premissas sraffianas da teoria geral

Keynes and the concept of capital: some epistemological observations in regard to the Sraffian premises of the General Theory. This article aims to examine the conception of the nature of capital used by Keynes in the General Theory, to show to what extent this concept is similar to Sraffa's conception, and to highlight the implications related to this concept, in terms of structural instability. So I will study the mechanisms that explain the investment decision in an environment with strong uncertainty, the modalities of aggregation of different generations of capital and the instability of equilibrium. The convergence between the keynesian and the Sraffian approaches comes from this common conception of capital. Finally, i will examine the implications in regard to the structure of the aggregate models.

A (im)previsibilidade da crise e o pluralismo da Economia

The (un)predictability of the crisis and the pluralism in Economics. This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy.

Revelações da crise: moeda fiduciária e as relações Tesouro/Banco Central

The current crisis shed a new light on issues that, previously, were not perceived as serious or important. It highlighted the close ties between fiat currency and government bonds denominated in it or, in other words, the relationship between Treasury and Central Bank. Two ill-conceived views of the "new consensus" on money that had turned into taboos were put in evidence. The first, derived from the quantitative theory, concerns the rejection of unsterilized monetary expansion; the second, directly related to the neoliberal ideology, prohibits or imposes strict limits on the role of central banks in the financing of public debts.

A crise do sistema financeiro globalizado contemporâneo

The paper analyses the development of the contemporary global financial system as a consequence of markets as well as States strategies. This global financial system based on the flexible dollar has generated many financial bubbles since it started in the 80s, of which the 2008 crisis is the latest and the largest, particularly because it affected the main banks in the core market of the system, the U.S. On the last decades, banks had changed their business strategies from traditional lending activities towards more speculative investments, similar to what hedge funds do.

Crise global, mudanças geopolíticas e inserção do Brasil

This paper has as its purpose to analyze the insertion of Brazil in the international economic order, considering the fundaments of the world power, the global crisis, the geopolitical changes and their consequences on the global order. The text attempts to present the advantages and structural challenges for an adequate international insertion of technology are the key elements in a process of economic and social innovation whose goals are to build a richer society, more just and compassionate, and environmentally sustainable.

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

Dr Brasilia and Mr. Nacala: the apparent duality behind the Brazilian state-capital nexus

In August 2010 Brazil decided to limit foreign direct investments (FDIs) in land, and attracted the attention of politicians as much as the fears of businessmen. However, few months before, in September 2009, it had concluded a trilateral agreement with Japan and Mozambique to implement agribusiness and contract farming on an area of ten million hectares in the Mozambican region of Nacala. In light of that, the paper analyses the apparent duality of the Brazilian politics, and concludes that, exactly like in the case of the novel by Robert Louis Stevenson, it is not a matter of pathology, but a voluntarily induced double personality which is strategic in positioning Brazil at the core of the global capitalist system.

Crise e industrialização no Brasil entre 1929 e 1954: a reconstrução do Estado Nacionale a política nacional de desenvolvimento

RESUMOO texto analisa os principais efeitos decorrentes da política econômica de defesa do café e do extraordinário esforço de industrialização desencadeado pelo Estado Nacional entre 1929 e 1954. Distingue o desenvolvimentismo do I e II governo Vargas (30-45 e 51-54), contrapondo-o à frustrada tentativa de retorno liberal de Dutra (46-50). Destaca o importante esforço de reconstrução do Estado e da introdução de instrumentos de controle da política econômica nacional, materializados pelo extraordinário trabalho da Assessoria Econômica da Presidência (51-54), criada por Vargas, onde pontificaram nomes de grandes brasileiros como Rômulo de Almeida, Ignácio Angel, Jesus Soares Pereira, Cleanto Paiva Leite e Tomás P. Acioli Borges, verdadeiros artífices de nossos principais projetos e planos de desenvolvimento de então.

Marx, o cínico?

Este artigo foi escrito em agosto/83, para conferência-debate na Jornada de Filosofia da UNESP (Campus de Marília, setembro de 1983). Partindo de aproximações Marx/Hegel sobre o tema da "fatalidade histórica", passamos a discutir a reprodução da força de trabalho como parte do capital, entendido este último, por sua vez, como relação social. Este exame é feito na esteira de algumas passagens de O Capital e dos Grundrisse. A seguir, procedemos à leitura de alguns fatos contemporâneos à luz dessa "anatomia cínica".

Direitos humanos, propriedade privada e educação

O presente texto constitui síntese de comunicação do autor à III Conferência Brasileira de Educação (Niterói, outubro de 1984). Afirma-se a necessidade de discutir as raízes da idéia de direitos do indivíduo e seu vínculo, no pensamento fundador de Locke, com a propriedade e, mais ainda, a liberdade e autonomia da pessoa humana. Discute-se ainda o suposto liberal-racionalista de alocação ótima dos recursos sociais através do choque e combinação de interesses privados. Uma dupla crise de nossos tempos: crise da concepção de universo auto-regulado laplaceano (e sua ciência: o determinismo mecânico ou substancial) e a crise da crença na alocação ótima via mercado. A idéia de intervenção do Estado na economia não significa a destruição da propriedade privada, da lei do valor e do lucro. Apenas atesta a sua sobrevivência e procura garantir seu desenvolvimento. Não se pode pensar analogamente a idéia de educação como direito social garantido e alocado pelo Estado, como investimento no "capital humano"? Qual o sentido da expressão - uma "política educacional"?