Hostname: page-component-cd9895bd7-jkksz Total loading time: 0 Render date: 2024-12-28T08:58:52.128Z Has data issue: false hasContentIssue false
  • English
  • Français

Noyola's Institutional Approach to Inflation

Published online by Cambridge University Press:  11 June 2009

Colin Danby
Colin Danby
Affiliation:
University of Washington, Bothell, [email protected].
Get access Rights & Permissions [Opens in a new window]

Extract

Juan Noyola is widely credited as an originator of the Latin American “structuralist” theory of inflation. His key contribution is a 1956 article comparing inflation in Mexico and Chile. However there is disagreement about the nature of this contribution, or even what “structuralist” means in this context. I argue that Noyola's innovation was grounding money and credit in a highly institutional political economy of class conflict. This grounding endogenized not only money, but also policymaking and the State.

Type
Research Article
Information
Journal of the History of Economic Thought , Volume 27 , Issue 2 , June 2005 , pp. 161 - 178
Copyright
Copyright © The History of Economics Society 2005

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Arndt, H. W. (1985) The Origins of Structuralism, World Development, 13 (2), pp. 151–59.CrossRefGoogle Scholar
Asociación Nacional de Econom´stas de Cuba (1982) Juan F. Noyola: Su Pensamiento Económico y su Acción en la Revolución Cubana (Havana).Google Scholar
Aujac, H. (1954) Inflation as the Monetary Consequence of the Behaviour of Social Groups: A Working Hypothesis, International Economic Papers, No. 4.Google Scholar
Baer, W. (1962) The Economics of Prebisch and ECLA, Economic Development and Cultural Change, 10 (01), pp. 169–82.CrossRefGoogle Scholar
Baer, W. and Kerstenetsky, I. (Eds) (1964) Inflation and Growth in Latin America (Homewood, IL: Richard D. Irwin, Inc.)Google Scholar
Bazdresch Parada, C. (1983) El pensamiento de Noyola, El Trimestre Económico, 198 (04–06), pp. 567–93.Google Scholar
Bazdresch Parada, C. (1984) El Pensamiento de Juan F. Noyola (Mexico: Fondo de Cultura Económica).Google Scholar
Bazdresch Parada, C. (1987) Coloquio sobre el libro El Pensamiento de Juan F. Noyola, Materiales Investigaci´n Económica, 2, pp. 135–73.Google Scholar
Bianchi, A. M. (2002) For Different Audiences, Different Arguments: Economic Rhetoric at the Beginning of the Latin American School, Journal of the History of Economic Thought, 24 (09), pp. 291–305.CrossRefGoogle Scholar
Bulmer-Thomas, V. (1994) The Economic History of Latin America Since Independence (Cambridge: Cambridge University Press).Google Scholar
Burns, T. R. and Baumgartner, T. (1980) Inflation as the Institutionalized Struggle over Income Distribution, Acta Sociologica, 23, pp. 177–86.Google Scholar
Camp, R. A. (1989) Entrepreneurs and Politics in Twentieth-Century Mexico (New York: Oxford University Press).Google Scholar
Campos, R. de Oliveira (1961) Two Views on Inflation in Latin America, in: Hirschman, A. O. (Ed.) Latin American Issues (New York: The Twentieth Century Fund).Google Scholar
Campos, R. de Oliveira (1963) Economic Development and Inflation, with Special Reference to Latin America, in: Campos, R. O., Reflections on Latin American Development (Austin, TX: University of Texas Press), pp. 106–21.Google Scholar
Carmona, F. (1963) Juan F. Noyola Vázquez, Hijo Fiel de la Escuela Nacional de Economía, Investigación Econ´mica, XXIII (2nd quarter), pp. 451–67.Google Scholar
CEPAL (1957) El desequilibrio externo en el desarrollo económico latinoamericano: el caso de M´xico, CEPAL: s.l. (UNE/CN.12/428).Google Scholar
Craven, C. (1994) A Transformation Problem: Monetarism to Structuralism in the Economic Commission for Latin America, History of Political Economy, 26 (Spring), pp. 1–19.CrossRefGoogle Scholar
Danby, C. (2004) Contested States, Transnational Subjects: Toward a Post Keynesianism without Modernity, in: Zein-Elabdin, E. and Charusheela, S. (Eds) Postcolonialism Meets Economics (London: Routledge).Google Scholar
Danby, C. (Forthcoming) Juan F. Noyola V´zquez: regreso al solar de la economía política clásica, in: C. Mallorquín and R. Torres (Eds) El Institucionalismo norteamericano y el estructuralismo Latinoamericano, ¿Discursos compatibles? (Mexico: Universidad Autónoma de Puebla).Google Scholar
Davidson, P. (1978) Money and the Real World, 2nd edition (New York: John Wiley and Sons).CrossRefGoogle Scholar
Davidson, P. and Davidson, G. (1996) Economics For A Civilized Society (London: Macmillan).CrossRefGoogle Scholar
Ffrench-Davis, R., Muñoz, O., and Palma, J. G. (1998) The Latin American Economies, 1950–1990, in: Bethell, L. (Ed.) Latin America: Economy and Society since 1930 (Cambridge: Cambridge University Press).Google Scholar
Fitzgerald, E. V. K. (1979) Stabilization Policy in Mexico: The Fiscal Deficit and Macroeconomic Equilibrium 1960–77, in: Thorp, R. and Whitehead, L. (Eds) Inflation and Stabilisation in Latin America (London: Macmillan).Google Scholar
Fitzgerald, E. V. K. (1980) A Note on Capital Accumulation in Mexico: The Budget Deficit and Investment Finance, Development and Change, 11 (3), pp. 391–417.CrossRefGoogle Scholar
Flores De La Peña, H. (1954) La mecánica de la inflación, Investigación Económica XIV:2.Google Scholar
Furtado, C. (1963) The Economic Growth of Brazil (University of California Press). Translation of 1959 Forma¸ão Econômica do Brasil (Editôra Fundo de Cultura).Google Scholar
Furtado, C. (1971) La economía latinoamericana, Smith, Angélica Gimpel and Martrangelo, Strella (Trans) Formaçã econômica de américa latina (México: Siglo Veintiuno Editores, 1969).Google Scholar
Furtado, C. (1974) Teoría y política del desarrollo económico (M´xico: Siglo XXI).Google Scholar
Furtado, C. (1988) La Fantasía Organizada, Pak, Eleonora Osta (Trans), A Fantasía Organizada, (Buenos Aires: Editorial Universitaria de Buenos Aires, 1985).Google Scholar
Grunwald, J. (1961) The “Structuralist” School on Price Stabilization and Economic Development: The Chilean Case, in: Hirschman, A. O. (Ed.) Latin American Issues (New York: The Twentieth Century Fund).Google Scholar
Guill´n Romo, H. (1990) Inflación y Concertación: La Vigencia de Aujac y Noyola, Revista Centroamericana de Economía, 11: 31 (enero-abril).Google Scholar
Gurrieri, A. (1987) The Validity of the State-as-planner in the Current Crises, CEPAL Review, 31, pp. 193–209.CrossRefGoogle Scholar
Hirschman, A. O. (1965) Journeys Toward Progress (Garden City, NJ: Anchor Books).Google Scholar
Hirschman, A. O. (1986) Rival Views of Market Society (Cambridge, MA: Harvard University Press).Google Scholar
Hodara, J. (1987) Prebisch y la CEPAL: sustancia, trayectoria y contexto institucional (Mexico: Colégio de México).Google Scholar
Jameson, K. P. (1986) Latin American Structuralism: A Methodological Perspective, World Development, 14 (2), pp. 223–32.CrossRefGoogle Scholar
Kalecki, M. (1954) El problema del financiamiento del desarrollo económico, El Trimestre Económico, 21 (10–12), pp. 381–401.Google Scholar
Kalecki, M. (1971) Political Aspects of Full Employment, in: Selected Essays on the Dynamics of the Capitalist Economy (Cambridge: Cambridge University Press).Google Scholar
Kalecki, M. (1976) Observations on Social and Economic Aspects of “Intermediate Regimes,” in: Essays on Developing Economies (Hassocks: Harvester Press).Google Scholar
Keynes, J. M. (1923) A Tract on Monetary Reform: Collected Writings, Vol. IV (London: Macmillan, 1971).Google Scholar
Keynes, J. M. (1936) The General Theory of Employment, Interest, and Money (London: Macmillan).Google Scholar
Keynes, J. M. (1940) How to Pay for the War (London: Macmillan).Google Scholar
Kregel, J. A. (1985) Hamlet without the Prince: Cambridge Macroeconomics without Money, American Economic Review Papers and Proceedings, 75 (2), pp. 133–9.Google Scholar
Leff, N. (1976) Capital Markets in Less Developed Countries: The Group Principle, in: McKinnon, R. (Ed.) Money and Finance in Economic Growth and Development (New York: Marcel Dekker, 1976).Google Scholar
Little, I. M. D. (1982) Economic Development: Theory, Policy, and International Relations (New York: Basic Books).Google Scholar
Mallorquín, C. (1993) La idea del subdesarrollo: el pensamiento de Celso Furtado. Ph.D thesis, Facultad de Ciencias Políticas y Sociales UNAM (México).Google Scholar
Mallorquín, C. (1998a) El joven Furtado y el pensamiento económico de su época, European Review of Latin American and Caribbean Studies, 64 (07), pp. 69–104.Google Scholar
Mallorquín, C. (1998b) Ideas e historia en torno al pensamiento económico latinoamericano (México: Plaza y Vald´s Editores).Google Scholar
Mallorquín, C. (1999) Teoría e interpretación del estructuralismo en Celso Furtado, Estudios sociológicos, XVI (49) (01–04).Google Scholar
Mallorquín, C. (2001) El Institucionalismo Norteamericano y El Estructuralismo Latinoamericano: ¿Discursos Compatibles? Revista Mexicana De Sociologia, 1 (Ene-Marzo) pp. 71–108.CrossRefGoogle Scholar
Maurer, N. (2002) The Power and the Money: The Mexican Financial System, 1876–1932 (Stanford, CA: Stanford University Press).CrossRefGoogle Scholar
Maxfield, S. (1991) Bankers' Alliances and Economic Policy Patterns: Evidence from Mexico and Brazil, Comparative Political Studies, 23 (4), pp. 419–58.CrossRefGoogle Scholar
Mayer, T. (1978) The Structure of Monetarism (New York: W.W. Norton).Google Scholar
Moore, B. (1988) Horizontalists and Verticalists: The Macroeconomics of Credit Money (Cambridge: Cambridge University Press).Google Scholar
Noyola Vázquez, J. F. (1949a) El Fondo Monetario Internacional, Investigación Económica, IX (1), pp. 75–99.Google Scholar
Noyola, Vázquez J. F. (1949b) Desequilibrio Fundamental y Fomento Económico en México, Tesis para grado de Licenciado de Economía, UNAM, Escuela Nacional de Economía.Google Scholar
Noyola Vázquez, J. F. (1955) La evolución del pensamiento económico en el ultimo cuarto del siglo y su influencia en la América Latina, Investigación Económica, XVI (3).Google Scholar
Noyola, Vázquez J. F. (1956) El Desarrollo Económico y la Inflación en México y otros Países Latinoamericanos, Investigación Económica, XVI (4), pp. 603–43.Google Scholar
Noyola, Vázquez J. F. (1978) La economía cubana en los primeros años de la revolución y otros ensayos (Mexico: Siglo XXI).Google Scholar
Noyola Vázquez, J. F. and Rosado, D. L. (1951) Los Salarios Reales en México, El Trimestre Económico, XVIII (70), pp. 201–209.Google Scholar
Olivera, J. H. G. (1964) On Structural Inflation and Latin American Structuralism, Oxford Economic Papers, 16 (11), pp. 321–32.CrossRefGoogle Scholar
Olivera, J. H. G. (1970) On Passive Money, Journal of Political Economy, 78 (07–08), pp. 805–14.Google Scholar
Pasinetti, L. L. (1993) Structural Economic Dynamics (Cambridge: Cambridge University Press).CrossRefGoogle Scholar
Paz, P. (1987) Juan F. Noyola Vázquez: precursor de la vertiente progresista del pensamiento, Materiales Investigación Económica, 2, pp. 9–26.Google Scholar
Pérez Caldentey, E. (no date) Un Examen Crítico de dos Teorías Heterodoxas de la Inflación en LatinoAmérica (1960–1990), working paper.Google Scholar
Perroux, F. (1960) Économie et société; contrainte, échange, don (Paris: Presses Universitaires de France).Google Scholar
Pinto, Santa, Cruz, A. (1960) Ni Estabilidad Ni Desarrollo La Política del Fondo Monetario (Santiago: Chile).Google Scholar
Prebisch, R. (1961) Economic Development or Monetary Stability: The False Dilemma, Economic Bulletin for Latin America, VI (03), pp. 1–25.Google Scholar
Prebisch, R. (1962) The Economic Development of Latin America and its Principal Problems, Economic Bulletin for Latin America, VII (02), pp. 1–22.Google Scholar
Prebisch, R. (1984) Five Stages in My Thinking on Development, in: Gerald Meier and Dudley Seers, Pioneers in Development (New York: Oxford University Press), pp. 175–91.Google Scholar
Quiroz, A. W. (1993) Domestic and Foreign Finance in Modern Peru, 1850–1950 (London: Macmillan).Google Scholar
Sawyer, M. (1985) The Economics of Michal Kalecki (London: Macmillan).CrossRefGoogle Scholar
Seers, D. (1962a) Inflation and Growth: A Summary of Experience in Latin America, Economic Bulletin for Latin America VII (02), pp. 23–51.Google Scholar
Seers, D. (1962b) A Theory of Inflation and Growth in Under-Developed Economies Based on the Experience of Latin America, with appendix: A Note on the Structuralist School, Oxford Economic Papers, 14 (06), pp. 174–95.CrossRefGoogle Scholar
Skidelsky, R. (2000) John Maynard Keynes: Fighting for Freedom, 1937–1946 (New York: Penguin).Google Scholar
Solís, L. (1991) La trayectoria analítica de Juan Noyola (Mexico: El Colegio Nacional).Google Scholar
Street, J. and James, D. D. (1982) Institutionalism, Structuralism, and Dependency in Latin America, Journal of Economic Issues, 16 (09), pp. 673–98.CrossRefGoogle Scholar
Sunkel, O. (1958) La inflación chilena: un enfoque heterodoxo, El Trimestre Económico, 25 (10–12), pp. 570–99, translated as “Inflation in Chile: An Unorthodox Approach,” International Economic Papers, 10 (1960), pp. 107–31.Google Scholar
Sunkel, O. (1989) Institutionalism and Structuralism, CEPAL Review, 38, pp. 147–55.CrossRefGoogle Scholar
Taylor, L. (1991) Income Distribution, Inflation and Growth (Cambridge, MA: MIT Press).Google Scholar
Tello, C. (1984) La nacionalización de la banca en México (Mexico: Siglo XXI).Google Scholar
Thorp, R. (1971) Inflation and the Financing of Economic Development, in: Griffin, K. (Ed.) Financing Development in Latin America (London: Macmillan).Google Scholar
Treviño, J. A. (2000) Conversación con Osvaldo Sunkel, Urbana, V (Autumn).Google Scholar
United Nations Economic Commission for Latin America (Various years) Economic Survey of Latin America (Mexico: United Nations Department of Economic and Social Affairs).Google Scholar
Wray, L. R. (1998) Understanding Modern Money (Cheltenham: Edward Elgar).Google Scholar