Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1364
This paper proposes a preliminary analysis of the main tendencies of the Brazilian economic growth considering their long-term determinants. During the postliberalization period, new opportunities have appeared to Brazil in order to meet again a new development path. But in spite of the price stabilization and the favorable conditions of the world trade, the Brazilian macroeconomic performance has been below the historical average, and far from the expectations for a country that still in development. On the other hand, the improvement, in the short period, of some macroeconomics indicators has been interpreted as if it already represented the entrance of the Brazilian economy in a long period of sustainable economic growth. However, the empirical evidences still show a low propensity to invest the mean profit, and the permanence of very reduced growth rates from the stock of productive fixed capital. A special emphasis is given to the capital accumulation and the notions of accumulation regime or growth regime. Three differents regimes are identified between 1950 and 2006. Among the analytical results it stands out the emergency and consolidation, in the post-liberalization and post-Real period, of a financedominate accumulation regime, according to the taxonomy proposed by the international economic literature.