Abstract
The paper aims at presenting the core of Celso Furtado's 'stagnation model' (1965/1966), as well as the structure and general content of his 1966 book Underdevelopment and Stagnation in Latin America . It is argued that Furtado's stagnation model implies a redefinition of his classical account of the Brazilian economic development, involving the utilization of the accelerator. Although the stagnation hypothesis is controversial, at least in what refers to the inevitability of a decrease in the rate of growth sequent to industrial diversification, the development of the model adds to the understanding of Furtado's historical-structural method, and contributes to the assessment of the author's analytical resources. The 1966 book involves additional contributions, as those referred to Brazilian politics, impacts of the multinational enterprises, income distribution.
Keywords:
stagnation; Celso Furtado; Latin American development