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Ariel Dvoskin and Germán David Feldman

In this two-part paper, we explore the interaction between income distribution and the balance of payments, by assessing the contributions of three Argentinian exponents of the Latin American Structuralist School: Oscar Braun, Marcelo Diamand and Adolfo Canitrot. With this aim, we introduce a two-sector model inspired by the classical tradition. Part I of the article examines the implications for prices and quantities of the phenomenon of ‘technical dependency’. That is, the inelastic demand for imported inputs observed in peripheral economies, a true constraint to growth during the Bretton Woods era. We leave until Part II of the paper the assessment of the implications of ‘financial dependency’, namely the influence exerted on the profit rate of peripheral economies by the international profit rate.

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Ariel Dvoskin and Germán David Feldman

In this two-part paper, we explore the interaction between income distribution and the balance of payments, by assessing the contributions of three Argentinian exponents of the Latin American Structuralist School: Adolfo Canitrot, Oscar Braun and Marcelo Diamand. With this aim, we introduce a two-sector model inspired by the classical tradition. While Part I discussed the role of ‘technical dependency’, Part II examines the implications of ‘financial dependency’. That is, the influence exerted on the profit rate of peripheral economies by the international profit rate. The main conclusion is that this new phenomenon reinforces the negative consequences of technical dependency on the economy's capacity to grow, and further restricts workers’ possibilities of bargaining for higher real wages.