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Recently, demand-led growth theories reshaped the study of comparative political economy. Since the Baccaro and Pontusson critique of Varieties of Capitalism, a new wave of studies has sought to analyze national economies in terms of their main demand driver of growth. Post-Keynesian authors provided extensions to perfect the fit between demand-led growth theories and comparative political economy. We argue that the Sraffian supermultiplier provides a growth theory compatible with the growth model perspective advanced by Baccaro and Pontusson and has advantages over Kaleckian and New Keynesian approaches. The concept of the autonomous components of demand, which comprise government spending, export, and debt-financed consumption, is already central for the studies of growth models. The supermultiplier provides a theory that coherently understands the relation between the autonomous demand drivers and the other induced components of demand. We demonstrate our arguments by decomposing the growth of four advanced economies: the United States, Germany, Japan, and Sweden. The decomposition shows the importance of separating the autonomous from the induced components and highlights the relevance of public expenditures and exports as growth drivers in advanced economies.

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Resumo: Este artigo apresenta uma análise da relação entre a democracia e a concepção normativa do desenvolvimento como processo endógeno. O desenvolvimento endógeno, alternativa de superação do subdesenvolvimento, é um processo intencional de transformação social identificado com os valores e a cultura da população. A deliberação emerge como forma legítima de determinação das finalidades do desenvolvimento. Neste artigo, buscou-se compreender em que medida instituições que efetuem os princípios da democracia deliberativa constituem um arranjo social possível e funcional ao desenvolvimento. A relação entre desenvolvimento endógeno e democracia deliberativa é vista sob a perspectiva teórica e também a partir dos resultados de experiências reais de procedimentos deliberativos. Esses procedimentos apresentaram resultados positivos sobre redistribuição de recursos, qualificação de políticas públicas e mudança nas relações de poder, embora sejam limitados pela escala de atuação das instituições e pela dependência de processos políticos mais intensos. Palavras-chave:Desenvolvimento. Democracia deliberativa. Subdesenvolvimento. Abstract:This article presents an analysis of the link between democracy and normative conception of development as an endogenous process. Endogenous development is an alternative to overcome underdevelopment which consists of an intentional process of social change identified with values and culture of the population. Deliberation appears as a legitimate way of determining the purposes of development. This study sought to understand to what extent institutions which perform the principles of deliberative democracy constitute a social arrangement feasible and functional for the development. The relationship between endogenous development and deliberative democracy is seen from a theoretical perspective and also from the results of actual deliberative procedures. Deliberative procedures showed positive impacts on distribution, improvement of public policies and change in power relations, although those results were restrained by the institution's scale of operation and the dependence of more intense political processes.

The paper analyses the growth models of Argentina, Bolivia, Brazil, Chile, and Mexico since 1996. We depart from the typology proposed by Bizberg (2019) and apply a growth decomposition based on the Sraffian supermultiplier (Freitas & Dweck, 2013). We argue that the growth models perspective, introduced by Baccaro and Pontusson (2016), contributes to understanding the diversities of capitalism in Latin America. We find that the commodities boom oriented the countries towards export-led growth models, especially in Bolivia, Chile, and Mexico. Brazil and Argentina presented a hybrid growth model, with higher household consumption and government expenditure, along with exports growth. After the commodities boom, the export-led model was no longer feasible for commodity exporters. Mexico sustained the existing model, based on low-value-added manufacturing exports. Brazil and Argentina reduced public expenditures, generating economic stagnation. Chile and Bolivia increased public expenditure, sustaining growth at a slower pace. This work extends the growth models perspective to emerging countries, integrating with former discussions on the Latin American political economy. It also highlights how the growth models evolved in tandem with changing international conditions. Finally, the paper opens a research agenda for the political economy of stagnation in Latin American economies.