Original article General Economics and Teaching

INSTITUTIONALIST CLUES IN CELSO FURTADO’S ECONOMIC THOUGHT: A BRIDGE BETWEEN OLD INSTITUTIONALISM AND LATIN AMERICAN STRUCTURALISM

Federico Nastasi - Visiting Professor at the Department of Economic Production, UAM Xochimilco, Mexico
Salvatore Spagano - Assistant Professor at the Department of Economics and Business, University of Catania
Received: 06 Dec 2025
Revised:
Published:
Downloads: 0
Citations: 0
Book 4/2025
JEL B25 B52 B20 O17
DOI https://doi.org/10.56497/etj2570406

Abstract

This paper examines the intersection between Celso Furtado’s economic thought and Old Institutional Economics (OIE), a connection largely overlooked in the literature. Although best known as a leading figure of Latin American structuralism, Furtado’s work incorporates key institutionalist principles, notably the centrality of institutions, historical path dependence, and the role of power in development. His approach converges with OIE in its critique of neoclassical equilibrium models, emphasis on cumulative causation, and evolutionary view of economic systems. Furtado’s analysis of social heterogeneity, institutional constraints, and cultural factors further resonates with institutionalist frameworks. By combining historical analysis, interdisciplinarity, and an active role for the state, his work bridges structuralism and institutionalism, offering valuable insights for contemporary development theory. Recognising these connections enriches both traditions and advances the debate on the institutional foundations of economic development.

How to cite this article

Nastasi, F., Spagano, S. (2025). Institutionalist Clues in Celso Furtado’s Economic Thought: A Bridge between Old Institutionalism and Latin American Structuralism. Economic Thought Journal, 70 (4), 513-534. https://doi.org/10.56497/etj2570406

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