{"id":3464,"date":"2017-04-09T12:23:50","date_gmt":"2017-04-09T15:23:50","guid":{"rendered":"http:\/\/controversia.com.br\/?p=3464"},"modified":"2017-04-05T17:25:59","modified_gmt":"2017-04-05T20:25:59","slug":"aprendendo-com-a-grande-depressao","status":"publish","type":"post","link":"https:\/\/controversia.com.br\/pt\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/","title":{"rendered":"Aprendendo com a Grande Depress\u00e3o"},"content":{"rendered":"

Michael Roberts<\/strong> – Re\u00adcen\u00adte\u00admente, o editor de eco\u00adnomia do jornal Guar\u00addian, do Reino Unido, Larry El\u00adliott, nos apre\u00adsentou uma com\u00adpa\u00adra\u00e7\u00e3o da Grande De\u00adpress\u00e3o dos anos 1930 e agora. Com efeito, El\u00adliott ar\u00adgu\u00admentou que a eco\u00adnomia mun\u00addial est\u00e1 em uma de\u00adpress\u00e3o se\u00adme\u00adlhante. A de\u00adpress\u00e3o dos anos 30 co\u00adme\u00e7ou com o \u201ccrash\u201d do mer\u00adcado de a\u00e7\u00f5es em 1929, se\u00adguido por um crash global da banca e de\u00adpois uma queda enorme na pro\u00addu\u00e7\u00e3o, no em\u00adprego e no in\u00adves\u00adti\u00admento, nesta ordem. O n\u00fa\u00admero de fa\u00adl\u00ean\u00adcias ban\u00adc\u00e1\u00adrias subiu de uma m\u00e9dia anual de cerca de 600 du\u00adrante a d\u00e9\u00adcada de 1920, para 1.350 em 1930 e, em se\u00adguida, pico em 1933, quando 4.000 bancos que\u00adbraram. Du\u00adrante todo o pe\u00adr\u00edodo 1930-33, um ter\u00e7o de todos os bancos dos EUA faliu. Mas foi o crash do mer\u00adcado de a\u00e7\u00f5es que veio pri\u00admeiro.<\/p>\n

A Longa De\u00adpress\u00e3o, como eu gosto de chamar a atual, co\u00adme\u00e7ou com a crise imo\u00adbi\u00adli\u00e1ria nos EUA, s\u00f3 ent\u00e3o se\u00adguida pela quebra ban\u00adc\u00e1ria, que foi global e, em se\u00adguida, uma enorme queda na pro\u00addu\u00e7\u00e3o, in\u00adves\u00adti\u00admento e em\u00adprego. As con\u00adsequ\u00ean\u00adcias em ambas as de\u00adpres\u00ads\u00f5es foi uma longa, lenta e fraca re\u00adcu\u00adpe\u00adra\u00e7\u00e3o econ\u00f4\u00admica, com muitas eco\u00adno\u00admias na\u00adci\u00ado\u00adnais ainda n\u00e3o re\u00adtor\u00adnando aos n\u00ed\u00adveis de pro\u00addu\u00e7\u00e3o, in\u00adves\u00adti\u00admento ou lu\u00adcra\u00adti\u00advi\u00addade an\u00adte\u00adri\u00adores.<\/p>\n

A pro\u00adp\u00f3\u00adsito, se al\u00adgu\u00e9m du\u00advida que as grandes eco\u00adno\u00admias (G20) n\u00e3o est\u00e3o no que eu chamo de Longa De\u00adpress\u00e3o, de\u00adfi\u00adnida como um cres\u00adci\u00admento abaixo da ten\u00add\u00eancia na pro\u00addu\u00e7\u00e3o, in\u00adves\u00adti\u00admento, pro\u00addu\u00adti\u00advi\u00addade e em\u00adprego, con\u00adsi\u00addere este bom es\u00adtudo feito pelos eco\u00adno\u00admistas ban\u00adc\u00e1\u00adrios da Wells Fargo com os prin\u00adci\u00adpais in\u00addi\u00adca\u00addores desde o final da Grande Re\u00adcess\u00e3o em 2009 nos EUA, a eco\u00adnomia que mais se re\u00adcu\u00adperou.<\/p>\n

<\/p>\n

Con\u00adcluem que, du\u00adrante o pe\u00adr\u00edodo 2008-2015, a re\u00addu\u00e7\u00e3o m\u00e9dia anual do n\u00edvel de PIB real em re\u00adla\u00e7\u00e3o \u00e0 ten\u00add\u00eancia foi de 9,9%; 9,8% no con\u00adsumo pes\u00adsoal e 10,7% na renda pes\u00adsoal real dis\u00adpo\u00adn\u00edvel. Du\u00adrante o mesmo pe\u00adr\u00edodo, a perda anual m\u00e9dia no in\u00adves\u00adti\u00admento fixo de ne\u00adg\u00f3\u00adcios foi de 20,1%, 7,8% no em\u00adprego e 6,9% na pro\u00addu\u00adti\u00advi\u00addade total. A re\u00addu\u00e7\u00e3o m\u00e9dia da for\u00e7a de tra\u00adbalho foi de 2,2%, 7,9% na pro\u00addu\u00adti\u00advi\u00addade do tra\u00adbalho e 6,4% nos ser\u00advi\u00e7os de ca\u00adpital du\u00adrante o pe\u00adr\u00edodo 2008-2015.<\/p>\n


\n“E tem ha\u00advido danos du\u00adra\u00addouros da Grande Re\u00adcess\u00e3o como o n\u00edvel (ten\u00add\u00eancia) de s\u00e9\u00adries po\u00adten\u00adciais (para todas as va\u00adri\u00e1\u00adveis) in\u00addi\u00adcando para baixo. Estes re\u00adsul\u00adtados s\u00e3o con\u00adsis\u00adtentes com o am\u00adbi\u00adente econ\u00f4\u00admico global desde a Grande Re\u00adcess\u00e3o. Ou seja, uma re\u00adcu\u00adpe\u00adra\u00e7\u00e3o econ\u00f4\u00admica do\u00adlo\u00adro\u00adsa\u00admente lenta, jun\u00adta\u00admente com um cres\u00adci\u00admento mais lento na renda pes\u00adsoal, em\u00adprego, sa\u00adl\u00e1\u00adrios e in\u00adves\u00adti\u00admento fixo de ne\u00adg\u00f3\u00adcios”.<\/p>\n

El\u00adliott aponta que muito poucos eco\u00adno\u00admistas ou es\u00adpe\u00adci\u00ada\u00adlistas pre\u00adviram o crash de 1929 no auge do enorme boom de cr\u00e9\u00addito nos mer\u00adcados aci\u00ado\u00adn\u00e1\u00adrios e ex\u00adpans\u00e3o econ\u00f4\u00admica. Da mesma forma, muito poucos pre\u00adviram a crise imo\u00adbi\u00adli\u00e1ria dos EUA e a sub\u00adse\u00adquente crise fi\u00adnan\u00adceira global. Mas al\u00adguns o fi\u00adzeram.<\/p>\n

A quest\u00e3o da d\u00ed\u00advida<\/strong><\/p>\n

A parte mais in\u00adte\u00adres\u00adsante do re\u00adlato de El\u00adliott s\u00e3o as ra\u00adz\u00f5es dadas para a Grande De\u00adpress\u00e3o dos anos 1930 e se elas s\u00e3o as mesmas ra\u00adz\u00f5es para a atual Longa De\u00adpress\u00e3o. El\u00adliott cita o bi\u00f3\u00adgrafo de Keynes, Ski\u00addelsky, para quem a causa prin\u00adcipal era d\u00e9\u00adbito ex\u00adces\u00adsivo. “Che\u00adgamos \u00e0 Grande De\u00adpress\u00e3o pela mesma raz\u00e3o que em 2008: houve um grande au\u00admento de d\u00ed\u00advidas, apostas ex\u00adces\u00adsivas no mer\u00adcado de a\u00e7\u00f5es, ex\u00adcesso de in\u00adfla\u00e7\u00e3o de ativos e as taxas de juros foram muito altas para su\u00adportar in\u00adves\u00adti\u00admentos num n\u00edvel de pleno em\u00adprego”.<\/p>\n

Esta ex\u00adpli\u00adca\u00e7\u00e3o \u00e9 quase a con\u00adven\u00adci\u00adonal entre os eco\u00adno\u00admistas es\u00adquer\u00addistas e he\u00adte\u00adro\u00addoxos. Ski\u00addelsky com\u00adbina as vi\u00ads\u00f5es dos p\u00f3s-key\u00adne\u00adsi\u00adanos (Steve Keen, Ann Pet\u00adtifor) e al\u00adguns eco\u00adno\u00admistas do mer\u00adcado (Mian e Sufi) que des\u00adtacam os n\u00ed\u00adveis da d\u00ed\u00advida do setor pri\u00advado (par\u00adti\u00adcu\u00adlar\u00admente a d\u00ed\u00advida das fa\u00adm\u00ed\u00adlias) – “grande es\u00adtoque de d\u00ed\u00advidas \u2013 e a vis\u00e3o de Keynes que “as taxas de juro eram de\u00adma\u00adsiado ele\u00advadas para apoiar o pleno em\u00adprego”.<\/p>\n

Na ver\u00addade, no pr\u00f3\u00adximo m\u00eas, Steve Keen, l\u00edder p\u00f3s-key\u00adne\u00adsiano e Minskyite, pu\u00adblica um novo livro em que ar\u00adgu\u00admenta que “os cres\u00adcentes n\u00ed\u00adveis de d\u00ed\u00advida pri\u00advada tornam quase ine\u00advi\u00adt\u00e1vel outra crise fi\u00adnan\u00adceira, a menos que os po\u00adl\u00ed\u00adticos com\u00adbatam a di\u00adn\u00e2\u00admica real, que causa ins\u00adta\u00adbi\u00adli\u00addade fi\u00adnan\u00adceira”. J\u00e1 Anne Pet\u00adtifor acaba de pu\u00adblicar um novo livro onde ar\u00adgu\u00admenta que a im\u00adpress\u00e3o de di\u00adnheiro (mais d\u00ed\u00advida?) po\u00adderia ajudar a tirar a eco\u00adnomia ca\u00adpi\u00adta\u00adlista de sua de\u00adpress\u00e3o.<\/p>\n

Agora, h\u00e1 muita ver\u00addade no ar\u00adgu\u00admento de que a d\u00ed\u00advida ex\u00adces\u00adsiva (ou o cr\u00e9\u00addito, que \u00e9 apenas o outro lado do ba\u00adlan\u00e7o) \u00e9 o in\u00addi\u00adcador prin\u00adcipal de co\u00adlapsos fi\u00adnan\u00adceiros imi\u00adnentes. A d\u00ed\u00advida era alta nos anos 20, antes da quebra. Isso tem sido do\u00adcu\u00admen\u00adtado por muitos es\u00adtudos, in\u00adcluindo o tra\u00adbalho se\u00adminal de Ro\u00adgoff e Rei\u00adnhart. E Claudio Borio no Banco de Pa\u00adga\u00admentos In\u00adter\u00adna\u00adci\u00ado\u00adnais tamb\u00e9m acu\u00admulou evi\u00add\u00ean\u00adcias para mos\u00adtrar que \u00e9 o n\u00edvel e a taxa de au\u00admento ou di\u00admi\u00adnui\u00e7\u00e3o no cr\u00e9\u00addito (em efeito, um ciclo de d\u00ed\u00advida) que \u00e9 o me\u00adlhor in\u00addi\u00adcador de fa\u00adlhas fi\u00adnan\u00adceiras pro\u00adv\u00e1\u00adveis do que a ideia neo-key\u00adne\u00adsiana de al\u00adguma es\u00adtag\u00adna\u00e7\u00e3o se\u00adcular no cres\u00adci\u00admento e um co\u00adlapso na “de\u00admanda agre\u00adgada” (a la Paul Krugman ou Larry Sum\u00admers).<\/p>\n

E n\u00e3o \u00e9 por acaso que Steve Keen foi um dos poucos eco\u00adno\u00admistas a prever a queda imi\u00adnente de 2008. No meu livro A Longa De\u00adpress\u00e3o, de\u00addico um ca\u00adp\u00ed\u00adtulo in\u00adteiro a esta quest\u00e3o da d\u00ed\u00advida – o que Marx chamou de ca\u00adpital fic\u00adt\u00edcio. O cr\u00e9\u00addito per\u00admite que a acu\u00admu\u00adla\u00e7\u00e3o de ca\u00adpital seja es\u00adten\u00addida para al\u00e9m da cri\u00ada\u00e7\u00e3o de valor real, por um tempo. Mas tamb\u00e9m sig\u00adni\u00adfica que quando a con\u00adtra\u00e7\u00e3o final do in\u00adves\u00adti\u00admento vem porque a ren\u00adta\u00adbi\u00adli\u00addade nos se\u00adtores pro\u00addu\u00adtivos cai, a quebra \u00e9 muito maior, j\u00e1 que a d\u00ed\u00advida deve ser amor\u00adti\u00adzada com a des\u00adva\u00adlo\u00adri\u00adza\u00e7\u00e3o dos va\u00adlores de ca\u00adpital. Cr\u00e9\u00addito age como um ioi\u00f4, saindo e de\u00adpois se en\u00adcai\u00adxando. Assim, “d\u00ed\u00advida ex\u00adces\u00adsiva” \u00e9, sem d\u00fa\u00advida, uma “causa” de que\u00adbras, nesse sen\u00adtido. A quest\u00e3o \u00e9 o que a torna “ex\u00adces\u00adsiva” – ex\u00adces\u00adsiva para qu\u00ea? Borio diz que \u00e9 o cres\u00adci\u00admento ex\u00adces\u00adsivo do PIB, mas o que de\u00adter\u00admina isso?<\/p>\n

Re\u00advendo o key\u00adne\u00adsi\u00ada\u00adnismo<\/strong><\/p>\n

O outro ar\u00adgu\u00admento que est\u00e1 li\u00adgado \u00e0 causa da “d\u00ed\u00advida ex\u00adces\u00adsiva” \u00e9 o au\u00admento da de\u00adsi\u00adgual\u00addade como a causa das que\u00adbras de 1929 e 2008. Como El\u00adliott diz: “en\u00adquanto os em\u00adpre\u00adgados viram sua fatia do bolo econ\u00f4\u00admico ficar menor, para os ricos e po\u00adde\u00adrosos, os loucos anos 1920 foram o me\u00adlhor dos tempos. Nos EUA, a re\u00addu\u00e7\u00e3o para me\u00adtade da taxa m\u00e1\u00adxima de im\u00adposto de renda, para 32%, sig\u00adni\u00adficou mais di\u00adnheiro para a es\u00adpe\u00adcu\u00adla\u00e7\u00e3o nos mer\u00adcados de a\u00e7\u00f5es e pro\u00adpri\u00ade\u00addade. Os pre\u00e7os das a\u00e7\u00f5es su\u00adbiram seis vezes em Wall Street na d\u00e9\u00adcada da quebra da bolsa. A de\u00adsi\u00adgual\u00addade era alta e cres\u00adcente, e a de\u00admanda s\u00f3 era man\u00adtida por meio de uma bolha de cr\u00e9\u00addito. “Sim, se\u00adme\u00adlhante ao pe\u00adr\u00edodo at\u00e9 2008\u201d.<\/p>\n

Agora, n\u00e3o creio que a cres\u00adcente de\u00adsi\u00adgual\u00addade tenha sido a causa da crise da d\u00e9\u00adcada de 1930 ou de 2008, como tenho de\u00adta\u00adlhado em meus ar\u00adgu\u00admentos. A evi\u00add\u00eancia em\u00adp\u00ed\u00adrica n\u00e3o su\u00adporta uma co\u00adnex\u00e3o causal entre a de\u00adsi\u00adgual\u00addade e a quebra. De fato, um novo es\u00adtudo de JW Mason, apre\u00adsen\u00adtado no Assa de 2017 em Chi\u00adcago, acres\u00adcenta ainda mais peso ao ar\u00adgu\u00admento de que o au\u00admento da de\u00adsi\u00adgual\u00addade e o con\u00adse\u00adquente au\u00admento da d\u00ed\u00advida das fa\u00adm\u00ed\u00adlias n\u00e3o foi a causa do crash fi\u00adnan\u00adceiro de 1929 ou 2008.<\/p>\n

“A ideia \u00e9 que o au\u00admento da d\u00ed\u00advida \u00e9 o re\u00adsul\u00adtado do au\u00admento da de\u00adsi\u00adgual\u00addade, uma vez que os agre\u00adgados fa\u00admi\u00adli\u00adares de rendas mais baixas pe\u00addiram em\u00adpres\u00adtado para manter os cres\u00adcentes pa\u00addr\u00f5es de con\u00adsumo em face da es\u00adtag\u00adna\u00e7\u00e3o dos ren\u00addi\u00admentos; este con\u00adsumo fi\u00adnan\u00adciado pela d\u00ed\u00advida foi fun\u00adda\u00admental para apoiar a de\u00admanda agre\u00adgada no pe\u00adr\u00edodo an\u00adte\u00adrior a 2008. Esta his\u00adt\u00f3ria \u00e9 fre\u00adquen\u00adte\u00admente as\u00adso\u00adciada a Rag\u00adnuram Rajan e Mian e Sufi, mas tamb\u00e9m \u00e9 am\u00adpla\u00admente abra\u00ad\u00e7ada \u00e0 es\u00adquerda; tornou-se uma sa\u00adbe\u00addoria quase con\u00adven\u00adci\u00adonal entre eco\u00adno\u00admistas p\u00f3s-key\u00adne\u00adsi\u00adanos e mar\u00adxistas. No meu ar\u00adtigo, su\u00adgiro al\u00adgumas ra\u00adz\u00f5es para o ce\u00adti\u00adcismo\u201d.<\/p>\n

A es\u00ads\u00eancia do meu ponto de vista \u00e9 que a de\u00adsi\u00adgual\u00addade \u00e9 sempre parte do ca\u00adpi\u00adta\u00adlismo (e, por isso mesmo, por de\u00adfi\u00adni\u00e7\u00e3o, das so\u00adci\u00ade\u00addades de classe) e a cres\u00adcente de\u00adsi\u00adgual\u00addade da d\u00e9\u00adcada de 1980 no pe\u00adr\u00edodo ne\u00ado\u00adli\u00adberal durou d\u00e9\u00adcadas antes do choque. \u00c9 mais con\u00advin\u00adcente que a ele\u00adva\u00e7\u00e3o da lu\u00adcra\u00adti\u00advi\u00addade e a cres\u00adcente par\u00adti\u00adci\u00adpa\u00e7\u00e3o do ca\u00adpital tra\u00adba\u00adlhista na acu\u00admu\u00adla\u00e7\u00e3o serem a causa da cres\u00adcente de\u00adsi\u00adgual\u00addade, e n\u00e3o vice-versa. Por\u00adtanto, a causa sub\u00adja\u00adcente da even\u00adtual quebra deve ser en\u00adcon\u00adtrada no pr\u00f3\u00adprio pro\u00adcesso ca\u00adpi\u00adta\u00adlista de acu\u00admu\u00adla\u00e7\u00e3o e al\u00adguma mu\u00addan\u00e7a na m\u00e1\u00adquina lu\u00adcra\u00adtiva.<\/p>\n

A ter\u00adceira causa ou raz\u00e3o ofe\u00adre\u00adcida por El\u00adliott para a Grande De\u00adpress\u00e3o dos anos 30 e da Grande De\u00adpress\u00e3o agora \u00e9 que n\u00e3o h\u00e1 poder he\u00adgem\u00f4\u00adnico em po\u00adsi\u00e7\u00e3o de agir como um “em\u00adpres\u00adtador de \u00fal\u00adtimo re\u00adcurso” para res\u00adgatar bancos e eco\u00adno\u00admias na\u00adci\u00ado\u00adnais com cr\u00e9\u00addito e tamb\u00e9m es\u00adta\u00adbe\u00adle\u00adcendo as re\u00adgras para a re\u00adcu\u00adpe\u00adra\u00e7\u00e3o econ\u00f4\u00admica global. Entre as duas guerras mun\u00addiais, o Reino Unido n\u00e3o era mais he\u00adgem\u00f4\u00adnico como em me\u00adados do s\u00e9\u00adculo 19 e os Es\u00adtados Unidos n\u00e3o con\u00adse\u00adguiram ou n\u00e3o qui\u00adseram tomar seu lugar. Assim, n\u00e3o havia, na ver\u00addade, ne\u00adnhum ban\u00adqueiro global e, por\u00adtanto, per\u00admi\u00adtindo anar\u00adquia e pro\u00adte\u00adci\u00ado\u00adnismo na eco\u00adnomia mun\u00addial.<\/p>\n

Esse foi o prin\u00adcipal ar\u00adgu\u00admento do grande his\u00adto\u00adri\u00adador econ\u00f4\u00admico, Charles Kin\u00addle\u00adberger, com sua “te\u00adoria da es\u00adta\u00adbi\u00adli\u00addade he\u00adgem\u00f4\u00adnica” em seu livro, The World in De\u00adpres\u00adsion, 1929-1939. Esta te\u00adoria das crises in\u00adter\u00adna\u00adci\u00ado\u00adnais tem sido se\u00adguida por his\u00adto\u00adri\u00ada\u00addores econ\u00f4\u00admicos como Barry Ei\u00adchen\u00adgreen e Stephen King, eco\u00adno\u00admista do HSBC, ci\u00adtado por El\u00adliott di\u00adzendo: “H\u00e1 se\u00adme\u00adlhan\u00e7as entre agora e os anos 30, no sen\u00adtido de que voc\u00ea tem uma su\u00adper\u00adpo\u00adt\u00eancia em de\u00adcl\u00ednio”. Assim, ar\u00adgu\u00admenta-se que os Es\u00adtados Unidos n\u00e3o s\u00e3o mais he\u00adgem\u00f4\u00adnicos e n\u00e3o podem impor re\u00adgras in\u00adter\u00adna\u00adci\u00ado\u00adnais de co\u00adm\u00e9rcio como fi\u00adzeram de\u00adpois de 1945 com o FMI, o Banco Mun\u00addial e o GATT (Acordo Geral de Co\u00adm\u00e9rcio e Ta\u00adrifas). Agora, existem po\u00adt\u00ean\u00adcias econ\u00f4\u00admicas ri\u00advais como a China e at\u00e9 mesmo a Uni\u00e3o Eu\u00adro\u00adpeia que j\u00e1 n\u00e3o se do\u00adbram \u00e0 von\u00adtade dos EUA. E o FMI n\u00e3o est\u00e1 em po\u00adsi\u00e7\u00e3o de agir como credor de \u00fal\u00adtimo re\u00adcurso para res\u00adgatar eco\u00adno\u00admias como a Gr\u00e9cia etc.<\/p>\n

Esta opi\u00adni\u00e3o tamb\u00e9m vem de eco\u00adno\u00admistas mar\u00adxistas como Leo Pa\u00adnitch e Sam Gindin, que (ao con\u00adtr\u00e1rio) ar\u00adgu\u00admentam que os EUA ainda s\u00e3o um poder he\u00adgem\u00f4\u00adnico e, por\u00adtanto, ainda de\u00adcidem tudo em um “im\u00adp\u00e9rio in\u00adformal” e isso ex\u00adplica a enorme re\u00adcu\u00adpe\u00adra\u00e7\u00e3o econ\u00f4\u00admica ap\u00f3s a d\u00e9\u00adcada de 1980, no pe\u00adr\u00edodo ne\u00ado\u00adli\u00adberal. Yanis Va\u00adrou\u00adfakis ar\u00adgu\u00admenta algo se\u00adme\u00adlhante em seu livro, The Global Mi\u00adno\u00adtaur. Ski\u00addelsky tamb\u00e9m gosta do ar\u00adgu\u00admento de que a “re\u00adcu\u00adpe\u00adra\u00e7\u00e3o” ne\u00ado\u00adli\u00adberal foi al\u00adcan\u00ad\u00e7ada pela glo\u00adba\u00adli\u00adza\u00e7\u00e3o sob o con\u00adtrole im\u00adpe\u00adrial dos EUA. “A glo\u00adba\u00adli\u00adza\u00e7\u00e3o per\u00admite ao ca\u00adpital es\u00adcapar ao con\u00adtrole na\u00adci\u00adonal e sin\u00addical”. Ele con\u00adsi\u00addera esta a ex\u00adpli\u00adca\u00e7\u00e3o mar\u00adxista: “Sou muito mais sim\u00adp\u00e1\u00adtico desde o in\u00edcio da crise \u00e0 ma\u00adneira mar\u00adxista de ana\u00adlisar as coisas”.<\/p>\n

Mas ser\u00e1 que a crise do ano de 2008 \u00e9 re\u00adsul\u00adtado do fraco poder im\u00adpe\u00adrial dos EUA ou do poder dos EUA? De qual\u00adquer ma\u00adneira, du\u00advido que a te\u00adoria da es\u00adta\u00adbi\u00adli\u00addade he\u00adgem\u00f4\u00adnica seja uma ex\u00adpli\u00adca\u00e7\u00e3o su\u00adfi\u00adci\u00adente da Grande De\u00adpress\u00e3o ou da Longa De\u00adpress\u00e3o. Cla\u00adra\u00admente, os Es\u00adtados Unidos est\u00e3o em de\u00adcl\u00ednio (re\u00adla\u00adtivo) como prin\u00adcipal poder im\u00adpe\u00adri\u00ada\u00adlista eco\u00adno\u00admi\u00adca\u00admente, apesar de con\u00adti\u00adnu\u00adarem a ser o prin\u00adcipal poder fi\u00adnan\u00adceiro e mi\u00adlitar – se\u00adme\u00adlhante ao im\u00adp\u00e9rio ro\u00admano em seu pe\u00adr\u00edodo de de\u00adcl\u00ednio.<\/p>\n

Sem d\u00fa\u00advida que isso teve algum efeito sobre a ca\u00adpa\u00adci\u00addade de todas as prin\u00adci\u00adpais eco\u00adno\u00admias ca\u00adpi\u00adta\u00adlistas para sair desta de\u00adpress\u00e3o e au\u00admentou o mo\u00advi\u00admento para o na\u00adci\u00ado\u00adna\u00adlismo, pro\u00adte\u00adci\u00ado\u00adnismo e iso\u00adla\u00adci\u00ado\u00adnismo, que agora vemos em muitos pa\u00edses e na pr\u00f3\u00adpria Am\u00e9\u00adrica de Trump. Mas o fim da “glo\u00adba\u00adli\u00adza\u00e7\u00e3o” n\u00e3o foi o re\u00adsul\u00adtado do en\u00adfra\u00adque\u00adci\u00admento do poder norte-ame\u00adri\u00adcano, mas o re\u00adsul\u00adtado da de\u00adsa\u00adce\u00adle\u00adra\u00e7\u00e3o do in\u00adves\u00adti\u00admento global, do co\u00adm\u00e9rcio e, so\u00adbre\u00adtudo, da ren\u00adta\u00adbi\u00adli\u00addade do ca\u00adpital que a evi\u00add\u00eancia em\u00adp\u00ed\u00adrica re\u00advelou desde o final da d\u00e9\u00adcada de 1990. A “morte” da glo\u00adba\u00adli\u00adza\u00e7\u00e3o foi ace\u00adle\u00adrada pela crise fi\u00adnan\u00adceira global e pelo co\u00adlapso do co\u00adm\u00e9rcio mun\u00addial e dos fluxos de d\u00ed\u00advida desde 2008.<\/p>\n

A in\u00adter\u00adven\u00e7\u00e3o que re\u00adsolveu a Grande De\u00adpress\u00e3o<\/strong><\/p>\n

A longa de\u00adpress\u00e3o con\u00adti\u00adnuou n\u00e3o por causa da alta de\u00adsi\u00adgual\u00addade ou do en\u00adfra\u00adque\u00adci\u00admento da he\u00adge\u00admonia norte-ame\u00adri\u00adcana ou por causa do mo\u00advi\u00admento para o pro\u00adte\u00adci\u00ado\u00adnismo (que mal co\u00adme\u00e7ou). Con\u00adti\u00adnuou, afirmo, por causa do fra\u00adcasso da ren\u00adta\u00adbi\u00adli\u00addade de elevar-se su\u00adfi\u00adci\u00aden\u00adte\u00admente para re\u00advi\u00adta\u00adlizar o in\u00adves\u00adti\u00admento pro\u00addu\u00adtivo e o cres\u00adci\u00admento da pro\u00addu\u00adti\u00advi\u00addade; e a con\u00adti\u00adnu\u00ada\u00e7\u00e3o da res\u00adsaca do ca\u00adpital fic\u00adt\u00edcio e da d\u00ed\u00advida. De fato, mos\u00adtrei que essas s\u00e3o as mesmas ra\u00adz\u00f5es que pro\u00adlon\u00adgaram a Grande De\u00adpress\u00e3o dos anos 1930: baixa ren\u00adta\u00adbi\u00adli\u00addade, altos n\u00ed\u00adveis de en\u00addi\u00advi\u00adda\u00admento e fraco co\u00adm\u00e9rcio.<\/p>\n

No ar\u00adtigo de El\u00adliott tamb\u00e9m nos s\u00e3o ofe\u00adre\u00adcidas al\u00adgumas di\u00adfe\u00adren\u00e7as entre os anos 1930 e agora. A pri\u00admeira \u00e9 que, ao con\u00adtr\u00e1rio dos anos 1930, agora os bancos cen\u00adtrais agiram para au\u00admentar a oferta de moeda e res\u00adgatar os bancos com cortes nos juros para zero e fle\u00adxi\u00adbi\u00adli\u00adza\u00e7\u00e3o quan\u00adti\u00adta\u00adtiva. Na d\u00e9\u00adcada de 1930, de acordo com Adam Tooze em seu livro The De\u00adluge, as po\u00adl\u00ed\u00adticas de\u00adfla\u00adci\u00ado\u00adn\u00e1\u00adrias foram per\u00adse\u00adguidas em todos os lu\u00adgares. “A quest\u00e3o que os cr\u00ed\u00adticos t\u00eam per\u00adgun\u00adtado desde ent\u00e3o \u00e9 por que o mundo es\u00adtava t\u00e3o an\u00adsioso para se com\u00adpro\u00admeter com essa aus\u00adte\u00adri\u00addade co\u00adle\u00adtiva. Se os eco\u00adno\u00admistas key\u00adne\u00adsi\u00adanos e mo\u00adne\u00adta\u00adristas podem con\u00adcordar sobre uma coisa, s\u00e3o as con\u00adsequ\u00ean\u00adcias de\u00adsas\u00adtrosas deste con\u00adsenso de\u00adfla\u00adci\u00ado\u00adn\u00e1rio” (Tooze).<\/p>\n

E eles con\u00adcordam com isso na de\u00adpress\u00e3o atual. Como j\u00e1 mos\u00adtrei em v\u00e1\u00adrios posts, o ex-chefe do FED dos Es\u00adtados Unidos, Ben Ber\u00adnanke, foi um grande es\u00adpe\u00adci\u00ada\u00adlista nas causas da Grande De\u00adpress\u00e3o e uma vez contou uma reu\u00adni\u00e3o do mains\u00adtream, ce\u00adle\u00adbrando seu mentor, o grande mo\u00adne\u00adta\u00adrista Milton Fri\u00adedman, que disse que n\u00e3o ex\u00adpandir a oferta de di\u00adnheiro, como ocorreu em 1930, n\u00e3o de\u00adveria ser re\u00adpe\u00adtido. Mas a ex\u00adpans\u00e3o mo\u00adne\u00adt\u00e1ria e o di\u00adnheiro f\u00e1cil podem ter res\u00adga\u00adtado os bancos e res\u00adtau\u00adrado o “ne\u00adg\u00f3cio como de cos\u00adtume” para eles, mas n\u00e3o ter\u00adminou com a atual Longa De\u00adpress\u00e3o.<\/p>\n

Na ver\u00addade, esse di\u00adnheiro f\u00e1cil e po\u00adl\u00ed\u00adtica mo\u00adne\u00adt\u00e1ria n\u00e3o con\u00adven\u00adci\u00adonal n\u00e3o fa\u00adriam ter\u00adminar a Grande De\u00adpress\u00e3o, como pen\u00adsado por Keynes em 1931. Mas em 1936, quando ele es\u00adcreveu sua fa\u00admosa Te\u00adoria Geral, ele per\u00adcebeu que era uma po\u00adl\u00ed\u00adtica ina\u00adde\u00adquada. E, na ver\u00addade, a ideia de que as coisas se\u00adriam di\u00adfe\u00adrentes desta vez em re\u00adla\u00e7\u00e3o \u00e0 d\u00e9\u00adcada de 1930, por causa da po\u00adl\u00ed\u00adtica mo\u00adne\u00adt\u00e1ria f\u00e1cil, acabou re\u00adve\u00adlando seu fra\u00adcasso.<\/p>\n

Os key\u00adne\u00adsi\u00adanos, tendo em muitos casos de\u00adfen\u00addido di\u00adnheiro f\u00e1cil como a sa\u00edda da de\u00adpress\u00e3o atual, agora em\u00adpur\u00adraram o es\u00adt\u00ed\u00admulo fiscal como a so\u00adlu\u00e7\u00e3o, assim como Keynes fi\u00adnal\u00admente re\u00adcorreu em 1936. Key\u00adne\u00adsi\u00adanos, como Ski\u00addelsky, alegam que o Reino Unido teve ‘es\u00adta\u00adbi\u00adli\u00adza\u00addores fis\u00adcais au\u00adto\u00adm\u00e1\u00adticos’ que es\u00adtavam aju\u00addando a mi\u00adnorar os efeitos da quebra da d\u00e9\u00adcada de 1930, mas os go\u00advernos da \u00e9poca que\u00adbraram aquela ideia e im\u00adpu\u00adseram a aus\u00adte\u00adri\u00addade, que causou a ex\u00adtens\u00e3o da de\u00adpress\u00e3o.<\/p>\n

A mai\u00adoria dos go\u00advernos atuais n\u00e3o adotou gastos ma\u00adci\u00e7os do go\u00adverno ou gerou grandes d\u00e9\u00adfi\u00adcits or\u00ad\u00e7a\u00admen\u00adt\u00e1\u00adrios para im\u00adpul\u00adsi\u00adonar o in\u00adves\u00adti\u00admento e o cres\u00adci\u00admento – prin\u00adci\u00adpal\u00admente porque eles temem um au\u00admento da d\u00ed\u00advida p\u00fa\u00adblica e o \u00f4nus de en\u00adcon\u00adtrar fi\u00adnan\u00adci\u00ada\u00addores no setor ca\u00adpi\u00adta\u00adlista. Assim, ou\u00advimos da ba\u00adteria de eco\u00adno\u00admistas es\u00adquer\u00addistas e key\u00adne\u00adsi\u00adanos que a apli\u00adca\u00e7\u00e3o da “aus\u00adte\u00adri\u00addade” \u00e9 a causa da Longa De\u00adpress\u00e3o Longa atual. \u00c9 di\u00adf\u00edcil provar de uma ma\u00adneira ou de outra, mas em uma s\u00e9rie de posts e ar\u00adtigos, tenho co\u00adlo\u00adcado muita d\u00fa\u00advida sobre a ex\u00adpli\u00adca\u00e7\u00e3o key\u00adne\u00adsiana da Longa De\u00adpress\u00e3o.<\/p>\n

O New Deal n\u00e3o ter\u00adminou com a Grande De\u00adpress\u00e3o. De fato, o re\u00adgime de Ro\u00ado\u00adse\u00advelt teve d\u00e9\u00adfi\u00adcits or\u00ad\u00e7a\u00admen\u00adt\u00e1\u00adrios con\u00adsis\u00adtentes de cerca de 5% do PIB a partir de 1931, gas\u00adtando o dobro da re\u00adceita tri\u00adbu\u00adt\u00e1ria. E o go\u00adverno as\u00adsumiu muito mais tra\u00adba\u00adlha\u00addores em pro\u00adgramas so\u00adciais – mas todos com pouco efeito.<\/p>\n

Sair do pa\u00addr\u00e3o ouro e des\u00adva\u00adlo\u00adrizar mo\u00adedas n\u00e3o pa\u00adraram a Grande De\u00adpress\u00e3o. Na ver\u00addade, o re\u00adcurso de des\u00adva\u00adlo\u00adri\u00adza\u00ad\u00e7\u00f5es, ta\u00adrifas pro\u00adte\u00adci\u00ado\u00adnistas e res\u00adtri\u00ad\u00e7\u00f5es ao co\u00adm\u00e9rcio in\u00adter\u00adna\u00adci\u00adonal pro\u00adva\u00advel\u00admente agra\u00advaram as coisas.<\/p>\n

Pra onde vamos?<\/strong><\/p>\n

E a fle\u00adxi\u00adbi\u00adli\u00adza\u00e7\u00e3o mo\u00adne\u00adt\u00e1ria n\u00e3o fun\u00adci\u00adonou desta vez e nem tem es\u00adt\u00ed\u00admulo fiscal (como o \u2018Abe\u00adno\u00admics\u2019 no Jap\u00e3o de\u00admons\u00adtrou). O que ve\u00adremos no\u00adva\u00admente se Trump con\u00adse\u00adguir gerir d\u00e9\u00adfi\u00adcits or\u00ad\u00e7a\u00admen\u00adt\u00e1\u00adrios para re\u00adduzir os im\u00adpostos cor\u00adpo\u00adra\u00adtivos e au\u00admentar os gastos com in\u00adfra\u00ades\u00adtru\u00adtura.<\/p>\n

Agora pa\u00adrece que o pro\u00adte\u00adci\u00ado\u00adnismo e as des\u00adva\u00adlo\u00adri\u00adza\u00ad\u00e7\u00f5es est\u00e3o se tor\u00adnando mais pro\u00adv\u00e1\u00adveis neste p\u00f3s-Trump e p\u00f3s-Brexit da Longa De\u00adpress\u00e3o. Na ver\u00addade, o \u00fal\u00adtimo do\u00adcu\u00admento po\u00adl\u00ed\u00adtico para a pr\u00f3\u00adxima reu\u00adni\u00e3o do G20 na Ale\u00admanha co\u00adloca por terra a con\u00adde\u00adna\u00e7\u00e3o das po\u00adl\u00ed\u00adticas pro\u00adte\u00adci\u00ado\u00adnistas. Como El\u00adliott re\u00adsume: “At\u00e9 agora, os mer\u00adcados fi\u00adnan\u00adceiros t\u00eam uma vis\u00e3o po\u00adsi\u00adtiva do Trump. Eles con\u00adcen\u00adtraram-se no po\u00adten\u00adcial de cres\u00adci\u00admento de seus planos para cortes de im\u00adpostos e mai\u00adores gastos com in\u00adfra\u00ades\u00adtru\u00adtura, em vez de sua amea\u00e7a de cons\u00adtruir um muro ao longo do Rio Grande e impor ta\u00adrifas sobre im\u00adpor\u00adta\u00ad\u00e7\u00f5es me\u00adxi\u00adcanas e chi\u00adnesas. H\u00e1, no en\u00adtanto, uma vis\u00e3o mais es\u00adcura do fu\u00adturo, onde cada pa\u00eds tenta fazer o que Trump est\u00e1 fa\u00adzendo. Nesse ce\u00adn\u00e1rio, uma eco\u00adnomia global en\u00adco\u00adlhida leva \u00e0 di\u00admi\u00adnui\u00e7\u00e3o do co\u00adm\u00e9rcio global, e a de\u00adfla\u00e7\u00e3o sig\u00adni\u00adfica que as d\u00ed\u00advidas pes\u00adsoais se tornam mais one\u00adrosas”.<\/p>\n

A Grande De\u00adpress\u00e3o s\u00f3 ter\u00adminou quando os EUA se pre\u00adpa\u00adraram para en\u00adtrar na guerra mun\u00addial em 1941. Ent\u00e3o, o go\u00adverno as\u00adsumiu o con\u00adtrole do setor pri\u00advado na di\u00adre\u00e7\u00e3o do in\u00adves\u00adti\u00admento e do em\u00adprego e usando as eco\u00adno\u00admias e o con\u00adsumo das pes\u00adsoas para o es\u00adfor\u00e7o de guerra. A ren\u00adta\u00adbi\u00adli\u00addade do ca\u00adpital dis\u00adparou e con\u00adti\u00adnuou ap\u00f3s o fim da guerra. Olhando para tr\u00e1s, a de\u00adpress\u00e3o das d\u00e9\u00adcadas de 1880 e 1890 nas prin\u00adci\u00adpais eco\u00adno\u00admias s\u00f3 ter\u00adminou de\u00adpois que uma s\u00e9rie de re\u00adces\u00ads\u00f5es fi\u00adnal\u00admente con\u00adse\u00adguiu elevar a ren\u00adta\u00adbi\u00adli\u00addade do ca\u00adpital nos se\u00adtores mais efi\u00adci\u00adentes das eco\u00adno\u00admias na\u00adci\u00ado\u00adnais e assim en\u00adtregou um in\u00adves\u00adti\u00admento mais sus\u00adten\u00adtado \u2013 em\u00adbora a ri\u00adva\u00adli\u00addade im\u00adpe\u00adri\u00ada\u00adlista sobre a ex\u00adplo\u00adra\u00e7\u00e3o do globo tenha le\u00advado \u00e0 pri\u00admeira guerra mun\u00addial.<\/p>\n

Como esta Longa De\u00adpress\u00e3o vai ter\u00adminar?<\/p>\n

http:\/\/www.correiocidadania.com.br\/2-uncategorised\/12417-aprendendo-com-a-grande-depressao<\/p>","protected":false},"excerpt":{"rendered":"

Michael Roberts – Re\u00adcen\u00adte\u00admente, o editor de eco\u00adnomia do jornal Guar\u00addian, do Reino Unido, Larry El\u00adliott, nos apre\u00adsentou uma com\u00adpa\u00adra\u00e7\u00e3o da Grande De\u00adpress\u00e3o dos anos 1930 e agora. Com efeito, El\u00adliott ar\u00adgu\u00admentou que a eco\u00adnomia mun\u00addial est\u00e1 em uma de\u00adpress\u00e3o se\u00adme\u00adlhante. A de\u00adpress\u00e3o dos anos 30 co\u00adme\u00e7ou com o \u201ccrash\u201d do mer\u00adcado de a\u00e7\u00f5es em […]<\/p>\n","protected":false},"author":1,"featured_media":141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-3464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia"],"yoast_head":"\nAprendendo com a Grande Depress\u00e3o - Controversia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/controversia.com.br\/pt\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aprendendo com a Grande Depress\u00e3o - Controversia\" \/>\n<meta property=\"og:description\" content=\"Michael Roberts – Re\u00adcen\u00adte\u00admente, o editor de eco\u00adnomia do jornal Guar\u00addian, do Reino Unido, Larry El\u00adliott, nos apre\u00adsentou uma com\u00adpa\u00adra\u00e7\u00e3o da Grande De\u00adpress\u00e3o dos anos 1930 e agora. Com efeito, El\u00adliott ar\u00adgu\u00admentou que a eco\u00adnomia mun\u00addial est\u00e1 em uma de\u00adpress\u00e3o se\u00adme\u00adlhante. A de\u00adpress\u00e3o dos anos 30 co\u00adme\u00e7ou com o \u201ccrash\u201d do mer\u00adcado de a\u00e7\u00f5es em […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/controversia.com.br\/pt\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/\" \/>\n<meta property=\"og:site_name\" content=\"Controversia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Controversiascontemporaneas\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Controversiascontemporaneas\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-09T15:23:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ricardo Alvarez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/contro_versia\" \/>\n<meta name=\"twitter:site\" content=\"@contro_versia\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ricardo Alvarez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo estimado de leitura\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/\"},\"author\":{\"name\":\"Ricardo Alvarez\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#\\\/schema\\\/person\\\/890416adf48f0d52618900e97e15edf2\"},\"headline\":\"Aprendendo com a Grande Depress\u00e3o\",\"datePublished\":\"2017-04-09T15:23:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/\"},\"wordCount\":4518,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#\\\/schema\\\/person\\\/890416adf48f0d52618900e97e15edf2\"},\"image\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2016\\\/04\\\/crise.jpg?fit=2000%2C1410&ssl=1\",\"articleSection\":[\"Economia\"],\"inLanguage\":\"pt-PT\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/\",\"url\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/\",\"name\":\"Aprendendo com a Grande Depress\u00e3o - Controversia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2016\\\/04\\\/crise.jpg?fit=2000%2C1410&ssl=1\",\"datePublished\":\"2017-04-09T15:23:50+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#breadcrumb\"},\"inLanguage\":\"pt-PT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"pt-PT\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2016\\\/04\\\/crise.jpg?fit=2000%2C1410&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2016\\\/04\\\/crise.jpg?fit=2000%2C1410&ssl=1\",\"width\":2000,\"height\":1410},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/2017\\\/04\\\/09\\\/aprendendo-com-a-grande-depressao\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\\\/\\\/controversia.com.br\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aprendendo com a Grande Depress\u00e3o\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#website\",\"url\":\"https:\\\/\\\/controversia.com.br\\\/\",\"name\":\"Controversia\",\"description\":\"Um site de leitura e debate\",\"publisher\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#\\\/schema\\\/person\\\/890416adf48f0d52618900e97e15edf2\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/controversia.com.br\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"pt-PT\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/controversia.com.br\\\/#\\\/schema\\\/person\\\/890416adf48f0d52618900e97e15edf2\",\"name\":\"Ricardo Alvarez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"pt-PT\",\"@id\":\"https:\\\/\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/Plano-de-Fundo-1015x1024.png\",\"url\":\"https:\\\/\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/Plano-de-Fundo-1015x1024.png\",\"contentUrl\":\"https:\\\/\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/Plano-de-Fundo-1015x1024.png\",\"width\":1015,\"height\":1024,\"caption\":\"Ricardo Alvarez\"},\"logo\":{\"@id\":\"https:\\\/\\\/controversia.com.br\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/Plano-de-Fundo-1015x1024.png\"},\"description\":\"Professor, mestre em geografia urbana pela USP e criador do site Controv\u00e9rsia e escreve semanalmente.\",\"sameAs\":[\"http:\\\/\\\/controversia.com.br\",\"https:\\\/\\\/www.facebook.com\\\/Controversiascontemporaneas\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/controversia\\\/\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/twitter.com\\\/contro_versia\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Aprendendo com a Grande Depress\u00e3o - Controversia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/controversia.com.br\/pt\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/","og_locale":"pt_PT","og_type":"article","og_title":"Aprendendo com a Grande Depress\u00e3o - Controversia","og_description":"Michael Roberts – Re\u00adcen\u00adte\u00admente, o editor de eco\u00adnomia do jornal Guar\u00addian, do Reino Unido, Larry El\u00adliott, nos apre\u00adsentou uma com\u00adpa\u00adra\u00e7\u00e3o da Grande De\u00adpress\u00e3o dos anos 1930 e agora. Com efeito, El\u00adliott ar\u00adgu\u00admentou que a eco\u00adnomia mun\u00addial est\u00e1 em uma de\u00adpress\u00e3o se\u00adme\u00adlhante. A de\u00adpress\u00e3o dos anos 30 co\u00adme\u00e7ou com o \u201ccrash\u201d do mer\u00adcado de a\u00e7\u00f5es em […]","og_url":"https:\/\/controversia.com.br\/pt\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/","og_site_name":"Controversia","article_publisher":"https:\/\/www.facebook.com\/Controversiascontemporaneas\/","article_author":"https:\/\/www.facebook.com\/Controversiascontemporaneas\/","article_published_time":"2017-04-09T15:23:50+00:00","og_image":[{"width":2000,"height":1410,"url":"https:\/\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg","type":"image\/jpeg"}],"author":"Ricardo Alvarez","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/contro_versia","twitter_site":"@contro_versia","twitter_misc":{"Escrito por":"Ricardo Alvarez","Tempo estimado de leitura":"23 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#article","isPartOf":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/"},"author":{"name":"Ricardo Alvarez","@id":"https:\/\/controversia.com.br\/#\/schema\/person\/890416adf48f0d52618900e97e15edf2"},"headline":"Aprendendo com a Grande Depress\u00e3o","datePublished":"2017-04-09T15:23:50+00:00","mainEntityOfPage":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/"},"wordCount":4518,"commentCount":0,"publisher":{"@id":"https:\/\/controversia.com.br\/#\/schema\/person\/890416adf48f0d52618900e97e15edf2"},"image":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg?fit=2000%2C1410&ssl=1","articleSection":["Economia"],"inLanguage":"pt-PT","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/","url":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/","name":"Aprendendo com a Grande Depress\u00e3o - Controversia","isPartOf":{"@id":"https:\/\/controversia.com.br\/#website"},"primaryImageOfPage":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#primaryimage"},"image":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg?fit=2000%2C1410&ssl=1","datePublished":"2017-04-09T15:23:50+00:00","breadcrumb":{"@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#breadcrumb"},"inLanguage":"pt-PT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/"]}]},{"@type":"ImageObject","inLanguage":"pt-PT","@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#primaryimage","url":"https:\/\/i0.wp.com\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg?fit=2000%2C1410&ssl=1","contentUrl":"https:\/\/i0.wp.com\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg?fit=2000%2C1410&ssl=1","width":2000,"height":1410},{"@type":"BreadcrumbList","@id":"https:\/\/controversia.com.br\/2017\/04\/09\/aprendendo-com-a-grande-depressao\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/controversia.com.br\/"},{"@type":"ListItem","position":2,"name":"Aprendendo com a Grande Depress\u00e3o"}]},{"@type":"WebSite","@id":"https:\/\/controversia.com.br\/#website","url":"https:\/\/controversia.com.br\/","name":"Controversia","description":"Um site de leitura e debate","publisher":{"@id":"https:\/\/controversia.com.br\/#\/schema\/person\/890416adf48f0d52618900e97e15edf2"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/controversia.com.br\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"pt-PT"},{"@type":["Person","Organization"],"@id":"https:\/\/controversia.com.br\/#\/schema\/person\/890416adf48f0d52618900e97e15edf2","name":"Ricardo Alvarez","image":{"@type":"ImageObject","inLanguage":"pt-PT","@id":"https:\/\/controversia.com.br\/wp-content\/uploads\/2020\/05\/Plano-de-Fundo-1015x1024.png","url":"https:\/\/controversia.com.br\/wp-content\/uploads\/2020\/05\/Plano-de-Fundo-1015x1024.png","contentUrl":"https:\/\/controversia.com.br\/wp-content\/uploads\/2020\/05\/Plano-de-Fundo-1015x1024.png","width":1015,"height":1024,"caption":"Ricardo Alvarez"},"logo":{"@id":"https:\/\/controversia.com.br\/wp-content\/uploads\/2020\/05\/Plano-de-Fundo-1015x1024.png"},"description":"Professor, mestre em geografia urbana pela USP e criador do site Controv\u00e9rsia e escreve semanalmente.","sameAs":["http:\/\/controversia.com.br","https:\/\/www.facebook.com\/Controversiascontemporaneas\/","https:\/\/www.linkedin.com\/in\/controversia\/","https:\/\/x.com\/https:\/\/twitter.com\/contro_versia"]}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/controversia.com.br\/wp-content\/uploads\/2016\/04\/crise.jpg?fit=2000%2C1410&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/posts\/3464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/comments?post=3464"}],"version-history":[{"count":1,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/posts\/3464\/revisions"}],"predecessor-version":[{"id":3465,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/posts\/3464\/revisions\/3465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/media\/141"}],"wp:attachment":[{"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/media?parent=3464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/categories?post=3464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/controversia.com.br\/pt\/wp-json\/wp\/v2\/tags?post=3464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}