<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0124-5996</journal-id>
<journal-title><![CDATA[Revista de Economía Institucional]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.econ.inst.]]></abbrev-journal-title>
<issn>0124-5996</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-59962019000100207</article-id>
<article-id pub-id-type="doi">10.18601/01245996.v21n40.08</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Los dos &#8220;pecados originales&#8221; de los gobiernos progresistas de Argentina y Brasil]]></article-title>
<article-title xml:lang="en"><![CDATA[The two &#8220;original sins&#8221; of the progressive governments of Argentina and Brazil]]></article-title>
<article-title xml:lang="pt"><![CDATA[Os dois &#8220;pecados originais&#8221; dos governos progressistas da Argentina e do Brasil]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salama]]></surname>
<given-names><![CDATA[Pierre]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de París XIII  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>France</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>21</volume>
<numero>40</numero>
<fpage>207</fpage>
<lpage>232</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-59962019000100207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-59962019000100207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-59962019000100207&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Durante las presidencias de Néstor Kirchner (2003-2007) y Cristina Kirchner (2007-2015) en Argentina, y de Lula (2003-2011) y Dilma Roussef (20112016) en Brasil, ambos países mostraron tasas de crecimiento relativamente altas, los salarios reales aumentaron y la pobreza disminuyó. En Argentina, la dinámica económica se frenó en 2012 y Brasil entró en una crisis profunda en 2014. Estos fracasos se pueden explicar por dos "pecados originales": el relajamiento de la restricción externa en Argentina y Brasil y la financiarización en Brasil. El primero generó una apreciación real de la moneda nacional frente al dólar no compensada por un aumento de la productividad del trabajo. El segundo se manifestó en un detrimento de la inversión industrial. Aunque estos efectos se habrían podido controlar su costo ha sido muy alto. JEL: F1, F43, N16, O23.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract During the presidencies of Néstor Kirchner (2003-2007) and Cristina Kirchner (2007-2015) in Argentina, and of Lula (2003-2011) and Dilma Roussef (2011-2016) in Brazil, both countries showed relatively high growth rates, real wages increased and poverty decreased. In Argentina, the economic dynamics slowed down in 2012 and Brazil entered into a deep crisis in 2014. These failures can be explained by two "original sins": the relaxation of external constraint in Argentina and Brazil and financialization in Brazil. The former generated a real appreciation of the national currency against the dollar not compensated by an increase in labor productivity. The second manifested itself to the detriment of industrial investment. Although these effects could have been controlled, their cost has been very high. JEL: F1, F43, N16, O23.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Durante as presidências de Néstor Kirchner (2003-2007) e de Cristina Kirchner (2007-2015) na Argentina, e de Lula (2003-2011) e Dilma Rousseff(2011-2016) no Brasil, ambos os países apresentaram taxas de crescimento relativamente altas, os salários reais aumentaram e a pobreza diminuiu. Na Argentina, a dinâmica econômica desacelerou em 2012, e o Brasil entrou em profunda crise em 2014. Esses fracassos podem ser explicados por dois "pecados originais": o relaxamento da restrição externa na Argentina e no Brasil, e a financeirização no Brasil. O primeiro gerou uma valorização real da moeda nacional em relação ao dólar, não compensada por um aumento na produtividade do trabalho. O segundo se manifestou em detrimento do investimento industrial. Embora esses efeitos possam ter sido controlados, seu custo tem sido muito alto. JEL: F1, F43, N16, O23.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[restricción externa]]></kwd>
<kwd lng="es"><![CDATA[devaluación]]></kwd>
<kwd lng="es"><![CDATA[financiarización]]></kwd>
<kwd lng="en"><![CDATA[Economic growth]]></kwd>
<kwd lng="en"><![CDATA[external constraint]]></kwd>
<kwd lng="en"><![CDATA[devaluation]]></kwd>
<kwd lng="en"><![CDATA[financialization]]></kwd>
<kwd lng="pt"><![CDATA[crescimento econômico]]></kwd>
<kwd lng="pt"><![CDATA[restrição externa]]></kwd>
<kwd lng="pt"><![CDATA[desvalorização]]></kwd>
<kwd lng="pt"><![CDATA[financeirização]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abeles]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
<name>
<surname><![CDATA[Perez]]></surname>
<given-names><![CDATA[C., E]]></given-names>
</name>
<name>
<surname><![CDATA[Valdecantos]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<source><![CDATA[Estudios sobre financiarización en América Latina]]></source>
<year>2018</year>
<publisher-loc><![CDATA[Santiago de Chile ]]></publisher-loc>
<publisher-name><![CDATA[Cepal]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Albrieu]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Carciofi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Argentina: una estrategia de desarrollo para el siglo XXI]]></source>
<year>2015</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Turmalina]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castillo]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Martins]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Premature deindustrialization in Latin America]]></article-title>
<source><![CDATA[ECLAC Production Development series 205]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Santiago de Chile ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<collab>Cepal</collab>
<source><![CDATA[Balance preliminar de las economias de America Latina y el Caribe]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Santiago de Chile ]]></publisher-loc>
<publisher-name><![CDATA[Cepal]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coatz]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Scheingart]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La industria argentina en el siglo XXI: entre los avatares de la coyuntura y los desafíos estructurales]]></article-title>
<source><![CDATA[Boletin informativo Techin]]></source>
<year>2016</year>
<volume>353</volume>
<page-range>61-100</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Finello]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
<name>
<surname><![CDATA[de Medeiros]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financeirizacao, empresas não financeiras e o ciclo economico recente da economia brasileira]]></article-title>
<source><![CDATA[Economia e Sociedade]]></source>
<year>2017</year>
<volume>26</volume>
<numero>numero especial</numero>
<issue>numero especial</issue>
<page-range>1127-48</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fiorito]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Guaita]]></surname>
<given-names><![CDATA[N. et al]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El mito del crecimiento económico dirigido por la tasa de cambio competitivo]]></article-title>
<source><![CDATA[Circus, Revista Argentina de Economia]]></source>
<year>2013</year>
<volume>5</volume>
<page-range>81-105</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frankel]]></surname>
<given-names><![CDATA[J. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The natural resource curse: A survey]]></article-title>
<source><![CDATA[NBER working paper 15836]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Cambridge, Mass ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Rapetti]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Fragilidad externa o desindustrialización .cual es la principal amenaza para America Latina en la proxima decada? Serie Macroeconomia del desarrollo 116]]></source>
<year>2011</year>
<publisher-loc><![CDATA[Santiago de Chile ]]></publisher-loc>
<publisher-name><![CDATA[Cepal]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Tasa de cambio real competitivo, justicia social y democracia]]></source>
<year>2017</year>
<month>,</month>
<conf-name><![CDATA[ XXIICongresso Brasileiro de Economia]]></conf-name>
<conf-loc> </conf-loc>
<publisher-loc><![CDATA[Belo Horizonte ]]></publisher-loc>
<publisher-name><![CDATA[Brasil]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gallagher]]></surname>
<given-names><![CDATA[K. P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[China and the future of Latin America industrialization]]></article-title>
<source><![CDATA[Policy Brief]]></source>
<year>2011</year>
<volume>18</volume>
<page-range>1-8</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<collab>GERES</collab>
<source><![CDATA[Informe de coyuntura economica]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[GERES]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guellati]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Dantas]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[O Brasil em 2035: tendencias e incertezas para a area social. Texto para discusion 2348]]></source>
<year>2017</year>
<publisher-loc><![CDATA[Brasilia ]]></publisher-loc>
<publisher-name><![CDATA[IPEA]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lavinas]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<source><![CDATA[The takeover of social policy by financialization: The Brazilian paradox]]></source>
<year>2017</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Palgrave Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nassif]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Feijo]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Structural change and economic development: Is Brazil catching up or falling behind?]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2015</year>
<volume>39</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1307-32</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nassif]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
<name>
<surname><![CDATA[Bresser-P]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The case of reindustrialization in developing countries: Towards the connection between the macroeconomic regime and the industrial policy in Brazil]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2018</year>
<volume>42</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>355-81</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Salama]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Les economies emergentes latino-americaines. Entre cigales et fourmis]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Paris ]]></publisher-loc>
<publisher-name><![CDATA[Armand Colin]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Salama]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A regressao industrial e o pequeno crescimento possibilitam aumentar os salarios, quando a produtividade se encontra estagnada?]]></article-title>
<source><![CDATA[Cadernos do Desenvolvimento]]></source>
<year>2016</year>
<volume>11</volume>
<numero>19</numero>
<issue>19</issue>
<page-range>191-202</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Salama]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is the change in globalization&#8217;s rhythm an opportunity for Latin American emerging countries?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Chadarevian]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[The political economy of Lula&#8217;s Brazil]]></source>
<year>2017</year>
<page-range>14-33</page-range><publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Salama]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financialization in Brazil: a paper tiger, with atomic teeth?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Ulgen]]></surname>
<given-names><![CDATA[F]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial development, economic crises and emerging market economies]]></source>
<year>2017</year>
<page-range>187-205</page-range><publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schorr]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wainer]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<source><![CDATA[Argentina en la posconvertibilidad: de la holgura a la restriccion externa. Una aproximacion en clave estructural]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Serrano]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Summa]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A desaleracao rudimentar da economia brasileira desde 2011]]></article-title>
<source><![CDATA[OIKOS]]></source>
<year>2012</year>
<volume>11</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-37</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Serrano]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Summa]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Aggregate demand and the slowdown of Brazilan economic growth in 2011-2014]]></source>
<year>2015</year>
<publisher-loc><![CDATA[Washington DC ]]></publisher-loc>
<publisher-name><![CDATA[CEPR]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zahluth]]></surname>
<given-names><![CDATA[B. P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A economia politica do novo-desenvolvimentismo e do social desenvolvimentismo]]></article-title>
<source><![CDATA[Economia e Sociedade]]></source>
<year>2012</year>
<volume>21</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1-32</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
