A recessão brasileira criada pelo governo PT : o contraponto de Friedrich A. Hayek sobre John Maynard Keynes

Abstract

State intervention is an economic model whose acceptance varies according to each country and the principles of its respective government. Thus, this paper aims to perform an analysis of the economic model of John Maynard Keynes used by the Brazilian government from 2003 to 2014 on the liberal counterpoint of Friedrich A. Hayek. The economic principles of Keynes and Hayek, as well as the theoretical divergence between them, will be explained. It will be presented a historical context of the neoliberal policies implemented by President Fernando Henrique Cardoso, as well as the Keynesian policies implemented by Presidents Luiz Inacio Lula da Silva and Dilma Rousseff, analyzing their benefits and harms for Brazil. During the PT governments, the country experienced growth and increased circular income flow, as predicted by Keynes's theory. However, according to Hayek's explanation, the long run has taken its toll on the period of lust sustained by government spending and cheap credit, generating inflation and proving that the Keynesian theory has spawned the largest economic recession in Brazilian history since 2014.(sic)