Exchange Rate Anchoring, Globalization and Income Concentration: an Interpretation based on Michal Kalecki

The inflationary process was crucial to the understanding of the economic dynamics of Latin America in the seventies and eighties. During this period, the traditional theories regarding the theme were the subject of studies and controversy. This paper proposes the idea that the Real Plan, which had its foundations lain in this period, was based much more on the pioneering contributions of Keynes and Kalecki than on the propositions put forth by the recent debate. The heterodoxy of the Real Plan had positive dimensions, though with limiting redistributive implications, especially in terms of wages.