The internationalization of Spanish companies. The purpose of this article is to present the process of (late) internationalization of Spanish companies occurred between the years of 1990 and 2000, its determinants and the degree of involvement of the State in this process. We can point out some determinants in this process, such as: a fall in the profitability of the domestic market, a shrinking of the Spanish market, imminent danger of the acquisition of Spanish companies in the local market due to trade and financial openness. We conclude that this process was not fortuitous. There was a clear perception by the government that this process would not only be relevant but also necessary for the entrance of Spain in the international economic and geo-political set.

The purpose of this article is to survey the main papers that founded a kaleckian approach of the economic growth. It presents a certain moment of the historical evolution of the non-neoclassical macrodynamics. This analysis can be understood under the political economy tradition in putting together social classes (capitalists and workers), distributive conflict and the relationship between distribution and accumulation.

It is developed a macrodynamic model in the post-keynesian tradition of political economy of the productive capital accumulation and income distribution to analyze some of the impacts of the (flow of) foreign direct investment and the (stock of) foreign productive capital on capital accumulation, economic growth and functional income distribution in a stylized economy. Alongside a usual demand effect, the impacts of such an internationalization of local capital through labor productivity and market concentration are taken into account as well.

É desenvolvido um modelo macrodinâmico pós-keynesiano para analisar o efeito de variações quantitativas nas tarifas de importação sobre a utilização da capacidade e a taxa de crescimento da economia. Mostra-se que mesmo quando a redução tarifária promove um aumento na produtividade da mão-de-obra e/ou uma queda no mark-up, seu impacto sobre a utilização da capacidade e/ou a taxa de crescimento pode vir a ser negativo.

The paper develops a post-keynesian macrodynamic model to analyze the impact of quantitative changes in import tariffs on capacity utilization and growth. It is shown that even in case a tariff reduction happens to lead to a rise in labor produtivity and/or to a fall in mark-ups, it may well have a negative impact on capacity utilization and/or growth.

RESUMO A introdução de uma moeda única (euro), no início de 1999, é um evento histórico no sistema monetário internacional. Este artigo avalia algumas consequências dessa união monetária no mercado de capitais, no desempenho da Europa, na ameaça do euro em relação ao dólar como reserva de valor e possível fonte de instabilidade nos mercados de câmbio.

ABSTRACT The introduction of a single currency (euro), in the beginning of 1999, is a historical event in the international monetary system. This paper evaluates some consequences of this monetary union concerning the capital markets, performance of Europe, the threat of the euro in relation to the US dollar as a store of value and possible source of instability in the exchange markets.