That same year, he was conscripted to the Brazilian Expeditionary Force to fight in Italy, during World War II, alongside the Allies.

Seeing countries destroyed in post-war Europe had a profound impact on him, leading to the decision that he would study Economics: he enrolled in a doctorate program at the University of Paris (Sorbonne), in 1946, and presented a thesis on the economy of Brazil during the colonial period.

While working at CEPAL, Furtado and Prebisch were decisive for the formulation of socioeconomic policies for the development of Latin America which emphasized industrialization and import substitution.

Upon his return to Brazil in 1959, he published his most famous book – The Economic Growth of Brazil: A Survey from Colonial to Modern Times (in Portuguese: Formação Econômica do Brasil) – and was appointed the director of the Brazilian Development Bank (BNDE) in charge of issues concerning states of the northeastern region, which are poor and face chronic droughts and desertification.

(with Sue Branford) The Economic Growth of Brazil (original title, Formação Econômica do Brasil) is his best known book and considered by many to be a national classic.