Conventional wisdom associates the two lost decades of economic stagnation in Brazil to macroeconomic imbalances and excessive budgetary deficits. This paper suggests that, contrary to conventional wisdom, the fiscal crisis of the state in Brazil was the result of the liberalization strategy...

Recent World Bank reports indicate that the world has seen a severe reduction in poverty, representing not just a cutback in the relative incidence of poverty but a significant decline in the total number of “poor” people. However in Latin America, the incidence of poverty has remained...

The debt crisis of the early 1980s prompted several analyses that emphasized the negative role of fiscal deficits on economic development. This negative view of fiscal deficits was consolidated in the so-called Washington Consensus agenda. International financial crises – recurrent in a world...

The surge in academic work on globalization has made several of the topics dear to authors of the dependency school relevant once again. Therefore a reconsideration of dependency theory seems to be appropriate. There are at least two approaches to dependency. This paper analyzes critically their...