Internationalization of the economy or endogenous development? The highlights of the crisis in Brazil

Ignacy Sachs ()

Brazilian Journal of Political Economy, 1984, vol. 4, issue 3, 353-369

Abstract: As a way out for the indebtedness crisis, the economists of the World Bank andthe IMF have been advocating the outward-looking development thesis. The degree of theopening of the economy and the dynamics of the foreign trade were promoted to the level oftrue indicators of development without concern with the social and ecologic costs of the exports.The inadequacy of this strategy for the third-world countries, the feasibility of a moratorium,and the advantages of an introverted growth, mainly in the Brazilian case, are analysedin this paper. Some obstacles that Brazil will face in the retake of economic growthare also focused. JEL Classification: F34; H63.

Keywords: Foreign debt; debt crisis; internationalization (search for similar items in EconPapers)
Date: 1984
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