Luiz Carlos Bresser-Pereira
Pesquisa e Planejamento Econômico 21(1), abril 1991: 3-23. Este trabalho corresponde à Aula Magna no XVIII Encontro Nacional de Economia da ANPEC, Brasília, 4 de dezembro 1990.

A systematic analysis of the Latin American crisis as a foreign debt and a fiscal crisis of the state crisis, and a critique of the Washington Consensus. This paper was my first critique of the Washington Consensus, and the basis for my chapter in the book with Przeworski and Maravall, Economic Reforms in New Democracies, “Economic Reforms and Economic Growth: Efficiency and Politics in Latin America”.