Development has been illusive in Latin America in the 1990s. Notwithstanding tough neoliberal reforms, defeated hyperinflation, and large capital inflows, development of productive capacity and social equity shows a poor performance. These selected essays discuss the analytical bases of a pragmatic policy-oriented approach alternative to neoliberalism. The author analyzes macroeconomic management, trade and financial liberalization in recent years, focusing on causes of meagre achievements in macroeconomic stability, capital formation and growth. A paper on Chile reviews reforms to the "reforms" conducted by the democratic governments in the 1990s.

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