Off the mark: the misguided policies of Washington economists

Luiz Carlos Bresser-Pereira

Harvard International Review, 15 (1) Fall 1992: 8-11.

The crisis that Latin America and Eastern Europe face today cannot be explained simply by the absence of fiscal discipline and excess state intervention that the Washington consensus affirms. When the costs involved in a given economic policy become excessive, the decision not to adopt the policy is rational rather than political. Reforms that are ineffficient are irrational.

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