Developing Brazil: Overcoming the Failure of the Washington Consensus

After the 1994 Real Plan ended fourteen years of high inflation in Brazil, the country’s economy was expected—mistakenly—to grow quickly. Luiz Carlos Bresser-Pereira discusses Brazil’s economic trajectory from the mid-1990s to the present Lula administration, critically appraising the neoliberal reforms that have curtailed growth and proposing a national development strategy geared toward effective competition in the global marketplace.