A Post-Liberal Agenda

Abstract

The frustration with the poor outcomes of a decade of price stability and structural reforms has led to strong criticisms against the Washington Consensus policies. Three interpretations have emerged to explain these poor outcomes. One hinges on a lack of depth in the reform process. Another one it is lack of breadth. A third blames the attempt to implement a single set of policies to all developing countries, irrespectively of their individual characteristics and stage of development. The paper argues that the three interpretations are useful to understand the challenge of fostering development in Brazil at present. Departing from this perception, the paper discusses a set of policies and institutional reforms with a potential to accelerate development in Brazil. The paper discusses these three views; derives some stylized facts about the Brazilian growth experience since 1950, emphasizing the experience of the last two decades; and builds on these stylized facts to analyze what should be the priorities of a development agenda for Brazil in the next 20 years.

Note: Downloadable document is in Portuguese.

Keywords: Washington Consensus, Market Reforms, Development in Brazil

JEL Classification: F3 , F4