Globalization and Competition

Introduction; Part I. Political Economy: 1. Globalization and catching up; 2. The key institution; 3. New developmentalism; Part II. Development Macroeconomics: 4. The tendency of the exchange rate to overvaluation; 5. The Dutch disease; 6. Foreign savings and slow growth; 7. Foreign savings and financial crises; Conclusion.

Luiz Carlos Bresser Pereira has taught economics and political theory at the Getulio Vargas Foundation, Sao Paulo, Brazil, since 1962. More recently, he has also taught at the Ecole des Hautes Etudes en Sciences Sociales in Paris. Professor Bresser Pereira was Minister of Finance in the Jose Sarney administration in Brazil (1987) and with the technical support of two major international banks framed the proposal on how to solve the foreign debt crisis that formed the basis of the Brady Plan (1989). From 1995 to 1999, he served as Brazil's Minister of Public Administration and Reform of the State and Minister of Science and Technology. In addition to numerous titles in Portuguese, Professor Bresser Pereira's works in English include Development and Crisis in Brazil (1984), The Theory of Inertial Inflation (1987), Economic Reforms in New Democracies (Cambridge University Press, 1993, with Jose Maria Maravall and Adam Przeworski), Democracy and Public Management Reform (2004), and Developing Brazil (2009).

'At last, a 'new something' that is really new. Bresser Pereira carefully creates the concept of 'new developmentalism' to show the lines along which old national policies are being transformed into vigorous global efforts to catch up. A scholarly work that is in tune with the times.' Alice Amsden, MIT 'After the failure of the Washington Consensus and facing the major uncertainties of the present crisis all over the world, governments are looking for alternative economic policies. Based on a stimulating analysis of successful as well as failed national experiences, this timely book proposes a new and coherent development strategy. It should be widely read by academics and policy makers.' Robert Boyer, Centre pour la Recherche Economique et ses Applications (CEPREMAP), France 'No one could be more prepared - by experience in these matters as well as personal knowledge - than Bresser Pereira to explain why, in the twenty-first-century global economy, some emerging countries succeed in bringing economic prosperity to their citizens while others fail.' Paul Davidson, The New School 'Globalization and Competition is an important essay on the role of the nation-state in the age of globalization and a clear-sighted corrective to facile thought about economic development. The record of globalization is mixed: some countries (notably those in Asia) have succeeded in growing rapidly; others (notably those in Latin America) have not. As Luiz Carlos Bresser-Pereira explains, the difference is rooted in the presence (or absence) of a coherent national development strategy - truly a paradox for our time.' James K. Galbraith, University of Texas at Austin 'Globalization and Competition sheds light on old debates, particularly on the costs of financial globalization, and why some developing countries (say, those in East Asia) converge to high living standards while others (say, those in Latin America) do not. But, particularly in the age of hopefully the final demise of the