A crise na América Latina: consenso de Washington ou crise fiscal?

Abstract

In this paper the author presents critically the so called "Washington consensus" about the Latin American crisis. As an alternative, presents the 'fiscal crisis of the state" approach, that admits that the two causes of the crisis are economic populism and excessive state intervention, but asserts that: a) it is not enough to have fiscal discipline, additionally it is necessary to reduce the public debt and recover the savings capacity of the state; and b) that its not enough to liberalize and to privatize, additionally it is necessary to define a new strategy of state intervention, once the fiscal crisis is overcome.