ABSTRACT
The search for “adjustment programs oriented towards growth” is a reaction to a generalized disagreement with the stabilization programs that the IMF recommends for indebted nations. A new orthodoxy is emerging from this situation, which relates the recuperation of the debtor nations to a change to development oriented to the external sector, based on the liberalization of international trade. This article describes many important limitations of this new orthodoxy. The strong emphasis on liberalization has no historical basis and does not really correspond to the experiences verified in the successful Far Eastern economies. Moreover, it diverts attention from the more urgent needs of the indebted economies.
KEYWORDS:
External debt growth; exports; debt crisis