This book is the result of long research, which started in early 1983 and aimed at examining Brazil's economic adjustment following the two oil shocks in the period between 1974 and 1981, before the so-called "debt crisis". .
This book sheds some light on the controversies surrounding Brazil's external adjustment strategy in the 1970s. It discusses expenditure-reducing and expenditure-switching policies and identifies the main constraints on economic growth in Brazil in the 1980s.