Abstract

The principal aim of this paper is to discuss the growth-cum-debt strategy set
out in the II NDP and adopted in Brazil between 1974 and 1979, as a way of making the
external adjustment of the economy. It is argued that, despite the mistakes made by the
authorities in Brazil on matters of economic policy and on certain investment decisions, the
strategy set out in the II NDP and pursued over the period between 1974 and 1979 played,
on the whole, a positive role in adjusting Brazil’s external accounts in addition to sustaining
economic growth.

JEL Classification: H63; H54.