"Presenting a new angle on dependency theory, papers argue that dependency is imposed by forcing peripheral countries to accept weak currencies. Such countries are condemned to a cycle of balance of payments and debt crises, addressed by tight monetary policy together with devaluation, which further weakens the currency while squashing domestic investments and growth. Recommends a type of modern mercantilism: undervalued currency, selective tariffs, balance of payments surpluses, along with fiscal balance and lax monetary policy"--Handbook of Latin American Studies, v. 57.

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