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This paper draws upon Bresser-Pereira and Nakano (2003), in order to outline a pro-poor growth strategy for middle-income countries. This strategy avoids the pitfalls of the neoliberal model implemented in several countries in the aftermath of the 1982 international debt crisis, and is conducive to income distribution and sustainable growth simultaneously. In a recent issue of the Brazilian Journal of Political Economy, Bresser-Pereira and Nakano (2003) published a remarkable paper that will surely become an important reference in the contemporary Latin American economic debate. In their essay, Bresser-Pereira and Nakano cogently criticise the neoliberal (“dependent”, p. 11) growth strategy of most Latin American countries in the closing years of the twentieth century, convincingly demonstrate that sustained growth must be based on domestic rather than foreign savings, and skillfully outline an alternative development strategy for middle-income countries. This paper builds upon the latter feature of Bresser-Pereira and Nakano’s contribution. It is clearly important to devise alternative development strategies for middle-income countries. Neoliberal programmes based upon the so-called (post-) Washington Consensus have failed throughout Latin America. Voters in several countries, including Argentina, Bolivia, Brazil, Ecuador, Venezuela and elsewhere have expressed their dissatisfaction, and in several countries the majority is clearly unwilling to bear further costs of “adjustment”. In nearly every country, these costs include increased external vulnerability, slower growth, rising unemployment and

Towards a pro-poor development strategy for middle-income countries: a comment on Bresser-Pereira and Nakano