ur in those developing countries where orthodox economics held sway (Sen, 1983, p. 745). Developmental economists sought to achieve development in the peripheral economies of the Third World through the application of economic theory which rejected much of orthodox economic theory, at least in the case of developing countries (Hirschman, 1981, p. 3). Brazil has been the most ardent defender of developmental economics. High inflation, and large governmental budget deficits (as a proportion of GNP) have long characterized the Brazilian economy. High rates of development, and, within development, high rates of growth, however, have also characterized the Brazilian economy. Additionally, Brazil's foreign debt increased significantly in the 1970s and 1980s. Prior to the implementation of a new economic stabilization plan in 1986, inflation had soared to an annual rate of 500.4 percent, and the government budget deficit was continuing a rapid climb ("Brazil", 1986, p. 11). At the same time, the country's foreign debt had surpassed US$100 bi
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