Bringing much-needed historical perspectives to debates about an idiosyncratic period in modern Latin American history, scholars from the United States and Peru reassess the meaning and legacy of Peru's left-leaning military dictatorship.

Whether the nearly twelve years of military rule in Peru--between October 1968 and July 1980--are labelled a revolution, œso-called revolution, or simply a ‘military dictatorship’, one fact remains inescapable: the reforms and programs of the armed forces during that period profoundly altered Peruvian society. This book examines the social, political, and economic legacies of the military government and identifies major areas of tension that are likely to pose problems for the new civilian government. Following a review of the ideology, socio-economic goals, and political performance of the Institutional Revolution of the Armed Forces, the authors analyze the contemporary political economy of Peru and catalog the political and economic policy alternatives available to the Belaúnde regime in the next few years. They discuss the return to partisan politics in Peru, urban and rural conditions, and the way in which real political power has remained with the military forces, despite their surrender of formal authority. Subsequent chapters outline the IMF-imposed stabilization program, revealing its devastating effects on Lima's urban poor, and summarize recent Peruvian foreign policy. A final chapter draws on the prior discussion to present a critical analysis of the transitionary process from military to civilian rule in Peru.

During the past decade, the potential offered by Brazil's size, resources, and location has begun to be realized. There are, however, a number of international and domestic obstacles to the country's continued development, as indicated by its extreme inflation rate and its foreign indebtedness. There are also serious questions about the social and political results of the Brazilian approach to development: Brazil has become something of a test case for whether the Western, or capitalist, orientation can achieve development in more than strictly economic terms. Emphasizing key aspects of Brazil's economy, politics, and society, the authors present an overall analysis of the present system and provide a base from which to assess Brazil's future development.