ABSTRACT
The objective of this chapter is to present an alternative theoretical view of the nature of the Peruvian economy. The importance of this effort should not be underestimated since the ideas that will be presented below represent an attempt to disclose the complexities of economic, social, institutional, and political phenomena which are unlikely to be captured by the conventional economic analysis of a market society. Therefore, by incorporating these complex phenomena into my analysis, I expect to attain a richer understanding of the nature and characteristics of the Peruvian crisis of 1975 and thus to be able to provide a better assessment of the appropriateness of stabilization policies in general and devaluation in particular. In order to accomplish this goal, this chapter will resort to the theoretical tools embodied in the concept of mode of accumulation or, which is the same thing, political economy.
