Abstract
This essay outlines the relation between the challenges involved in transforming the state and the evolution of the different development paradigms and strategies that have been applied in Latin America. It attempts to demystify the false dilemma of conceptions that view the function of the state and the role of the market in economic activity as mutually exclusive. In particular, the aim is to clarify whether any development paradigm and related strategy involves deciding on and adopting a position on the limits of the state and public policy, as suggested by O’Donnell (2008a). A further aim is to revive an element in Prebisch’s cosmovision that seems to be essential for our times, and particularly for Latin America: his balanced view of interventionist measures and respect for the market, along with his high level of pragmatism, always focused on the need to keep a close watch on the changing international order or world development in general.
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