lt is quite eerie to read Anglophone economists discussing monetarism as if it had not been vigorously debated for more than a quarter of a century in Latin America, and as if there had not been numerous attempts there to apply monetarist doctrines starting, let us say, with the Klein-Saks programme for Chile of 1957. One feels one is seeing the re-run of an old film. Eminent economists in Britain and the United States repeat long familiar arguments (falling often into errors long since overcome in Latin America). They cite empirical evidence, for example the relation between the quantity of money and prices, as if the world were bounded by the North Sea, the Rio Grande del Norte and the coast of California and British Colombia. The tacit assumptions are that nothing of importance happens in foreign parts and that, naturally, the native economists are of no consequence.