William Easterly is Senior Fellow at the Center for Global Development and the Institute for International Economics in Washington, DC. Luis Servén is Lead Specialist in the Office of the Chief Economist of the Latin America and Caribbean Region of the World Bank.

"This fascinating book highlights a neglected cost of two decades of fiscal austerity in Latin America. The authors' careful analysis reveals that the decline in public investment in infrastructure may have been expensive not only for growth but for long-term fiscal solvency as well. Deserves to be read by every IMF economist (and many others besides)." --Dani Rodrik, John F. Kennedy School of Government, Harvard University
"The lessons from this research are likely to be valuable not only for developing countries but also for the European countries that are part of the Euro zone." --Sergio Rebelo, Kellogg School of Management, Northwestern University