In the past ten years the Brazilian economy has experience an unprecedented wave of market liberalization as import substitution has been progressively abandoned in favour of integration into the global economy. Trade barriers have fallen, privatizations have been implemented, and governmentprocurement has been cut back. Although these policy shifts will be familiar to many, their implications in terms of performance may not.Using a comprehensive array of primary and secondary sources and in-depth company case studies, this book examines how one vitally important Brazilian industrial sector-the non-serial capital goods sector-coped with the onset of liberalization. While liberalization undoubtedly helped to promotegreater efficiency in some areas of corporate performance, the impact elsewhere was far less favourable. This differentiated response raises some interesting and troubling theoretical and policy issues.