We weathered a decline on October 19, 1987 of a fifth of the market value of U.S. equities with little evidence of subsequent macroeconomic stress - an episode that provided an early hint that adjustment dynamics might be changing.
This requires a transition towards sufficient scale of industrialisation to generate diversified economic base and exports as well as better articulation of import substitution with performance incentives, the goal being to enhance international competitiveness of domestic firms and fostering productivity gains.