Theoretical traditions and the method -- Some definitions and productive sophistication -- Demand-led growth -- Foreign constraint -- Value and price of the exchange rate -- Overvaluation and access to the markets -- The Dutch disease -- Domestic, not foreign savings -- Inflation, interest, and exchange rate appreciation -- Balance-of-payment crises -- The closing of the model -- Wage, export, or balanced-led? -- Neutralizing the Dutch disease -- Exchange rate policy -- The transition to a high-development regime -- Political economy of the once-and-for-all devaluation -- Comparing and summing up.