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Handbook of Emerging Economies

Robert E. Looney

Brazil

Publication details https://www.routledgehandbooks.com/doi/10.4324/9780203108765-3 Albert Fishlow Published online on: 10 Mar 2014

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Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 xeddutl12.Rmsin oPrua were Portugal to Cabral’ Remissions Álvarez Pedro 1822. with until originating Brazil, extended of possession colonial Portuguese longer much back Looking condemned not to was economic advance Brazil Recession, an resurged: Great achieve Expectations the to security, 7.5%. failure from of social Sisyphean recovery heights and to rapid new education in to minimum health, 2010, the mounted In like in expansion all. programmes, rise cash average to social conditional than improvements other a greater and bringing to a Família, declined did turned Bolsa as poverty Attention The result, income, wage. improve. this expanding to to contributed with began programme, Along distribution transfer present. income unequal the very to the up continued has less, course series learned. the a None were and administrations. lessons governance elected and two civil short, in to was improvement inflation of return period mounting when a rates that terminate 1980s, with highest to the coincided the attempts experience of failed of last decade of one That lost achieved nil. the Brazil essentially until century was countries 20th developing the into among During translate expansion 1870s. not the did after alone accelerate Size 80th. to closer stood Brazil productivity. illustrious. national less were results population parity, and world seventh, the or of sixth ranked one now is Brazil Introduction oiycocsadterftr mlctos u eoead oebifdsuso ftepast the of present ahead. discussion to lie brief return that I some girds challenges chapter beforehand, Brazil the this but as appreciating of implications, in issue section help last future central the will a their In become and 2014. has choices in recurrence campaign policy that presidential the with for cope itself to Seeking returned. have ihtePaoRa f19,got n rc stability price and growth 1994, of Real Plano the With to began growth income before century, 19th the of much during true especially was That ihDlaRousse Dilma With ff ’ rsdnybgnigi 01 oe rwhadhge inflation higher and growth lower 2011, in beginning presidency s ’ rnia cnme.Gosntoa rdc GP n2012 in (GNP) product national Gross economies. principal s 1 fi t.I e aiatrs dutdb ucaigpower purchasing by adjusted terms, capita per In fth. fi s ol status. world rst fi acdb h xoto rcosmetals, precious of export the by nanced fi al okhl.Hpiy that Happily, hold. took nally icvr n1500, in discovery s letFishlow Albert Brazil 3 33 Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 mrvdtrso rd ntedcd eoeteFrtWrdWr ned o the for Indeed, War. World First the before bene Brazil decade 1898, the in in debt trade external of its Encilhamento terms renegotiate the to improved of need a aftermath and the thereafter, the in in expand, devaluation north-east. and to inflation the began rates textiles from guaranteed of movement governmental production to domestic Co response with in return. investment along of foreign Brazil large with southern expanded, to Railways Italy 1.5%. around from by con- population occurred limited the and only grew 1870, income been and capita have per 1822 Lago, to between and annually seem Abreu 0.2% to of there approximately According distribution War, whole. by a the Civil as thereafter. US change activity change economic de the did for Like little sequences 1860s large debt. the with creating foreign in 1850, magnitude, the Paraguay and increasing their with 1830 and Alliance between Triple expenditures the imports government of of the war prices long exports, cheaper The of aggregate result of a as co 40% co in than in increase e more rise temporary, the a Despite for circumstances: upon. o accounted special agreed take 1830s not be did to the economy domestic seems by much which That production, 1870s. the in beginning a ob on ntetrvn otenpr ftecuty osbyt h xeto allowing of extent the to possibly 2.2% country, by the growth of expanded productivity capita. part higher population per southern much 1.5% thriving the but of the 2.5%, period, in expansion least found this at be by During to income was capita standard. per gold national and the annually, to adhered Brazil slave of sub- continuation That a I. and Pedro products, Dom manufactured Emperor of of as transfer dominion a accepted with simply came 1807, stitution in Do Portugal Regent, of invasion Prince French The peacefully. more emerged ept al e early Despite saviour a Depression: Great The revo military through und freedom produced for sugar and struggled cotton tobacco, diamonds, Fishlow Albert 34 more processed for of production accounted primitive the a sources in only external advances had considerable imported; War Although foodstu World consumption. be First of to the one-third of continued than eve Textiles the on structure. Brazil industrial 1912, and 1906 between factures ale.Bai aae etrta otohrLtnAeia onre orcniethe reconcile to dominant countries still infl American its for and tolerance Latin sector and manufacturing state other import-substituting larger nascent A most class. its agricultural than of evolved. interests better production divergent managed industrial enhance Brazil to earlier. engagement co state about Regional of form. Concern policies diluted a protective in active and more Inte- late countries. come American had Latin economy di other international and behind expanding size considerably great an its lagged into despite Brazil, 1870, gration 1913. after in one-10th advance about greater to 1820 its in level US the of one-half perhaps ff rm17 o11 rzletrdmr ioosyit h ol cnm.Immigration economy. world the into vigorously more entered Brazil 1913 to 1870 From rzlsceddi nyso xaso ni h ra international great the until expansion slow only in succeeded Brazil e aiaicm eandone- remained income capita Per rne ewe h ot-atadtesuhwudcniu owdni h 0hcnuyas century 20th the in widen to continue would south the and north-east the between erences ff a curd giutrliprsrmie ag,rvligtoeo rnadsel The steel. and iron of those rivalling large, remained imports agricultural occurred, had s ff cso h SCvlWro otneprs em ftaers y5% principally 50%, by rose trade of Terms exports. cotton on War Civil US the of ects ff ff eeprsmlile,a i ae xaso frbe ae bod Domestic abroad. sales rubber of expansion later did as multiplied, exports ee rsa motsbttto nte19sadsbeun ai rwho manu- of growth rapid subsequent and 1890s the in substitution import at orts ff epouessokiigecs upyi re orglrz rc came price regularize to order in supply excess stockpiling producers ee 2 rvosPruus et oiatpsto fEgada source a as England of position dominant a debt, Portuguese previous fi s er ftenwrpbi fe 89 ept re relapse brief a Despite 1889. after republic new the of years rst ff ff an curdbfr 80picplya osqec of consequence a as principally 1870 before occurred Gains . epie,alt ug nsgreprs n aorbe but favourable, and exports, sugar in surge late a prices, ee fi t hto egbuigAgnia n a elndfrom declined had and Argentina, neighbouring of that fth 3 ti h otNploi r,Brazil’ era, post-Napoleonic the in lt er ,arayi rzla euto prior of result a as Brazil in already I, Pedro m rsaey sohrLtnAeia countries American Latin other As slavery. er motto o lotaohr3 years. 30 another almost for importation to eetosigni two were ation fi to,a elas well as inflation, and cits fl fi wo rd n capital and trade of ow atreasons. cant fi e nemr from more once ted ’ ai us of burst rapid s independence s fi s time, rst ff ee Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 eue aeo aia omto moe ylmtdacs oiprs n vdneo rising a of evidence growth, and industrial imports, to slower access and limited irregular by and imposed was imports, profi formation especially There urban capital curtailed, lower. of was rate much Trade reduced substitution. were import inflows of population beginning the force and labour exports the of 3% than more manufactures. No non-existent. in essentially engaged was was sector goods capital domestic ag otiuint nutilspl sdmsi au de.Etra competition External added. value domestic as as almost supply constituted manufactures industrial a of to protection imports Brazilian despite 1919 less, contribution remained, as the None late a capacity. As industrial large fragile. of still expansion was post-war found gains considerable industrialization windfall a These owing boom. into force rubber gathering way Amazon was the their that by rise generated earlier exchange an foreign reversed abundant imports to of Absence check. unequivocal an it sisojcieapeito ftemles nutilgot lwdudrtgtcei and credit the tight Had under thereafter. recovering slowed stagnated, growth virtually occurred not Industrial it imports 1926 milreis. of and influx the 1922 Between of imports. appreciation cheaper objective its as rwhi hs er ehp ol aebe ls o8.A osqec,tedecade co the in investments consequence, new a because As least not 8%. hit, to hardest close direction. been uncertain have and capacity would excess perhaps with years ended those in growth ewe 92ad13;ta fgosdmsi rdc GP tandams % nthe In 6%. almost attained (GDP) product domestic gross of that 1939; and 1932 between two-thirds beyond went magnitude. never earlier import to its capacity of Brazilian Consequently, thereafter. levels low at eldvlain Co devaluation. real income internal the partially, co least at of protecting, by demand stimulated policy government instance, Co 1930s. early the in only output eea oenetde government federal vnbfr h ersinwsmr retdt hs ehooial dacdsectors. advanced technologically these to oriented more was depression the before even be foodstuff can and added refl intermediate clothing the value sectors, in shoes, sector found goods industrial were industries in capital growing increase rapidly and observed Most supply. the import of reduced half by by explained about limited aggregate, In amounts sectors. imports. newer in of the but in period, concentrated utilize the to and during fully machines employed undertaken imported were to was shifts access investment extra Labour as New service. decade debt capital. the to scarce during diverted action. increased was national exchange production foreign of for limited intensity scope as exports granted rapidly of Brazil fell independence ratio imports That the positive. Competitive open: 15%. less so than not more been was absence much have economy the not the In would was because sustained. GDP clearly did fully to it results not as were autonomously however, as receipts there, proceeded and action sector, the compensatory policy. by of monetary generated expansive was an income was total there Third, helped. also Paulo, São of state h a nerpe hsdvlpetpoesbsduo h otnigepninof expansion continuing the upon based process development this interrupted war The nentoa con International httra eaeaprn uigte12s osraiedmsi oeayplc had policy monetary domestic Conservative 1920s. the during apparent became threat That h ra ersinde Depression Great The e,Bai ucee nssann nidsra rwhrt fmr hn1%annually 10% than more of rate growth industrial an sustaining in succeeded Brazil Yet, ai rwhi auatrsdrn h eaewsudrrte yamsiesubstitution massive a by underwritten was decade the during manufactures in growth 1920s. Rapid the in accumulated capacity excess the of basis the on initially responded Supply co of role The ff epoues hog h ucaeaddsrcino co of destruction and purchase the through producers, ee sisie yhge inflation. higher by inspired ts ff eplc ln hudntb xgeae.Ntmc oeta 0 of 10% than more much Not exaggerated. be not should alone policy ee fl ff c a hrfr o ra tmlsfridsraiain u ete was neither but industrialization, for stimulus great a not therefore was ict esco eepsmdsl eoee ewe 92ad13.Second, 1936. and 1932 between recovered modestly receipts sector ee fi is oentiiilyitne n eeae yteursn nthe in uprising the by generated and intended initially not some cits, fi .Idsr eaeicesnl ocnrtdi ã al,which Paulo, São in concentrated increasingly became Industry s. iieyrsle oh rzlwsaogtecutisinitially countries the among was Brazil both. resolved nitively — ff cigerirdmsi rdcino osmrgos textiles, goods: consumer of production domestic earlier ecting re yhg tari high by orded fi ff loans— foreign of expansion rapid by part in nanced epie elb 0 ewe 99ad13,adcontinued and 1931, and 1929 between 60% by fell prices ee ff s. ff eudrae nte12sbgnt yield to began 1920s the in undertaken ee ff esok,a ela yaspeedy a by as well as stocks, ee industrial Brazil fi 35 rst Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 urn con/rdc 3.5% account/product Current netetpout4.21% Investment/product ntescn,i a lsr n oetcdmn ln htdoeteeooya much a at economy the drove Depression. that Great alone the demand of domestic midst and the in closure rate was early greater the it after second, advance the rapid In more much the with In 1913, 1930s. and 1900 between proceeded globalization rdc e capita per Product xot/rdc 86 48 19 11.2% 11.9% 14.8% 18.6% 18.1% 15.0% balance/product Fiscal expenditure/product Government Exports/product ipeadata; yai nutilsco ace h nrpeera n ehooia eurmnso more of requirements technological and entrepreneurial the matched sector industrial dynamic rose. progressively to.Rsn oenetepniue ospotsbiis seta nrsrcueand infrastructure essential The subsidies, taxes. increased support by fi to matched not expenditures were urbanization government Rising inflation. War. Korean the after soon fell prices ore ipeadata, Source: In 3.1 Table direct to way give sub- to while industry had agriculture to rates taxed advantage exchange this rate however, favourable exchange Later, more imports. overvalued via low-cost an providing through on, industry Early sidizing industry. and agriculture intervention. state of policy emerged. deliberate that a model as di evolved industrialization That War World Post-Second unfurled substitution Import Fishlow Albert 36 optto.Ta a ept osatra wages real constant international despite of was capable That less industrialization competition. capital-scarce a imposed impressive, while necessity, by fi D (bill) GDP o mScl eInfl de Século um sob ne pca cnmcadpltclcrusacs nutilzto ne h mus of impulse the under Industrialization limitations. some circumstances. without not political is and shocks adverse economic special under Notes: putl11 aawr cre sLi aã a eetyson eerhcnpouea produce can research shown, recently 1913. has to Catão 1870 Luis from As movements price scarce. of were measure data better 1913 until Up nulrt fgrowth of rate annual ainhdocre.Idsr eand oee,rltvl akad motsbttto driven substitution Import backward. relatively however, remained, Industry occurred. had cation acdb comdtn oeayepninadfre oetcsvnsa infl as savings domestic forced and expansion monetary accommodating by nanced fl h hr hrceitcwsrlac pnfrincptl ietivsmn ihnthe within investment Direct capital. foreign upon reliance was characteristic third The htipsdanwcaatrsi frpdidsra rwhpeiul bet accelerating absent: previously growth industrial rapid of characteristic new a imposed That n a eineuo omrilplc oipeetalretase frsucsbetween resources of transfer large a implement to policy commercial upon reliance was One y13 Brazil 1939 By al . rvdsasmayo noe in fl income, of summary a provides 3.1 Table to rate ation a hs aaaei 02U$ e aiadt tlz ouainetmtsa orce yMraa o hs in those not Mortara, by corrected as estimates population utilize data capita per US$; 2012 in are data These b ff a rnitsi rmeriravne.Treeeet hrceietedisequilibrium the characterize elements Three advances. earlier from it erentiates 1932 grgt cnmcdt,1900 data, economic Aggregate – 39; fi saítcsHsóia oBrasil do Históricas Estatísticas s ntne uwr retto n rts oeg netetpredominated. investment foreign British and orientation outward instance, rst ação a ’ c auatrn etrepoe oe95 ftelbu oc.Sm diversi- Some force. labour the of 9.5% some employed sector manufacturing s au sfr1901; for is Value ã al,1986 Paulo, São , d ausfr11 r ihoigt ag ulcivsmn htyear. that investment public large to owing high are 1913 for Values 2322,3 49167,712 44,941 21,734 12,332 1900 5 amn .Goldsmith, W. Raymond ; 2.3% 680 − − 3.1% 8.96% – 39 c to,taeand trade ation, — 1913 osblt utial nyfrsotperiods short for only sustainable possibility a 2.5% 919 − − 20.33% fi 4 2.8% 4.10% –– clde scal mle anocre seconomic as occurred gain smaller A rsl1850 Brasil d d fi fi clspota rmr export primary as support scal fi i codnl rw n was and grew, accordingly cit cldt rm10 o1939. to 1900 from data scal 1929 – 94 eevliet Financeiro Desenvolvimento 1984: 1,366 2.1% − − 37 16.0% 13.06% 13.7% 10.98% 0.6% .7 2.01% 3.57% 1939 1,681 (4.2%) − 2.5% 1.1% ation b Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 rdc pcaiaini h ae 90 i o ersn esbeslto.Bai faced Brazil solution. feasible a represent co not in did even producers, 1950s other later from competition the international in far specialization that growth product productivity of rate annual 2.4% experience. a previous by exceeded Brazil accompanied mystery. was divine development industrial than bene di diversi rather cost manufactures the real in past in basis measure performance the its not from had do derived 1960s and late capacity payments, the of of balance miracle the economic with eff of deal rates to high measures Impossibly appear. it made structure signi permitted than have less would for ratio manufactures. accounts import-income was of decade constant production growth the a domestic during Even to decline experience. imports subsequent Depression its of and ratio 1949 The one- by manufactures. low for quite the demand already place domestic experience the light. Brazilian of favourable 1970s the more early on a and observations in 1960s pursued Three late were the exports. that of industrial policies strategies upon development Asian relied successful that the of perspective the amnsdsqiiru nteery16s h M nevninwstoltl n o aeto late too and little too was intervention IMF The 1960s. early the in disequilibrium market payments external against suggest. prejudiced views as retrospective not some were as and circumstances, opportunities such under industry favoured International the of guise the under liberalization (IMF). short-term Fund unsuccessful Monetary and inadequately. partial and of and irregularly prices 1960s operated where policy market monetary capital world and competitive Foreign Fiscal a falling. confronted were and products policies, primary favourable more to slowly bonanza of temporary the beyond went taxes necessary The co imports. to access inhibit to began That eesl xhneoevlaineetal okistl naydiversi any on toll its took eventually overvaluation Exchange reversal. investment Foreign 1953. after auspices. fell domestic trade expanded of have to not needed especially could was government the by favoured diversi and sophisticated a o mohpoesee o neooya ag sBrazil demand. as with large This up sector. as catch automobile economy to the an supply in in for as growth even completion, the process of allow smooth point a the to not undertaken was were projects large as aorbertrswr o tbeaddpnal ore of sources dependable and stable not were returns price favourable when infl increase As real been. any of mounted. had resistance short they union fall than decade, would e greater gains cyclical wage the were Apparent was increases workers. these urban of of least wages Not distortions. additional provoked acceleration ff hr,ecag aedvlaint norg xot ol aebe ndqae Primary inadequate. been have would exports encourage to devaluation rate exchange Third, ine as not was industrialization Brazilian instance, second the In signi a not was 1950s the during substitution import of contribution the First, nayeet rzla motsbttto e oicesn oetcinfl domestic increasing to led substitution import Brazilian event, any In this criticize to fashionable became later It l he lmnss eta oteBaiinipr usiuinmdlwr ujc to subject were model substitution import Brazilian the to central so elements three All E w trce yvery by attracted inflows capital short-term private by supplemented investment Foreign epro ee ff fi rst eov hs otaitosi iepoe ndqae xot epne only responded Exports inadequate. proved time in contradictions these resolve to orts t fteosre rwho auatrs hsi nsapcnrs oteGreat the to contrast sharp in is This manufactures. of growth observed the of fth fi s ocdsvnsrle pnacniun iei h aeo in of rate the in rise continuing a upon relied savings Forced ts. fl w re p rvkn otnigblneo amnscie nteearly the in crises payments of balance continuing provoking up, dried ows fi fi dmnfcue.Cnue ual n nemdaescosthen sectors intermediate and durable Consumer manufactures. ed ac mot fcptlgosa xotrcit tgae n terms and stagnated receipts export as goods capital of imports nance fi e rmsbiis u o niey htcapital-intensive That entirely. not but subsidies, from ted fl wdipr usiuinidsraiainfrom industrialization substitution import awed ciepoeto r h euto temporary of result the are protection ective to one o4%b h n fthe of end the by 40% to mounted ation ff e oiisadpirte logically priorities and Policies ee. fi fi didsra tutr n excess and structure industrial ed ac.Ivsmn a bunched was Investment nance. ’ ’ usqetpstv export positive subsequent s .Tm a hnnee to needed then was Time s. ffi tdtari inflated the as cient fi dspl fexports. of supply ed to n aac of balance and ation fl to,adsc an such and ation, fi atcomponent cant ff ff rnil.The erentials. c pnreal upon ect fi Brazil cant 37 ff Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 uln folpie agtBai utwe nenlbtlncsadccia xesswere excesses infl cyclical and and bottlenecks problems internal adjustment when just economic Brazil internal caught prices creating oil of rupling about concerns of combination same this Indeed, basis. day. services this a public to to have continues access distribution reactions expand also and and was Both equitably production it Yet poor. more achievement. income mean the no distribute is to to year failure a 10% its of for excess in criticized expansion aggregate of capital-intensive rate a modern 1973: and investment Foreign welcomed. units. again medium-sized were and technology taxed small implicitly foodstu be by principal the to produced since surprisingly continued consumption not domestic attention, indeed little for comparatively production and Agricultural received imports. manufactures, industrial foreign as against subsidies protection by system. same security the social like the through anything accumulated profi savings forced private they as controls; as well price as economic long did taxes of so so via Regulation and expanded welcomed proliferated formation. and incentives capital 1963, and accepted of Subsidies in were percentage away. wither a criticism infrastructure not as in rightist did rose direct activity of enterprises, whether state object investment, through Public an intervention. or economy, military interventionist after an the increased in in rooted actually and participation pragmatic Government more been tradition. has strategy economic Brazilian prototype. internal system, security social control. the political of authoritarian rules distortion; the induced altering inflation and fi diminish modernizing to reforms correction larger monetary institutional a of by enactment by by markets; wages; international than into rather integration centralized greater more by characterized and was model new That miracle Brazilian The circumstances Political help. Fishlow Albert 38 equivalent to voracious achieve have for not to did reforms exchange that market foreign investment capital in internal of surge a availability permitted the guaranteed also be resources for market, Those Brazil requirements. Euro-dollar as import the terms GDP in commercial of 17% on factor registered predominantly debt resources, external External the consequence, 1967. full moved in its balance 10% had about account prices de to oil a current compared in to The Brazilian 1966 rise magnitude, expansion. and the same 1965 before import the in of rapid surplus trends a growth more price from volume even export favourable unprecedented and involved and mid-1960s) recovery rapid the Despite since model. 10% the (about of component a as markets di infl quite foreign a of imposed fears and in intervened up military caught the were Progress 1964, for March Goulart Alliance João the President from tions successor, his of radicalization aca akt,txlw,ec;adb ehortceooi aaeeta onepr to counterpart a as management economic technocratic by and etc.; laws, tax markets, nancial xenlidbens otne oepn fe 93a vnmr ai ae.Tequad- The rates. rapid more even at 1973 after expand to continued indebtedness External i and character special the stress to wish I Here and 1968 between fostered it growth extraordinary the for praised been has model This receive not did exports Agricultural alter. industrialization upon emphasis prior the did Nor enterprise free a to corresponded never strategy this capitalism, to commitment frank its all For htaclrto fpoutgot ersnsdb-e,rte hnepr-e growth. export-led than rather debt-led, represents growth product of acceleration That fi acddmsial tteepneo osmto.Te edrduncsayany unnecessary rendered They consumption. of expense the at domestically nanced fi clcpct;b tutr fsbiisadicnie aorn profi favouring incentives and subsidies of structure a by capacity; scal — h einto fPeietJnoQarsadteapparent the and Quadros Jânio President of resignation the fi i f23 fGPi 1971– in GDP of 2.3% of cit prac fBaiinitgainit ol capital world into integration Brazilian of mportance sas rw ulccnrloe resources over control Public grew. also ts fi — nance. ail eeirtd Sadcontribu- aid US deteriorated. rapidly ff rn cnmcsolution. economic erent to a eugn.Especially resurgent. was ation 3 yteedo 1973, of end the by 73; ec.B h n of end the By uence. fi s iebcm a became time rst ff swereprimarily ts Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 xot/rdc .%78 9.0% 23.6% 7.8% 24.0% 20.4% 9.2% 22.2% 12.8% 19.8% de Fiscal expenditure/product Government Exports/product Investment/product urn con/rdc 0.8% account/product Current In rzl e ieaiainpcaeadanwsrtg eepolie.Ti a second a was This proclaimed. were Del strategy Antônio new Minister a Finance and of package liberalization coming new out. stood A Brazil the Brazil. them, exceeded for and even countries Korea) and developing countries, (South industrialized where Korea the world with of pace a Republic keep Within to the expanded. began challenged rapidly even they but as America, Taiwan Latin within pro- only domestic Continued not data. quantitative to some 1979. production provides industrial June allowed 3.2 in tection Table again impressive. quite up is went 1980 prices and Oil 100%. approaching rates controls to stricter accelerated through reserves 1974, accumulating since 1978 of mention imports levels and acquisition of to 1974 massive Limitation between not permitting expansion. terms agriculture, weak, monetary been in domestic has imbalances and management internal Debt and disparities. crisis social external the with ore paaa M,WrdBank Notes: World IMF, ipeadata, Source: 3.2 Table the of re half alternation almost stop-go rates at a proceeded with 1970s and the period, during expansion earlier Aggregate billion, growth. US$40 more debt-led than of more even to relying satisfi mounted had by were debt imbalance needs external GDP. the consumption external of 1978 oil to 25% of end its representing adjustment the of its By debt. 80% postpone on because heavily to prices opted oil Brazil in imports, rise the to vulnerable aetidt compensate. to tried have rdc e capita per Product D (bill) GDP eeooyavne n17 ongv a ootoo utrt nNvme 1980. November in austerity orthodox to way o to gave willing banks soon external were 1979 longer No in advanced heterodoxy bet h poiin rzlwn nemr oteIF si a 0yasbfr.A before. years 20 had it as favour- yield. not IMF, was did inflation that the later. high occur election but to to evaluation, an more regular only every was after once at breakthrough 1982, ensued, went That agreements in altered Brazil then, of opposition, series Before the incomes. to capita able per infl rising double-digit achieve its reduce stayed. and came, eea nteidrc rsdnileeto f18 aewy iiinwudb chosen be would civilian A way. gave 1985 of election presidential indirect the in general nulrt fgrowth of rate annual fl htwsntt at nDcme 99tegvrmn eonzdtecii confronting crisis the recognized government the 1979 December In last. to not was That Brazil of extent the 1970s, the of scenario deteriorating this Despite uhdebt- Such ntoedtroaigcrusacs h rgnlitn ftemltr oapitone appoint to military the of intent original the circumstances, deteriorating those In to attempts US of wake the in economy international the of deterioration Proliferating to ae90 96 92.1% 29.6% 9.0% rate ation a hs aaaei S f2012; of US$ in are data These fi cit/product a grgt cnmcdt,1950 data, economic Aggregate fi acdajsmn rdcdls oiieeooi eun hnteerirphase earlier the than returns economic positive less produced adjustment nanced a b to aeddnthl.Ntutl18 ol rzlagain Brazil would 1984 until Not help. not did rate ation b xldsde excludes fl uihadubnzto oavne rzlwsteleader the was Brazil advance. to urbanization and ourish – fi fi ff 80 iso tt enterprises; state of cits et.I a esbene less was It Netto. m rmc needed much er fl cigteasneo taeyt elboth deal to strategy a of absence the ecting ,1 6,290 2,310 1950 — 120 — rae di created 2.23% edvrulycntn nnominal in constant virtually held fi c ac.Db-e recession Debt-led nance. vrauto issdrc aclto;I calculation; direct biases overvaluation ffi 4.50% 1973 ’ ute.In culties. dac ewe 1950 between advance s fi 3 1,022 632 ilta his than cial − − .%8.6% 3.3% .9 0.60% 2.59% fl to,a high at ation, 4.60% 8,590 1980 fi fi s.The rst. s time rst fi dby ed Brazil nally fi nal 39 c Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 fmn ntePriodsTaahdrs(PT Trabalhadores dos Partido the the in many of ay hr hr euto nteqatt fmnyi iclto civdsces In success. achieved the circulation on in surplus money primary of large quantity the a in achieving reduction despite sharp Brazil, a There many. private to principal Collor. and Fernando interest so), President of the payments of do required after, to long the was Not meet In working. creditors. to party election longer unable single an no became a after were Brazil They Indeed, year, time scrapped. the only be of (the to end had fi majority the controls congressional wage by a and increases, price won price PMDB single-digit the to where decline Congress. ones. in rapid represented older parties initial exiting 25 an than those more count, and by last place, peopled the in amendments parties At 70 divergence. political than substantive more any new were dominate there of to creation seem ambitions to individual Frequently, on led regularly that to fmore of inflation continuing a de ending had and that restructuring rule annually tasks: military 200% immediate prior than from two inherited confronted system simultaneously political government the Sarney the 1985, In over Starting Civil expenditure. and attention increased received programmes Social In has 1994. regularly. society in held been Plan have Real elections the direct and its prevailed, in has republic his new as the Sarney of Movi- José do and president-elect, Partido the as the (PDS), win Social opposition, would Democrático political Neves Partido vice-president-elect. minority Tancredo the the of occurred. part party, of and majority fusion (PMDB), a Brasileiro out, Democrático mento turned it As instead. Fishlow Albert 40 hc ramn i o okoigt rai oeayplc,a policy, monetary erratic to owing work not did treatment Shock o rcsadwgsrte hnhligthem holding than adjustments rather market allowing wages correctly, and done be prices would arrangement for the time, This Plan. Cruzado hr ol en oeeteooi oiywe h vrg iitra tywsls than less was stay ministerial average the when policy economic months. coherent two no be could There a blse o seso esta er primary A year. a infl than automatic less no of was assets there time for This abolished well. was as adjust to able formulation the to vital been had that economists of con- initial Otherwise, success. likely of public the persuade heterodox Both to fi stability. need price guarantee approaches to orthodox anchor no and was There disequilibrium. in market labour rwhwstega.In Collor goal. on the Câmara was the growth in vote cessful money. of quantity ac iitrhdt o ept olwn iitr n ln,ayrle a temporary. was relief any plans, and ministers following Despite go. to had minister nance ec ae n infl and fades dence h wie olrPa a t ot nteEhr lno otScn ol a Ger- War World post-Second of Plan Erhard the in roots its had Plan Collor awaited The After success. less had stability, price implant to intended Plan, Cruzado 1986 heterodox The nufruaeilesitree,adTnrd ee evd nta,Sre sue leadership assumed Sarney Instead, served. never Tancredo and interceded, illness unfortunate An h 98Cnttto copihdthe accomplished Constitution 1988 The htalcagdwe ennoHniu ads oko took Cardoso Henrique Fernando when changed all That nOtbr18 iePeietIaa rnoasmdtepeiec olwn h suc- the following presidency the assumed Franco Itamar Vice-President 1982 October In mensalão fl fl uihd oteetn fpeieta mecmn,adi 02jdca conviction judicial 2012 in and impeachment, presidential of extent the to ourished, to ceeae oalvlo 0 e ot yMrh19,pirt h inauguration the to prior 1990, March by month per 80% of level a to accelerated ation cna f19.Bai rl tre vri 1985. in over started truly Brazil 1995. of scandal 6 to ail eun sgvrmnshv oatraiebtt nraethe increase to but alternative no have governments as returns rapidly ation fl fi to esse,atog the although persisted, ation s er.Ee ic,anwcnttto,mc mne ob sure, be to amended much constitution, new a since, Ever years. rst fi dtee the ed ’ ra o mecmn.Imdaertr ohigher to return Immediate impeachment. for trial s ff fi rso h IMF. the of orts s betv,atrcnieal eaeaddi and debate considerable after objective, rst — fi Worker e.Amnsee ulcsco rcswere prices sector public Administered xed. — fi u o h application the not but ’ clsrlsadarsrciemonetary restrictive a and surplus scal at)laesi o atcpto in participation for leadership Party) s fi fi ac iitr pone i not. did appointed ministers nance clsd,teClo lnddnot. did Plan Collor the side, scal to rge ul n n indexing and in, built trigger ation ffi fl to a de was ation ei 93 sebigagroup a assembling 1993, in ce fl cutn xhnert n a and rate exchange uctuating fi iieytmdby tamed nitively — fteearlier the of ff erences Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 w ital esdi 02a la ra ihrcn advances recent with break clear a assistance. as greater terrorist 2002 for the IMF in the and ceased with Fernando downturn, agreement President of virtually of another US Lack inflows exit still the Argentine amid problems. Foreign the came threatened, was additional Rua. there then of December la shortage; In rash de 2001. energy a September an 11 and of created attacks popularity, 2001 declining in his rainfall with ended presidency In cnmcsrcueto hp.Fsa icpiebcm eurmn,adhsrmie nobli- an of remained altered has Law An and The process. requirement, yield. a budgetary became to the country gation discipline transformed had Fiscal other shape. and term, any took 2000 second structure had May the economic in than of passed agencies objective was intended international Responsibility assuring Fiscal the other by policy, and Social responded IMF previously. the government from the assistance recession, external and primary devaluation was regular large years, forcing Collor the downturns, amendment. since constitutional through underway revamped state were of education already consequence, consolidation and was health a liberalization, So security, as Social successfully. Trade maintained. managed rose indebtedness. was debt Plan municipal internal Real the and PT and after of costly, banks election While domestic the of place. despite failure took back, reform movement Financial no was successors. There accelerated. administrations, previous uzIái uad iv,albu edradognzro h T oet rsdn fBai on Brazil of president to rose PT, the of organizer a and inauguration leader His 2003. labour January a 1 Silva, da Lula Inácio Luiz Continuity offi took he and president as Cardoso elect to time in rate. exchange stable a by provided tari anchor infl genuine lower capital reserves, and international trade abundant of while demand, checked policy aea al rpslb h oenetfracntttoa mnmn eindt ii the chagrin, sector. limit their to public designed to the amendment in Instead, constitutional employees a (FDI). for investment that government the Brazil direct de by a foreign proposal and early and privatization an prior globalization came of to reversal receptive full sought was supporters Those administration. stance. Cardoso of the conservative of and policies inadequate 2010) the of upon blamed end be would, the and could, until position that the ging Meirelles in than Henrique remained more of choice (who to national of His risen Bank minister world. as had Central entire Palocci SELIC, the the Antônio rate, in of rate interest head real Bank highest as Central the the much and yielding 25%, likely, became and victory hunger his eliminate to campaign a emphasizing poor. rejecting and the address, predecessor inaugural among his his want of in policies change market forthcoming free profound the promised Lula America. Latin of fl fi hs copihet eemr prcae nentoal hndmsial.Cardoso domestically. than internationally appreciated more were accomplishments These When during agenda the on already Privatization, occurred. changes important terms, two his During niiilyhstn ulcgaulycm obleei h tblt ftera.Te i so did They real. the of stability the in believe to came gradually public hesitant initially An oPa ,tehp fmn evn Tahrns a vrt usiueta initial that substitute to ever was adherents, PT fervent many of hope the B, Plan No as devalued had rate exchange The priority. took however, challenges, economic Immediate to agtn eaetepatc fteCnrlBank. Central the of practice the became targeting ation i crigi tt esos hstm yipsn osrit o the for constraints imposing by time this pensions, state in accruing cit — ihmounting with fi fi aca omnt.Tgte,tetomngdt etanitra eadb enlar- by demand internal restrain to managed two the Together, community. nancial fi clpiaysrls n nysol euigitrs ae.Rcsini this in Recession rates. interest reducing slowly only and surplus, primary scal aca rsstraee nery19,floigteerirAinadRussian and Asian earlier the following 1999, early in threatened crisis nancial fi s,btcagslater changes but rst, fi clsrlssadriigfdrlrvne.Bai eevdpegso more of pledges received Brazil revenues. federal raising and surpluses scal ff xblt uigrcn er.Ecag aevraiiywsintroduced. was variability rate Exchange years. recent during flexibility loe noegot oece rdc xaso.Teewsa was There expansion. product exceed to growth income allowed s fi ac etaln a oad aigteaxeyo h inter- the of anxiety the easing towards way long a went nance ff re ra o otelf,ntol nBai,bti h rest the in but Brazil, in only not left, the to joy great orded eo aur 1995. January 1 on ce w aorbeterms favourable ow, fi s ieupon time rst fi s year rst Brazil 41 ’ s Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 ae eual teghnd oatatFIand FDI o pay attract to to able strengthened, was Brazil regularly account. rates current the on surplus letFishlow Albert 42 fe aln oterlws ellvl nmn er,aon % gi oe pad sthe as upwards moved again rates, 5%, SELIC around 1970s. years, and many 1960s infl the in curb of levels to end real sought the Bank lowest Central at their years to miracle falling the after of memories bringing 7.5%, h xhnert prcae n e ae pnetyo oeg aia eeipsd Terms imposed. income. were domestic capital augmenting foreign favourable, of entry turned upon again taxes trade new of and appreciated rate exchange the predictions pessimistic more from rvso fpnin o l g.Anwlwrmdl ls,ecmasn oe3 million 35 greater some and encompassing health class, education, lower-middle in new improvements A in palpable age. bene rise old were especially the for beyond persons, this well pensions of grew of too, all provision wages, to Minimum more launched. Added incorporating was Família, income. population, Bolsa the the as of improved 20% distribution than income and fell poverty declined, the to capital of amount sizeable Tupi a proven the transferred operating for by return Petrobrás than in rather 2010 government agreements, September production-sharing through In only elevat- independently. rights legislation drilling passed for profi bid Brazil decade. can and development. next their role, the for over the producers investment ing petroleum substantial world require principal will among They country the place to promise as place, in put were durables given consumer was on taxes (BNDES) in Social domestic reductions o e and of policy Econômico lend, expansion had Desenvolvimento to excess There decoupling resources do the world. World increased cooled Nacional the Third rapidly Banco of of performance parts The proponents of all demand. the quarters to as negative spreading countries Two Recession guarantee developing hoped. Great for to the exemption low in no too up was caught GDP, got of Brazil 17% tember, only attain in growth to accelerating managed experienced PAC eff investment Brazil successor expansion. this goals. its but sustainable its and but 2008, achieve PAC, and Petrobrás, to the manage 2007 of and not accelerate components infrastructure could largest to and towards The designed underway year. investments directed per private, were 5% associated to II, and growth public, of rate of the set a (PAC), Crescimento down brie moved more rates much interest domestic of and and, in terms surplus only improving commercial not by positive appeared favoured large gains commodities, continuously steady of a but growth to led miracle, export That the no trade. in was also There but 2004. performance, in hold take to rltee rzlrahdott fia h ideEs n sa us o permanent a for leadership quest asserted Brazil A agenda. Asia. the and on East upward Middle moved cen- Council the a Security Africa, became UN policy to the Foreign out on everywhere. reached position honoured Brazil was and theme. predecessor, tral his than more even experienced that In than result period. better much Cardoso a eight-year 4.4%, to previous increases rate programmes. the the social during 2003, expanded excludes for one available if riches PT, future of bonanza a as see leaders, political digt rzla piimaesbtniloldpst off deposits oil substantial are optimism Brazilian to Adding The occurred. rapidly Recovery tteedo 08 usqett h alr fLha rteswti h S nSep- in USA the within Brothers Lehman of failure the to subsequent 2008, of end the At do Aceleração de Programa the launched Lula 2006, of autumn the in re-election Upon began recovery after years the in growth of rates average high with responded economy The ua sacneune a ieylue o hs copihet.H rvle abroad travelled He accomplishments. these for lauded widely was consequence, a as Lula, the to According 4%. of rate a at income of expansion saw 2010 to 2003 from period The ff est h decline. the to sets hr,o erbá i--i rvt opne.Hneot,telatter the Henceforth, companies. private vis-à-vis Petrobrás of share, t fi e sicm itiuincniudt improve. to continued distribution income as ted — toaypesrs ihcniun infl continuing With pressures. ationary — o lwy sfra h nutilsco a concerned. was sector industrial the as far as slowly, too fi n nthe in and a auainfr20 aeotbrl negative barely out came 2009 for tabulation nal fi l.Ti a the was This eld. fi a ero Lula of year nal fi w.Rsre ea oincrease, to began Reserves inflows. nancial fl to aedw,tera neetrate interest real the down, came ation ff t ett h M,ada exchange as and IMF, the to debt its fi h os.Teesbsl holdings sub-salt These coast. the s tg fwa ay especially many, what of stage rst ’ adt hr a rwhof growth was there mandate s r a lwt e fully get to slow was ort w fetra money, external of ows — a cry far a fl ,a y, Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 urn account/product Current iclde Fiscal expenditure/product Government Exports/product Investment/product In ore paaa M,WrdBank Notes: World IMF, ipeadata, Source: 3.3 Table the In forward Looking unful still the in countries developing the of ideEs,jitywt uky htcm onuh.TeScrt oni onrejected soon Council Security The time. nought. a to Brazil for came However, accord. That apparent Turkey. the with jointly world East, the Middle particularly America. countries, South of other Area in with Trade grouping Market), association Free Common its a international Southern emphasize for (the to negotiations an Mercosul instead ongoing G20, preferring the Americas, terminated the the Brazil of time, of same the member At economies. active People’ the an and became India Russia, (Brazil, BRICs other fcniaisfrteCnrsinlHuesee nieyee ohappen. to ever unlikely seemed House Congressional Economic the the for having for multitude Organisation the were candidacies altering change they the constitutional of too: Indeed, that lag, above to money. evidence continued well reform more without Political outcome. were spending desired average, by (OECD) Brazil resolved Development of entirely and expenditures not Co-operation one social Investment and exchange cumulative administration. issue, The objective. new major the immediate a the the be quality for was Educational to products. that well manufactured continued of 5% sit particularly exports, of hampering not growth overvalued, was did the rate achieve all victories. to years, electoral low recent his too remained of of majority, either results larger in positive a achieved with the allied had started Lula notably Dilma whereby than President gains, parties, crisis, Lula. new political of with mensalão many birthplace emerge of publicized the to constructed north-east, managed the poorer payments, the despite regular in received PT, Congress The of members experience. electoral prior rdc e capita per Product (bill) GDP ra etr ulcbnsptpesr ntepiaesco ylwrn hi neetrtsas rates interest their lowering by indus- sector the private to 2012. the lending of despite on end expanded happened pressure the for this by put BNDES of 7.25% to banks All of credits Public 0.9%. rate Treasury mere sector. SELIC additional a nominal trial came was a it to it rates with 2012 interest Along in of 2.7%; reduction was Bank growth Central 2011 In worse. to nulrt fgrowth of rate annual fl twsltl odrta im Rousse Dilma that wonder the little in mediator was a It as role a play to out reached even Brazil term, Lula the of end the to Close al . rvdsasaitclsmayo eee xaso rm18 o21.Despite 2010. to 1980 from expansion renewed of summary statistical a provides 3.3 Table to ae285 220 06%8.2% 10.60% 2252.0% 248.5% rate ation a fi hs aaaei S f2012. of US$ in are data These fi s w er fRousse of years two rst cit/product a grgt cnmcdt,1985 data, economic Aggregate a ff ’ rsdny grgt cnmcpromnewn rmbad from went performance economic aggregate presidency, s ’ ttr sa nentoa lyrwsehne,a least at enhanced, was player international an as stature s – ff 2010 o h usqeteeto adl,dsieno despite handily, election subsequent the won fi ldDh on.Rglrmeig ihthe with meetings Regular Round. Doha lled 108450 8170 0418 512146 2010 1571 2002 1288 1994 1084 1985 eulco hn)wr salse.Brazil established. were China) of Republic s − 38 92 95 38.1% 10.9% 19.5% 39.5% 14.1% 16.4% 29.2% 9.5% − 20.8% 23.8% 13.0% 18.0% 0.1% .%1.1% 4.7% 0.4% − 0.3% 0.7% 8990 − − 1.5% 1.2% ’ 2.8% 11250 leading s − − Brazil 2.2% 1.7% 43 Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 rme from mrsiesca an n uhgetricm qaiy hs udeso objectives of goal. the hundreds remained Rousse Those 2022 works, by equality. public expanded inconsistent income announcing mutually greater event are much some and speci although gains document social That importance. former. impressive of area the prime conveys a tion, be enterprise other will free education e a The hardly particular, of fundamental. is In This search importance. is South. in in the and shrink a state as one substitution world well expanding as but globalizing import North and a alternative, the protection, of with large to advantage participation, trade A take return Brazilian to key. partial need a as a emphasizes seeks expenditure presidential PT, upcoming sector the an public of from reality emanating 2014 the One, in is Cup there World course, upcoming of Rousse the and, which for in 2016, infra- preparations transmission, election in looming by and to Games reinforced attention generation Olympic is its electricity and That turned airports, others. has railroads, and BNDES roads, housing signalled. been ports, has requirements: direction structure but new remains, a undoubtedly infl rise, persisting, That the growth technology. low sophisticated with more 2013, utilizing in and product failed of real. whole share the a from its as of stemmed industry devaluation domestic considerable was but a there credit, despite and dynamism greater sharply up, and advance What went taxes to levels. wages lower real by lower while assisted record output, consumption, of at percentage continued a of as unemployment mix declined better Investment supply. A not. domestic compensate. did to growth mechanisms) renewed but delay happened, similar decisions and monetary year and new the until ments el hr a rae oto over control greater was There well. Fishlow Albert 44 ie,aditrainltae oilscrt biain ilrs nftr er,gradually years, future in the rise increasing will and half obligations than surplus, security less primary was Social the that trade. rate eliminating international investment and an with tives, miracle its accomplished China Brazil means. drastic ral rmtoei h atta eido od uha ua n co and sugar as such goods on relied to that past fund the services wealth in those sovereign and from greatly real manufacturing a petroleum, is mineral, So start. Brazil economy. consumption. to the throughout domestic place the more a by stimulating is from pensions have booms wages of cutting price countries by escalation minimum export role American annual of a prevent Ending Latin play increase to stream. other has of revenue sector as rate public its output, The continuing savings. of while domestic 25% in expenditure gains to by matched gradually doing, rate been investment its raise elsewhere. erlu rcssemn rmepne s of use expanded from stemming prices petroleum profi Potential rates. interest hr eantosapydi sharply two remain There oacnieal extent, considerable a To Rousse unresponsive was blame principal the but help, not did economy world the Admittedly, hti ial fhsoi hns rprin,btoeahee ihcnieal less considerably with achieved one but proportions, Chinese historic of miracle a is That ned o ihrgot oocrrglry rdciiygiswl aet egeneralized be to have will gains productivity regularly, occur to growth higher for Indeed, to need will Brazil above, proposed that half capita, per 3% of rate annual an at grow to Even ’ ffi ,albu oc led ra,mc rae oenetls eineo oilobjec- social on reliance less government greater much urban, already force labour a s, iny e onre bene countries Few ciency. ff ’ togiiilcmimn a oidsra oiyadadmsi etrincreasing sector domestic a and policy industrial to was commitment initial strong s ff ihipesv ulcspot sfavoured. is support, public impressive with , 7 sfo h u-atolrsre u h iko oe international lower of risk the run reserves oil sub-salt the from ts rsle 2022 em Brasil ’ uuedvlpetdpnsuo nerto fteagricultural, the of integration upon depends development future s ff rn oetcpretoso h rzla cnmcfuture. economic Brazilian the of perceptions domestic erent fi ffi rmsc diversi a such from t in nevnin h tt ilhrl iapa,nor disappear, hardly will state The intervention. cient fi clplc prilyeoe ypspnn eea pay- federal postponing by eroded (partially policy scal to tl ih n eta akitrs ae gi on again rates interest Bank Central and high, still ation — rdcda h eyedo h uaadministra- Lula the of end very the at produced , aehrl enfrotn nArl21,a an at 2013, April In forgotten. been hardly have etr.Peetdycmoiyepresdi exporters commodity Present-day sectors. fi sa nulgot aeo % ln with along 7%, of rate growth annual an es ff etrtdta obigicm e capita per income doubling that reiterated ‘ fi fracking fi aca de nancial dbs.PrasGdi rl Brazilian. truly is God Perhaps base. ed ff ’ rigopruiisfrgreater for opportunities ording ehooyi h S and USA the in technology ff e hi optvns stems competiveness Their ee. fi i,ee ihlwrreal lower with even cit, fi scal ff — er Downloaded By: 10.3.98.104 At: 19:09 29 Sep 2021; For: 9780203108765, chapter3, 10.4324/9780203108765-3 t aeseai ugssa nulices fol f3,dciigt .% rzlcn and can, Brazil 2.8%. to Notes declining 3%, of only of increase better. annual do an should, suggests scenario base Its h at h blt omv owr oahge,adssanbe ee fana growth annual 2020. for of Itaú, bank, level Brazilian sustainable, private largest clouded. and the more higher, from become found, will a be future postponing can to the projection of Otherwise, forward recent virtue consumption. Another move domestic the lower to learn upon ability must depends The class, lower-middle past. the the to in grati recently immediate moved have who hsrpr rmBnoIa sentitled is Itaú Banco from report This 8 7 aebene have I 1 e my See 3 usAV Catão, A.V. Luis 4 amn .Goldsmith, W. Raymond 2 el ihti eid(n h et nmc oedti ntoessays: two in detail more much in next) the (and period this with dealt I 5 ybook, My 6 ehp h otipratts falpltclpruso.Baiinctzn,icuigthose including citizens, Brazilian persuasion. political all of task important most the Perhaps dcto st eoeuiesl u 0;sca euiycvrg st ec 0,nt10;adso and school 100%; high not 70%; 80%, 2013. potassium, reach April for to but is coverage 100%, Dilma security attain is social to income 80%; the of not In but proportion in is on. a universal, cited production as become investment later fertilizer to 7%; is 25%; is not education than 6%, not is level 23%, proposed growth lesser at of a set rate have the example, objectives For key ment. many available, also ministries, h est fteSceai eAsno srtgcs ntePlan’ the In Estratégicos. Assuntos de Secretaria the of website the 2022 em Brasil ‘ 102 relevant n ae etos yown (ed.), Marco My sections. later and entoso yms accounts most by slow too been (ed.), Abreu Paiva de Marcelo nicm levels. income in oeayTop(eds), Thorp Rosemary y Bevilaqua, S. ute n oercn otiuin oteltrtr nti period. this on literature the to contributions recent more and further ssra mot n xot,mnysokadasalslcino aayrtswt h atrtwo latter the with rates He salary basis. of little selection with small but a century, and 19th the stock to money back exports, going and de estimates imports for real invoked uses often is 1986, Paulo, rsliad Economia de Brasileira 93 and 1973; Policy Economic Brazilian Post-1964 neaan o diinlrcn eeecs e be,BvlqaadDM Pinho, D.M. and Bevilaqua Abreu, (eds), (1890 see Thorp Brasil Rosemary references, en recent Crecimiento additional y Importaciones for again, Once cnmabaier oIpro 1822– Império, no brasileira Economia A fl tdb nopeepieidxs h ujc f1t-etr growth 19th-century of subject The indexes. price incomplete by ated – ,adadtoa eeecsctdteefrmr eal acl ePiaAruadAfonso and Abreu Paiva de Marcelo detail. more for there cited references additional and 8, fl ’ ttmn eadn h nraei noeprcpt a efudo the on found be can capita per income in increase the regarding statement s ecdb h xetoa rwhi 00 the 2010, in growth exceptional the by uenced additional ‘ rzla eeomn nLn-emPerspective Long-Term in Development Brazilian ‘ aeo w Presidents Two of Tale A trigOver Starting fi fi nentoa cnmc n Development and Economics International e rmtercn ae yMreod av be n uzAah orad Lago, do Correa Aranha Luiz and Abreu Paiva de Marcelo by paper recent the from ted ainfrtegetrgo.Ti sadi a is This good. greater the for cation ‘ rslCm n cnmaExportadora Economía una Como Brasil n h neligsbisoso ol rmmnsre n gniscnb on on found be can agencies and ministries from goals of submissions underlying the and ‘ e hlsl rc ne o rzlDrn h eid1870 Period the During Brazil for Index Price Wholesale New A references. 64,ot/e.19:519 1992: out./dez. 46(4), roig,21,cvr h eidfo 95t 00ada and 2010 to 1985 from period the covers 2011, Brookings, , nutilzcó saoe aAéiaLatina América la en Estado y Industrialización aEad a xotcoe Latinoamericanas Exportaciones las de Era La rsl1850 Brasil ‘ rgn n osqecso motSbttto nBrazil in Substitution Import of Consequences and Origins re oProgresso do Ordem A — scmlctdb h icmtneo lvr,wt hr di sharp with slavery, of circumstance the by complicated is ’ nAfe tpn(ed.), Stepan Alfred in , ’ – nAfe tpn(ed.), Stepan Alfred in , 94 eevliet iaciosbu éuod In de Século um sob Financeiro Desenvolvimento 1984: rsl2020 Brasil 89 – ’ , 90,i niu ádns oéAtnoOap y Ocampo Antonio José Cárdenas, Enrique in 1970), U et aaDsusoN.584 No. Discussão para Texto PUC – 33. cdmcPes e ok 92 sas relevant. also is 1972, York, New Press, Academic , n a ulse n1 pi 2013. April 12 on published was and , fi dtr aps i eJnio 90 nthis in 1990, Janeiro, de Rio Campus, Editora , a eotwnsu odrta ntal proposed. initially than bolder up winds report nal ’ nErqeCrea,Js noi Ocampo Antonio José Cárdenas, Enrique in , ff rn esg rmta mhszdin emphasized that from message erent eortzn BrazilDemocratizing ’ , mrcnEooi Review Economic American uhrtra Brazil Authoritarian eioCt,2003. City, Mexico , eioCt,20,provides 2003, City, Mexico , rprtr aesfo the from Papers Preparatory s ‘ oeRe Some — ,NewHaven,CT,1989. hc em ohave to seems which e ae,CT, Haven, New , 00 swl as well as 2010, , Mercopress cin nthe on flections – ‘ uttcó de Sustitución 1913 a 1980, May , ff ’ nLE di L.E. in , fi ords flação a docu- nal ’ ff , erences ie 13 site, Revista Brazil many São , 45 8