Starting Over: Brazil since 1985

摘要

Brazil's rise as a global power has been meteoric and surprising. Ten years ago, when Goldman Sachs included Brazil among the rising emerging markets, the so-called 'BRIC countries, the country hardly seemed to warrant the distinction. The economy had been rocked by successive global shocks, including the 1999 real crisis. President Cardoso's second term was ending with sharply lower public approval ratings due to anaemic growth, multiple corruption scandals, rolling power failures, and a host of complaints about issues such as crime and unemployment. The 2001 electoral campaign highlighted the country's vulnerability, as fears of a Lula victory spooked financial markets. Lula ultimately published a 'Letter to the Brazilian People' expressing his continued interest in social justice but committing himself to fiscal restraint and macro-economic stability in accordance with the concerns of investors. In short, it seemed that Brazil's economy remained fragile, and that the country faced a bitter choice between social justice and neoliberal orthodoxy.