Brazil, the largest country in South America and the fifth largest country in the world, has an economy that has been one of boom and bust. ... Nevertheless, Brazil is still a primarily an agricultural country, with severe economic problems. ... From Portugal’s discovery in 1500 until the late 1930s the economy relied on the production of primary products, such as sugar cane for exports. Portugal’s colonial phase left strong marks of the country’s economy and society, through the late 1800s. After the late 1800s, many significant and structural transformations took place, changing Brazil’s economy into a more modernized industrial economy. ... In the mid-1990s it had a large and quite diversified economy, but one with considerable structural, as well as short-term problems.
Brazil has experienced one of the highest growths rated among capitalist economies in the twentieth century. This observation is particularly true for the period ranging from the early1950s to the mid-1990s, despite the crisis that lasted throughout most of the eighties (called the lost decade) and into the early 1990s. ...
Throughout the 1980s and the early 1900s, Brazil suffered from both inflation and economic stagnation. ... Brazil’s stagflation comes as no surprise since both the inflation and stagnation can be interpreted as different manifestations of the same imbalance. Since 1981, Brazil’s economic performance has been poor in comparison to its potential. ... 5 percent over 1980-93 reflected its inability to respond to the events of the late 1970s and 1980s.
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