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Unfulfilled expectations about economic growth in Brazil has led many observers to question the ability of the new, open trade regime to put the economy back on an path of sustainable growth. Whereas the country's growth record has been really poor, the evidence suggests that the underlying causes had nothing to do with trade. Quite the contrary. This paper shows that trade liberalization has given an important contribution to two of the main drivers of growth: productivity and investment in physical capital. It argues that these gains were not turned into growth due to an unfavorable macro and institutional environment. It also claims that Brazil could have enjoyed more gains from trade, had it pursued a more aggressive trade policy at home and abroad. The paper concludes by outlining the main issues of a pro-growth, trade policy agenda for the country.
This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contributory factor, and included the pursuit of countercyclical policies, introduced to deal with the effects of the global financial crisis, beyond the point where they were helpful. More fundamentally, it reflects longstanding structural weaknesses plaguing the economy, that also help explain Brazil’s uninspiring growth performance over the past four decades.
In Brazil, the confluence of strong global demand for the country's major products, global successes for its major corporations, and steady results from its economic policies is building confidence and even reviving dreams of grandeza—the greatness that has proven elusive in the past. Even as the current economic crisis tempers expectations of the future, the trends identified in this book suggest that Brazil will continue its path toward becoming a leading economic power in the future. Once seen as an economic backwater, Brazil now occupies key niches in energy, agriculture, service industries, and even high technology. Yet Latin America's largest nation still struggles with endemic inequality issues and deep-seated ambivalence toward global economic integration. Scholars and policy practitioners from Brazil, the United States, and Europe recently gathered to investigate the present state and likely future of the Brazilian economy. This important volume is the timely result. In Brazil as an Economic Superpower? international authorities focus on five key topics: agribusiness, energy, trade, social investment, and multinational corporations. Their analyses and expertise provide not only a unique and authoritative picture of the Brazilian economy but also a useful lens through which to view the changing global economy as a whole.
Brazil approaches its 2018 election with an economy that is gradually recovering from the deepest recession in its recent economic history. However, for many Brazilians, the recovery has not yet translated into new and better jobs, or rising incomes. This book explores the drivers of future employment and income growth. Its key finding: Brazil needs to dramatically improve its performance across all industries in terms of productivity if the country is to provide better jobs for its citizens and generate lasting gains in incomes growth for all. This is particularly important as Brazil is aging rapidly and the boost the country has enjoyed thanks to its young and growing labor force in the past decades will disappear in just a few years’ time. The book recommends a change in the relationship between the state and business, from rewarding privileged incumbents to fostering competition and innovation—together with supporting workers and firms to adjust to the demands of the market. The book is addressed to all scholars and students of Brazil’s economy, especially those interested in why the country’s economic performance has not kept up with earlier achievements since the reintroduction of democracy in the mid-1980s. Its conclusions are urgent and pertinent but also optimistic. With the right policy mix, Brazil could enter the third century of its independence in 2022 well on track to join the ranks of high income countries.
The volume explores how the Southern Engines, China, India, Brazil, and South Africa are reshaping the world economy. It looks at their development experiences, and examines how these could provide useful lessons to the developing world.
Free trade can help 500 million people escape poverty and inject.