Word: brazil
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...convicted on corruption charges, sentenced to 10 years in prison, and fined R$ 12 million ($5 million). Mr. Dantas’ fate remains unclear as he may still file multiple appeals that could take years to be evaluated. Nevertheless, his conviction reflects an accomplishment of the Lula administration in Brazil: the freedom of the Polícia Federal, responsible for gathering the evidence in the case. The PF has been allowed to aggressively pursue corruption investigations since 2003 and numerous prosecutions show that Brazil’s institutional modernization process remains strong, despite the chaos in the global economy...
...Since Goldman Sachs’s Jim O’Neil started promoting his dream of the BRICs—developing markets in Brazil, Russia, India and China—in 2001, Brazil has often been considered the ugly duckling of the group. Next to a former superpower and two ancient civilizations boasting over one billion citizens, the South American giant may have seemed Lilliputian. But the global economic crisis has made a huge difference. Brazil’s admirable resistance to the current turmoil vindicates its placement. It also strengthens the judgment that the B-side of the BRIC...
...what is the connection between Mr. Dantas’ prosecution and growth expectations for Brazil? The case shows that the country is still on a steady march towards fixing problems common to emerging markets. This march started in 1994 with the Plano Real, the monetary stabilization plan that ended Brazil’s inflation crisis as rates breached 2000 percent annually. Fernando Henrique Cardoso, the Finance Minister responsible for this plan, was elected president twice (1994-2002) and started a new era of commitment to responsible economic policy...
...world at 13.75 percent. This demonstrates that the left and the right have actually agreed on a plan for the country. Their issues are different—modernization of the tax system vs. freedom for the federal police, or control of the government budget vs. poverty alleviation. But Brazil has reached a new paradigm in its economic history: One of fixing the country’s problems without compromising macroeconomic stability...
Anika B. Grubbs ’09 said she saw this same problem during her internship in Brazil, where she witnessed conflicts centering on indigenous rights and police brutality...