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...first four years, under the stewardship of dedicated, left-of-center Economist Celso Furtado, Sudene plowed $40 million into the area, mostly for dams, power projects, roads and other facilities essential to attract industry. The U.S. chipped in $131 million in development loans and grants, while private investors committed $300 million. Despite ever-increasing bureaucratization, overall production in the Northeast climbed 6% in 1964 (v. a 3% decline for Brazil as a whole). Then, in the wake of the March 1964 revolution, the military decided that Leftist Furtado should be purged; he was replaced by Sociologist...

Author: /time Magazine | Title: The Hemisphere: Hope in the Northeast | 4/30/1965 | See Source »

...Meanwhile, the arrests and imprisonments by the new government continued with a grim purpose that sent shivers up many Brazilian spines. No one knew how many people were locked up in jail. But the total of those stripped of their political rights climbed to 167, among them Celso Furtado, 43, the leftist but non-Communist boss of the successful development program in Brazil's impoverished Northeast...

Author: /time Magazine | Title: Brazil: The Road Back | 4/24/1964 | See Source »

Tackling the mess headon, Dantas, Goulart and Economic Planner Celso Furtado (architect of the ambitious development plan for Brazil's blighted northeast elbow) ended costly subsidies on imports of wheat and petroleum, even though high-test gasoline prices immediately doubled. They raised the fare on Rio commuter trains from 3 mills to 1½?. They limited bank credit, froze steel prices at the government-owned Volta Redonda plant, and persuaded auto, truck and clothing manufacturers to hold the price line. Goulart, who rose to power as labor's pal, even promised a group of industrialists that he would...

Author: /time Magazine | Title: Brazil: Brink of Bankruptcy | 3/22/1963 | See Source »

Goulart's three-year economic program was drafted by Celso Furtado. 42, the economist responsible for creating an admirable development plan for the blighted, Communist-target states of the northeastern Atlantic bulge. Furtado projects a 7% annual rise in Brazil's gross national product. If all goes well, manufacturing is to grow by 11.2% annually, transport facilities by 8.8%, agricultural production by 5.7%. The program will require a $4 billion investment between now and 1965, of which private industry is expected to put up two-thirds, the government one-third...

Author: /time Magazine | Title: Brazil: Victory for Goulart | 1/18/1963 | See Source »

...Under Furtado's plan, Brazil intends to help itself by slashing internal budget deficits; taxes will be increased, government expenditures will be reduced, subsidies on consumer goods will be eliminated. But Brazil will still need massive help from abroad, and for that, of course, it looks...

Author: /time Magazine | Title: Brazil: Victory for Goulart | 1/18/1963 | See Source »

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