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Brazil has the sixth largest economy by nominal GDP in the world, and seventh largest by purchasing power parity. The Brazilian economy is characterized by moderately free markets and an inward-oriented economy.

Brazil’s economy is the largest of the Latin American nations and the second largest in the western hemisphere.[14] ACER Aspire 4743 CPU Fan

Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent. In future decades, Brazil is expected to become one of the five largest economies in the world.[15][16]

According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies. HP Pavilion dv6-2170us CPU Fan

Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country’s competitiveness fundamentals, providing a better environment for private-sector development.[17]

In 2011 Forbes ranked Brazil as having the 8th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and even ahead of Japan.[18][19] Toshiba Satellite L675-S7018 CPU Fan

Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group.

When the Portuguese explorers arrived in the 15th century, the native tribes of current-day Brazil, totaling about 2.5 million people, had lived virtually unchanged since the Stone Age. ASUS F80Q CPU Fan

From Portugal's colonization of Brazil(1500-1822) until the late 1930s, the market elements of the Brazilian economy relied on the production of primary products for exports. Within the Portuguese Empire, Brazil was a colony subjected to an imperial mercantilepolicy, which had three main large-scale economic production cycles - sugar, gold and, from the early 19th century on, coffee. ACER TravelMate 4200 CPU Fan

The economy of Brazil was heavily dependent on African enslaved labour until the late 19th century (about 3 million imported African enslaved individuals in total). In that period Brazil was also the colony with the largest amount of European settlers (most of them being ethnic Portuguese, but also Dutch (see Dutch Brazil) and some Azoreans, Madeirans, HP 434678-001 CPU Fan

Spaniards, English, French, Germans, Flemish, Danish, Scottish refugees and sephardic Jews). Since then, Brazil experienced a period of strong economic and demographic growth accompanied by mass immigration from Europe (mainly from Portugal, Italy, the Azores, Spain, Germany, Poland, Ukraine,Switzerland, Madeira, Austria and Russia. But also from the Netherlands, France, HP G70-120EA CPU Fan

Finland, Iceland and theScandinavian countries, Lithuania, Belgium, Bulgaria, Hungary, Greece, Latvia, England, Ireland, Scotland,Croatia, Czech Republic, Malta, Macedonia and Luxembourg), the Middle East (mainly from Lebanon, Syria andArmenia), Japan, smaller amounts from the United States and some Afrikaners from South Africa) until the 1930s. Toshiba Satellite A300-034 CPU Fan

In the New World, the United States, Argentina, Brazil, Canada, Australia, Uruguay, New Zealand, Chile, Mexico, Cuba, Venezuela, Paraguay, Puerto Rico and Peru (in descending order) were the countries that received most immigrants. In Brazil's case, statistics show that 4.5 million people emigrated to the country between 1882 and 1934. HP 606609-001 CPU Fan

Currently, with a population of over 190 million and abundant natural resources, Brazil is one of the ten largest markets in the world, producing tens of millions of tons of steel, 26 million tons of cement, 3.5 million television sets, and 3 million refrigerators. In addition, about 70 million cubic meters of petroleum were being processed annually into fuels, lubricants, propane gas, and a wide range of hundred petrochemicals. Compaq Presario CQ60-301sl CPU Fan

Furthermore, Brazil has at least 161,500 kilometers of paved roads and more than 93 Gigawatts of installed electric power capacity.

Its real per capita GDP has surpassed US$ 10,500 in 2008, due to the strong and continued appreciation of the realfor the first time this decade. Its industrial sector accounts for three fifths of the Latin American economy's industrial production.[20]TOSHIBA Satellite L300 CPU Fan

The country’s scientific and technological development is argued to be attractive toforeign direct investment, which has averaged US$ 30 billion per year the last years, compared to only US$ 2 billion per year last decade,[20] thus showing a remarkable growth. The agricultural sector, locally called theagronegócio (agrobusiness), has also been remarkably dynamic:ASUS Eee PC 701 CPU Fan

for two decades this sector has kept Brazil amongst the most highly productive countries in areas related to the rural sector.[20] The agricultural sector and the mining sector also supported trade surpluses which allowed for massive currency gains (rebound) and external debt paydown. Due to downturn in Western economies Brazil found itself in 2010 trying to halt the appreciation of the real.[21] Compaq Presario CQ60-305sa CPU Fan

Data from the Asian Development Bank and the Tax Justice Network show the untaxed "shadow" economy of GDP for Brazil is 39%.

The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. HP 637607-001 CPU Fan

Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1889. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy. HP Pavilion dv7-3067nr CPU Fan

A socioeconomic transformation took place rapidly after World War II. In the 1940s, only 31.3% of Brazil's 41.2 million inhabitants resided in towns and cities; by 1991, of the country's 146.9 million inhabitants 75.5% lived in cities, and Brazil had two of the world's largest metropolitan centers – São Paulo and Rio de Janeiro. The share of the primary sector in the gross national product declined from 28% in 1947 to 11% in 1992. HP Pavilion dv5-1210ez CPU Fan

In the same 1947-92 period, the contribution of industry to GNP increased from less than 20% to 39%. The industrial sector produces a wide range of products for the domestic market and for export, including consumer goods, intermediate goods, and capital goods.

Through the 1980s and 1990s, the Brazilian economy suffered from rampant inflation that subdued economic growth. Compaq Presario CQ50-211nr CPU Fan

After several failed economic initiativescreated by the government, in 1994 the Plano Real was introduced. This plan brought stability and enabled Brazil to sustain economic growth over that of the global economy through the coming decade. Despite this rapid development the country still suffers from high levels of corruption, violent crime, functional illiteracy and poverty. HP G56-114SA CPU Fan

Portugal's exploitation of Brazil stemmed from the European commercial expansion of the fifteenth and sixteenth centuries. Blocked from the lucrative hinterland trade with the Far East, which was dominated by Italian cities, Portugal began in the early fifteenth century to search for other routes to the sources of goods valued in European markets. SONY Vaio VGN-CR21Z/N CPU Fan

Portugal discovered the maritime passage to the East Indies around the southern tip of Africa and established a network of trade outposts throughout Africa and Asia. After the discovery of America, it competed with Spain in occupying the New World.

Initially, the Portuguese did not find mineral riches in their American colony, but they never lost the hope of someday finding such riches there. HP Pavilion dv7-4060eo CPU Fan

Meanwhile, in order to settle and defend the colony from European intruders, the Portuguese established a pioneer colonial enterprise: the production of sugar in the Northeast. Beginning in about 1531, cattle began arriving in Brazil, and a cattle industry developed rapidly in response to the needs of the sugar industry for transportation and food for workers. Toshiba Satellite M70-252 CPU Fan

The discovery of precious metals in the colony's Center-South (Centro-Sul), a relatively undefined region encompassing the present-day Southeast (Sudeste) and South (Sul) regions, came only in the eighteenth century.

By the mid-sixteenth century, Portugal had succeeded in establishing a sugar economy in parts of the colony's northeastern coast. Toshiba Satellite A100-455 CPU Fan

Sugar production, the first large-scale colonial agricultural enterprise, was made possible by a series of favorable conditions. Portugal had the agricultural and manufacturing know-how from its Atlantic islands and manufactured its own equipment for extracting sugar from sugarcane. Furthermore, being involved in the African slave trade, it had access to the necessary manpower. HP Pavilion dv5-2112br CPU Fan

Finally, Portugal relied on the commercial skills of the Dutch and financing from Holland to enable a rapid penetration of sugar in Europe's markets.

Until the early seventeenth century, the Portuguese and the Dutch held a virtual monopoly on sugar exports to Europe. However, between 1580 and 1640 Portugal was incorporated into Spain, a country at war with Holland. DELL BFB0505HA CPU Fan

The Dutch occupied Brazil's sugar area in the Northeast from 1630 to 1654, establishing direct control of the world's sugar supply. When the Dutch were driven out in 1654, they had acquired the technical and organizational know-how for sugar production. Their involvement in the expansion of sugar in the Caribbean contributed to the downfall of the Portuguese monopoly. HP Pavilion dv6-3299en CPU Fan

The Caribbean sugar boom brought about a steady decline in world sugar prices. Unable to compete, Brazilian sugar exports, which had peaked by the mid-seventeenth century, declined sharply. Between the fourth quarter of the seventeenth century and the early eighteenth century, Portugal had difficulties in maintaining its American colony. The downfall of sugar revealed a fragile colonial economy, which had no commodity to replace sugar. SONY Vaio VGN-NW11Z/T CPU Fan

Paradoxically, however, the period of stagnation induced the settlement of substantial portions of the colony's territory. With the decline of sugar, the cattle sector, which had evolved to supply the sugar economy with animals for transport, meat, and hides, assimilated part of the resources made idle, becoming a subsistence economy. Because of extensive cattle production methods, large areas in the colony's interior were settled. Toshiba Satellite L550-20W CPU Fan

Realizing that it could maintain Brazil only if precious minerals were discovered, Portugal increased its exploratory efforts in the late seventeenth century. As a result, early in the eighteenth century gold and other precious minerals were found. The largest concentration of this gold was in the Southeastern Highlands, mainly in what is now Minas Gerais State. HP Pavilion dv7-4183sf CPU Fan

Despite Brazil's economic troubles, the early nineteenth century was a period of change. First, the Napoleonic Wars forced the Portuguese royal family to flee to Portugal's colony of Brazil in 1808, and for a short period the colony became the seat of the Portuguese empire. Moreover, in 1808 Britain persuaded Portugal to open the colony to trade with the rest of the world, and Portugal rescinded its prohibition against manufacturing (Strangford Treaty). HP Pavilion dv7-3190ev CPU Fan

Indeed, during this period, the Portuguese royal family and the noblemen who had established themselves in the territory, started many reforms which developed the educational, cultural and economical sectors of Brazil. By 1814, the Portuguese and their allies had defeated Napoleon's armies in the Peninsular War, after had been victorious in the war against the French invasion of Portugal by 1811. HP KSB06105HA CPU Fan

However, the King of Portugal remained in Brazil until the Liberal Revolution of 1820, which started in Porto, demanded his return to Lisbon in 1821, but his son Pedro remained in Rio de Janeiro as regent and governor of the newly created Kingdom of Brazil, a Portuguese possession within the new United Kingdom of Portugal, Brazil and the Algarves (1815–1822). These events paved the way for Brazil's independence on September 7, 1822. HP G62-244CA CPU Fan

Brazil's early years as an independent nation were extremely difficult. Exports declined, and the domestic economy was depressed. The only segment that expanded was the subsistence economy. Resources (land, slaves, and transport animals) made idle by the decline of the export economy were absorbed into mostly self-consumption activities.

In 1870 Brazil’s trade with America was valued at about 31 million dollars while the combined trade of all the South American countries was valued at about 29 million. HP Pavilion dv7-3190ei CPU Fan

Brazil was a significant producer of coffee and because of this the United States imported about four times as much as it exported to Brazil. In 1885 Brazil was producing more than one half of the world’s supply of coffee. Brazil’s trade in 1890 was more than 71 million while that of Argentina and Chile was $14 million and $6 million respectively. Soon after 1896, the production of coffee started to surpass consumption and prices began to fall in Brazil. HP G62-244CA CPU Fan

Brazil then stored their coffee instead of selling all of it, and when there was bad season of coffee production they would use what they had previously stored from the year before.

The Monroe Doctrine appeared to some South American states as a U.S attempt of preserving their control over that hemisphere. Brazil viewed this doctrine as a measure of protection against the interference of the United States and from European nations.ASUS A6000R CPU Fan

Brazil’s first ambassador to the United States, Joaquim Nabuco, 1905–1910, was a partisan of the Monroe Doctrine. Brazil borrowed money from many nations but it was not until after World War One that it actually borrowed substantial amounts from the U.S. With the outbreak of the First World War, Brazil continued to share the most significant trade with America with a trade that was valued at $154 million. HP Pavilion dv7-6011sg CPU Fan

The impact of coffee on the Brazilian economy was much stronger than that of sugar and gold. When the coffee surge began, Brazil was already free from the limitations of colonialism. Moreover, the substitution of slave labor for wage labor after 1870 (slavery was abolished in 1888) meant an increase in efficiency and the formation of a domestic market for wage goods. Toshiba Satellite L300D-01P CPU Fan

Finally, the greater complexity of coffee production and trade established important sectorial linkages within the Brazilian economy.Coffee was introduced in Brazil early in the eighteenth century, but initially it was planted only for domestic use. It took the high world prices of the late 1820s and early 1830s to turn coffee into a major export item. During the initial phase, production was concentrated in the mountainous region near Rio de Janeiro. Compaq Presario CQ60-409CA CPU Fan

This area was highly suitable for coffee cultivation, and it had access to fairly abundant slave labor. Moreover, the coffee could be transported easily on mule trains or on animal-drawn carts over short distances to the ports.

An entrepreneurial class established in Rio de Janeiro during the mining surge was able to induce the government to help create basic conditions for the expansion of coffee, such as removing transportation and labor bottlenecks. HP Mini 110-3010sf CPU Fan

From the area near Rio de Janeiro, coffee production moved along the Paraíba Valleytoward São Paulo State, which later became Brazil's largest exporting region. Coffee was cultivated with primitive techniques and with no regard to land conservation. Land was abundant, and production could expand easily through the incorporation of new areas. However, it soon became necessary to ease two basic constraints: the lack of transportation and the shortage of labor. Toshiba Satellite L645D-S4056 CPU Fan

The cultivation of coffee farther away from ports required the construction of railroads, first around Rio de Janeiro and into the Paraíba Valley, and later into the fertile highlands of São Paulo. In 1860 Brazil had only 223 kilometers (139 mi) of railroads; by 1885 this total had increased to 6,930 kilometers (4,310 mi). The main rail link between São Paulo's eastern highlands and the ocean port of Santos allowed for a rapid expansion of coffee into the center and northwest of the state. Toshiba Satellite M70-142 CPU Fan

After the initial coffee expansion, the availability of slaves dwindled, and further cultivation required additional slaves. However, by 1840 Brazil was already under pressure to abolish slavery, and a series of decrees were introduced, making it increasingly difficult to supply the new coffee areas with servile labor. In the 1870s, the shortage of labor became critical, leading to the gradual incorporation of free immigrant labor. DELL Inspiron E1505 CPU Fan

The coffee expansion in the west-northwest of São Paulo State after 1880 was made possible largely by immigrant labor. In 1880 São Paulo produced 1.2 million 60-kilogram coffee bags, or 25% of Brazil's total; by 1888 this proportion had jumped to 40% (2.6 million bags); and by 1902, to 60% (8 million bags). In turn, between 1884 and 1890 some 201,000 immigrants had entered São Paulo State, and this total jumped to more than 733,000 between 1891 and 1900. Slavery was abolished in 1888. HP 532613-001 CPU Fan

The Brazilian economy grew considerably in the second half of the nineteenth century. Coffee was the mainstay of the economy, accounting for 63% of the country's exports in 1891, and 51% between 1901 and 1910. However, sugar, cotton, tobacco, cocoa, and, during the turn-of-the-century rubber boom, rubber were also important. During the first three decades of the twentieth century, HP Envy 14-1080eo CPU Fan

the Brazilian economy went through periods of growth but also difficulties caused in part by World War I, the Great Depression, and an increasing trend toward coffee overproduction. The four-year gap between the time a coffee tree is planted and the time of the first harvest magnified cyclical fluctuations in coffee prices, which in turn led to the increasing use of government price supports during periods of excess production. ACER TravelMate 5230 CPU Fan

The price supports induced an exaggerated expansion of coffee cultivation in São Paulo, culminating in the huge overproduction of the early 1930s.The 1840 to 1930 period also saw an appreciable but irregular expansion of light industries, notably textiles, clothing, food products, beverages, and tobacco. This expansion was induced by the growth in income, by the availability of foreign exchange, by fiscal policies, and by external events, such as World War I. Lenovo 3000 G430 CPU Fan

Other important factors were the expansion of transportation, the installed capacity of electric energy, increased urbanization, and the formation of a dynamic entrepreneurial class. However, the manufacturing growth of the period did not generate significant structural transformations.

Economic growth in the nineteenth century was not shared equally by the regions. ASUS EEE PC 1215N CPU Fan

Development and growth were concentrated in the Southeast. The South Region also achieved considerable development based on coffee and other agricultural products. The Amazon Basin experienced a meteoric rise and fall of incomes from rubber exports. The Northeast continued to stagnate, with its population living close to the subsistence level. Dell Vostro 3750 CPU Fan

The decade of the 1930s was a period of interrelated political and economic changes. The decade started with the 1930 revolution, which abolished the Old Republic (1889–1930), a federation of semi-autonomous states. After a transitional period in which centralizing elements struggled with the old oligarchies for control, a coup in 1937 established the New State (Estado Novo) dictatorship (1937–45). Toshiba Satellite L500-018 CPU Fan

To a large extent, the revolution of 1930 reflected a dissatisfaction with the political control exercised by the old oligarchies. The political unrest of the first half of the 1930s and the 1937 coup were influenced strongly by the onset of economic problems in 1930. The coffee economy suffered from a severe decline in world demand caused by the Great Depression and an excess capacity of coffee production created in the 1920s. COMPAQ Presario CQ42-116TU CPU Fan

As a result, the price of coffee fell sharply and remained at very low levels. Brazil's terms of trade deteriorated significantly. These events, and a large foreign debt, led to an external crisis that took almost a decade to resolve.

The external difficulties had far-reaching consequences. The government was forced to suspend part of the country's debt payments and eventually to impose exchange controls. HP Pavilion dv6-2115eg CPU Fan

Excess coffee production led to increasing interventions in the coffee market. The state programs to support coffee prices went bankrupt in 1930. To avoid further decreases in coffee prices, the central government bought huge amounts of coffee, which was then destroyed. Central government intervention provided support to the coffee sector and, through its linkages, to the rest of the economy. Toshiba Satellite L645D-S4056 CPU Fan

Despite the economic difficulties, the income maintenance scheme of the coffee support program, coupled with the implicit protection provided by the external crisis, was responsible for greater industrial growth. Initially, this growth was based on increased utilization of the productive capacity and later on moderate spurts of investment. HP 646578-001 CPU Fan

The initial import substitution industrialization that occurred especially during World War I did not lead  to industrialization; it became a process of industrialization only in the 1930s.

The 1930s also saw a change in the role of government. Until then, the state acted primarily in response to the demands of the export sector. SONY VAIO PCG-6L2L CPU Fan

During the first half of the decade, it was forced to interfere swiftly in an attempt to control the external crisis and to avoid the collapse of the coffee economy; government leaders hoped that the crisis would pass soon and that another export boom would occur. However, with the magnitude and duration of the crisis it became clear that Brazil could no longer rely solely on exports of primary goods and that it was necessary to promote economic diversification. Toshiba Satellite X205-S9349 CPU Fan

During the Estado Novo, the government made initial attempts at economic planning, and in the late 1930s began to establish the first large government enterprise, an integrated steel mill,Companhia Siderúrgica Nacional.

The World War II period saw mixed achievements. By the late 1930s, coffee production capacity had been reduced drastically, the worst of the external crisis had passed, and the Brazilian economy was ready to grow. HP Pavilion dv7-3020es CPU Fan

However, the war interfered with development efforts. Output increased mainly through better utilization of the existing capacity but, except for the steel mill, there was little industrial and infrastructure investment. Thus, at the end of the war Brazil's industrial capacity was obsolete and the transportation infrastructure was inadequate and badly deteriorated. HP G62-369TX CPU Fan

A review of the evolution and structural changes of the industrial sector since the end of World War II reveals four broad periods. The postwar period to 1962 was a phase of intense import substitution, especially of consumer goods, with basic industries growing at significant but lower rates. The 1968 to 1973 period was one of very rapid industrial expansion and modernization (between 1962 and 1967, the industrial sector stagnated as a result of adverse macroeconomic conditions). HP 13.V1.BJ195.F.GN CPU Fan

The 1974 to 1985 phase was highlighted by import substitution of basic inputs and capital goods and by the expansion of manufactured goods exports. The period since 1987 has been a time of considerable difficulties.

At the end of World War II, political and economic liberalism were reintroduced in Brazil. Getúlio Dorneles Vargas (president, 1930–45, 1951–54) was overthrown, democratic rule was reestablished, and the foreign-exchange reserves accumulated during the war made possible a reduction of trade restrictions. Toshiba Satellite L675D-S7016 CPU Fan

However, trade liberalization was short-lived. The overvalued foreign-exchange rate, established in 1945, remained fixed until 1953. This, combined with persistent inflation and a repressed demand, meant sharp increases in imports and a sluggish performance of exports, which soon led again to a balance of payments crisis.

Pessimistic about the future of Brazil's exports, the government feared that the crisis would have a negative impact on inflation.HP Pavilion dv7-1451nr CPU Fan

Consequently, instead of devaluing the cruzeiro, it decided to deal with the crisis through exchange controls. In 1951 the newly elected government of Getúlio Vargas enforced a recently established system of import licensing, giving priority to imports of essential goods and inputs (fuels and machinery) and discouraging imports of consumer goods. HP G62-a57SG CPU Fan

These policies had the unanticipated effect of providing protection to the consumer goods industry. Early in the 1950s, however, convinced that the only hope for rapid growth was to change the structure of the Brazilian economy, the government adopted an explicit policy of import substitution industrialization. An important instrument of this policy was the use of Foreign exchange controls to protect selected segments of domestic industry and to facilitate the importation of equipment and inputs for them.SONY Vaio VGN-NR31S/S CPU Fan

However, the move to fixed exchange rates together with import licensing drastically curtailed exports, and the balance of payments problem became acute. The system became nearly unmanageable, and in 1953 a more flexible, multiple-exchange-rate system was introduced. Under the latter, imports considered essential were brought in at a favored rate; IBM 91P9252 CPU Fan

imports of goods that could be supplied domestically faced high rates and were allotted small portions of the available foreign exchange. Similarly, some exports were stimulated with a higher exchange rate than those of traditional exports. This system continued to be the main instrument for the promotion of import substitution industrialization, but the performance of the export sector improved only modestly. Toshiba Satellite M70-122 CPU Fan

Between 1957 and 1961, the government made several changes in the exchange-control system, most of which were attempts at reducing its awkwardness or at improving its performance with the advance of import substitution industrialization. For this same purpose, the government also introduced several complementary measures, including enacting the Tariff Law of 1957,SONY UDQFWPH22FQU CPU Fan

increasing and solidifying the protection extended to domestic industries, and offering strong inducements to direct foreign investment.

In the second half of the 1950s, the government enacted a series of special programs intended to better orient the industrialization process, to remove bottlenecks, and to promote vertical integration in certain industries. HP Pavilion dv6-2150ei CPU Fan

The government gave special attention to industries considered basic for growth, notably the automotive, cement, steel, aluminum, cellulose, heavy machinery, and chemical industries.

As a result of import substitution industrialization, the Brazilian economy experienced rapid growth and considerable diversification. Between 1950 and 1961, the average annual rate of growth of the gross domestic product exceeded 7%. Industry was the engine of growth. HP G42-367TU CPU Fan

It had an average annual growth rate of over 9 percent between 1950 and 1961, compared with 4.5% for agriculture. In addition, the structure of the manufacturing sector experienced considerable change. Traditional industries, such as textiles, food products, and clothing, declined, while the transport equipment, machinery, electric equipment and appliances, and chemical industries expanded. Toshiba Satellite P100-238 CPU Fan

However, the strategy also left a legacy of problems and distortions. The growth it promoted resulted in a substantial increase in imports, notably of inputs and machinery, and the foreign-exchange policies of the period meant inadequate export growth. Moreover, a large influx of foreign capital in the 1950s resulted in a large foreign debt. ACER Aspire 5739 CPU Fan

Import substitution industrialization can be assessed according to the contribution to value added by four main industrial subsectors: nondurable consumer goods, durable consumer goods, intermediate goods, and capital goods. Using data from the industrial censuses, the share of these groups in value added between 1949 and 1960 shows a considerable decline in the share of the nondurable goods industries, IBM ThinkPad T40 2678 CPU Fan

from nearly 60 percent to less than 43 percent, and a sharp increase in that of durable goods, from nearly 6 percent to more than 18 percent.

The intermediate and capital goods groups experienced moderate increases, from 32 to 36% and from 2.2 to 3.2%, respectively.IBM Thinkpad T43 CPU Fan

A representative component of the nondurable group is the textile industry, the leading sector before World War II. Between 1949 and 1960, its share in the value added by industry as a whole experienced a sharp decline, from 20.1% to 11.6%. In the durable goods group, the component with the most significant change was the transport equipment sector (automobiles and trucks), which increased from 2.3% to 10.5%.IBM ThinkPad T43 2668 CPU Fan

The lower increases in the shares of the intermediate and capital goods industries reflect the lesser priority attributed to them by the import substitution industrialization strategy. In the early 1960s, Brazil already had a fairly diversified industrial structure, but one in which vertical integration was only beginning. Thus, instead of alleviating the balance of payments problems, import substitution increased them dramatically. IBM ThinkPad T43 1871 CPU Fan

As a result of the problems associated with import substitution industrialization and the reforms introduced by the military regime after March 1964, the Brazilian economy lost much of its dynamism between 1962 and 1967. The average rate of growth of GDP in the period declined to 4.0 percent and that of industry to 3.9 percent. In part, stagnation resulted from distortions caused by the strategy. ACER Travelmate 8104WLMI CPU Fan

Moreover, political troubles negatively affected expectations fac and precluded the formation of a coalition to back the introduction of tough measures to control inflation and the balance of payments crisis. Political troubles also hindered the removal of obstacles to growth.

The 1964 coup dealt with the political obstacles by forcefully restraining opposition to the military agenda of change. DELL Latitude E4300 CPU Fan

With the objective of transforming Brazil into a modern capitalist economy and a military power, the regime implemented a series of reforms aimed at reducing inflation, at removing some of the distortions of import substitution industrialization, and at modernizing capital markets. The regime gradually introduced incentives to direct investment, domestic and foreign, ASUS F80S CPU Fan

and tackled balance of payments problems by reforming and simplifying the foreign-exchange system. In addition, the regime introduced a mechanism of periodic devaluations of the cruzeiro, taking into account inflation. Finally, the military government adopted measures to attract foreign capital and to promote exports. It took steps to expand public investment to improve the country's infrastructure and later to develop state-owned basic industries. HP Pavilion dv5-1058eo CPU Fan

The post-1964 reforms and other policies of the military government, together with the state of the world economy, created conditions for very rapid growth between 1968 and 1973. In that period, the average annual rate of growth of GDP jumped to 11.1%, led by industry with a 13.1% average. Within industry, the leading sectors were consumer durables, transportation equipment, and basic industries, such as steel, cement, and electricity generation. IBM 13N5182 CPU Fan

As a result of the post-1964 policies, external trade expanded substantially faster than the economy as a whole. There was a significant growth in exports, especially manufactured goods, but also commodities. Yet, imports grew considerably faster, rapidly increasing the trade deficit. This did not present a problem, however, because massive inflows of capital resulted in balance of payments surpluses. IBM Thinkpad T30 2366-AA3 CPU Fan

The external sector contributed substantially to high growth rates, as did the rapid expansion of investment, including a growing share of public investment and investment by state-controlled enterprises. In addition, increased demand for automobiles, durable and luxury goods, and housing resulted from a rapid growth in income for the upper income strata and from credit plans created for consumers and home-buyers by the capital-market reforms. IBM Thinkpad T30 2366-AA3 CPU Fan

The industrial sector generally experienced not only rapid growth but also considerable modernization. As a result, imports of capital goods and basic and semi-processed inputs increased sharply. The share of intermediate goods imports in total imports increased from 31.0% in the 1960-62 period to 42.7% in 1972, and that of capital goods, from 29.0 to 42.2%. The total value of imports rose from US$1.3 billion to US$4.4 billion. IBM Thinkpad T30 CPU Fan

A comparison of the 1960 and the 1975 shares of the various industrial sectors in total value added by industry reveals a continuation in the relative decline of nondurable industries, notably textiles, food products, and beverages, and an increase in machinery, from 3.2 to 10.3%. The relative shares of most of the remaining industries, however, did not change significantly in the period. HP 535438-001 CPU Fan

As a result of the period's outward-looking development strategy, Brazil's industrial exports increased from US$1.4 billion in 1963 to US$6.2 billion in 1973. The composition of exports shows that whereas in 1963 processed and semi-processed manufactured exports accounted for only 5% of total exports, in 1974 their share had reached 29%.DELL Inspiron N3010 CPU Fan

In the 1968-73 period, personal income became more concentrated and regional disparities became greater. Industrial expansion took place more vigorously in the Center-South Region, which had benefited most from the import substitution industrialization strategy. Its per capita income considerably exceeded the national average, its infrastructure was more developed, and it had an adequate supply of skilled workers and professionals. HP Pavilion dv6-3070tx CPU Fan

The region was therefore able to take advantage of the opportunities and incentives offered by the military regime. Although a special regional development strategy existed for the Northeast, it promoted a distorted industrialization that benefited only a few of that region's large cities; the Northeast's linkages with the Center-South were stronger than its linkages within the region.IBM 41W5269 CPU Fan

The combination of a harsh climate, a highly concentrated land-tenure system, and an elite that consistently resisted meaningful change prevented the Northeast from developing effectively.

Brazil suffered drastic reductions in its terms of trade as a result of the 1973 oil shock. In the early 1970s, the performance of the export sector was undermined by an overvalued currency. ASUS A8H CPU Fan

With the trade balance under pressure, the oil shock led to a sharply higher import bill. Brazil opted to continue a high-growth policy. Furthermore, it adopted renewed strategies of import substitution industrialization and of economic diversification. In the mid-1970s, the regime began implementing a development plan aimed at increasing self-sufficiency in many sectors and creating new comparative advantages. SONY UDQFRZH13CF0 CPU Fan

Its main components were to promote import substitution of basic industrial inputs (steel, aluminum, fertilizers, petrochemicals), to make large investments in the expansion of the economic infrastructure, and to promote exports.

This strategy was effective in promoting growth, but it also raised Brazil's import requirements markedly, increasing the already large current-account deficit. HP COMPAQ 2510P CPU Fan

The current account was financed by running up the foreign debt. The expectation was that the combined effects of import substitution industrialization and export expansion eventually would bring about growing trade surpluses, allowing the service and repayment of the foreign debt.

Thus, despite the world recession resulting from other countries' adjustments to the oil shock, Brazil was able to maintain a high growth rate. APPLE 661-4951 CPU Fan

Between 1974 and 1980, the average annual rate of growth of real GDP reached 6.9 percent and that of industry, 7.2 percent. However, the current-account deficit increased from US$1.7 billion in 1973 to US$12.8 billion in 1980. The foreign debt rose from US$6.4 billion in 1963 to nearly US$54 billion in 1980.

Brazil was able to raise its foreign debt because, at the time, the international financial system was awash in petrodollars and was eagerly offering low-interest loans. HP Pavilion dv6-3034ca CPU Fan

By the end of the 1970s, however, the foreign debt had reached high levels. Additionally, the marked increase of international interest rates raised the debt service, forcing the country to borrow more only to meet interest payments. Productive capacity, exports, and the substitution of imports in various sectors expanded and became more diversified. However, the expected impacts on Brazil's current account were not to materialize until the mid-1980s. HP G56-126NR CPU Fan

Another feature of the 1974-80 period was an acceleration of inflation. Between 1968 and 1974, the rate of inflation had declined steadily, but afterward the trend was reversed. From 16.2 percent a year in 1973, the growth rate of the general price index increased to 110.2 percent a year by 1980.

The effect of the 1974-85 period's industrialization on the balance of trade was significant. Compaq Presario C556CA CPU Fan

The balance of trade moved from an average deficit of US$3.4 billion in the 1974-76 period to an average surplus of US$10.7 billion in the 1983-85 period. In 1985 the share of manufactures (processed and semi-processed) of total exports reached 66 percent, and between 1971–75 and 1978-83 the share of basic input imports in total imports declined from 32.3% to 19.2%.SONY Vaio VGN-NR360E CPU Fan

The recession and stagnation of the early 1980s had a role in reducing imports. However, import substitution was also important, as demonstrated by the few years of the 1980s that experienced a significant growth in GDP while the trade surplus was maintained.

Between 1981 and 1992, the GDP increased at an average annual rate of only 2.9% and per capita income declined 6%. HP Pavilion dv5170us CPU Fan

Gross investment, as a proportion of GDP, fell from 21 to 16 percent, in part as a result of the fiscal crisis and the loss of public-sector investment capacity. The decline also reflected growing uncertainties regarding the future of the economy. The 1980s became known as the "lost decade," and its problems spilled over into the 1990s. Despite thestagnation of the 1981-92 period, inflation remained a major problem (see stagflation). SONY Vaio VPC-EE3WFX/WI CPU Fan

It stayed in the 100% level until the mid-80's and then grew to more than 1000% a year, reaching a record 5000% in 1993.

In 1979 a second oil shock nearly doubled the price of imported oil to Brazil and lowered the terms of trade further. The rise in world interest rates sharply increased Brazil's balance of payments problem and the size of the foreign debt. HP G56-126NR CPU Fan

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Nevertheless, the government continued borrowing, mainly to face an increasing debt burden, while it tried vainly to maintain the high-growth strategy. At the beginning of the 1980s, however, the foreign-debt problem became acute, leading to the introduction of a program to generate growing trade surpluses in order to service the foreign debt. The program was achieved by reducing growth and, with it, imports, and by expanding exports. SONY Vaio VGN-NW240F/S CPU Fan

As a result, in 1981 real GDP declined by 4.4 percent. The 1982 Mexican debt crisis ended Brazil's access to international financial markets, increasing the pressure for economic adjustment.

Some unorthodox economists like Stephen Kanitz attribute the debt crisis not to the high Brazilian level of indebtedness nor to the disorganization of the country's economy. SONY Vaio VPC-EB1Z0E/B CPU Fan

They say that the cause of the crisis was rather a minor error in the U.S. government banking regulations which forbids its banks from lending over ten times the amount of their capital, a regulation that, when the inflation eroded their lending limits, forced them to cut the access of underdeveloped countries to international savings.[1]

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