Brazil, reality and the lessons from adjustment
During the heterodox conference, to which I alluded to in my last post, somebody (cannot remember for sure now; too many talks) suggested that in the middle of the current crisis Argentina and Brazil were islands of growth. This has been a common proposition in the international press, but one that is not founded on fact. The performance of Brazil under the Workers' Party administration (from 2003 onwards), while better than the previous one, has been far from stellar. The figure shows that average growth during the Cardoso administration was around 2.3%, and increased to 3.9% in the Lula-Dilma period.