Brazil is arguably the most modern among the BRIC nations, in that it enjoys democracy, a lively and creative middle class, an active leading role in Latin America, and an increasing capacity for global projection. Its economy is diversified, extremely competitive in the agricultural sector, but also strong in hi-tech industries such as aeronautics and bio-fuels; furthermore, it enjoys an immense potential for petroleum extraction. In a clear and concise style, the author describes the Brazilian experience, analyzes how Brazil became a commercial power capable of sweeping the rest of its continent along with it, explains the steps that must still be taken in order for it to become a rich country, explores the possible consequences of economic growth on social development and ecological sustainability, and more generally focuses on the lessons to be learned concerning the successful operation of emerging economies.

Andrea Goldstein is an economist at the OECD and is an expert in emerging markets.

Giorgio Trebeschi is an economist at the Bank of Italy and finance officer at the Italian Consulate General in Sao Paulo (Brazil).