A special report on business and finance in Brazil: Arrivals and departures  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 393 no. 8657 (Nov. 2009), page 52+8.
Topik: Brazil; Trading; Foreign Investors
Fulltext: Survival of the Quickest.pdf (48.21KB)

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TRADING with Brazilians has not always been easy. Jean Lery, who visited the country in the 1550s, wrote an account of the trading practices of the Ouetaca people, who liked to exchange goods by placing them on a rock 200 paces away and then retreating. The trading partner did the same, and the dance was repeated as each group got what it wanted. “As soon as each one has returned with his object of exchange, and gone past the boundaries of the place where he had first come to present himself,” wrote Mr Lery, “the truce is broken, and it is then a question of which one can catch the other and take back from him what he was carrying away.” That would have rung a bell with some of Brazil’s foreign investors in more recent times, from Daniel K. Ludwig, who repeated Henry Ford’s jungle folly a few decades later, to the Japanese banks that tried to enter the market, to US Steel, which discovered Carajás, the world’s largest iron-ore deposit, before being forced into a joint venture with a government company and then selling out of a mine that is still going strong 30 years later. Lots of other foreign investors have done well, however, and Brazil is enjoying a new wave of trust and optimism as the world pours in money (see chart 3). It has become the second-largest destination for FDI flows into developing countries after China.

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