A special report on business and finance in Brazil: Condemned to prosperity  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 393 no. 8657 (Nov. 2009), page 52+10.
Topik: Brazil; Commodities; Oil
Fulltext: Condemned to Prosperity.pdf (53.59KB)

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NOT many countries are named after commodities. There is Argentina, from the Latin word for silver; Côte d’Ivoire, a reminder that nature’s endowments do not always lead to prosperity; Panama and Uruguay, whose names may come from indigenous words for fish; and also Brazil, which became known for its Brazil wood, the source of a valuable dye. Prior to that Italian merchants apparently called it the land of parrots. Brazil has already lived through several commodities booms: precious metals in the 17th century, sugar in the 18th and coffee in the 19th. Yet none of them benefited the country as much as the current one. The large discoveries of offshore oil made by Petrobras in 2007, which have generated so much excitement recently, have made it easy to forget that Brazil is already the world’s largest exporter of coffee, sugar, chickens, beef and orange juice. It also exports vast amounts of soya and iron ore, as well as other ores and metals. Its commercial forests are the source of much of the world’s pulp. If other countries opened their markets, Brazil would supply them with ethanol to fuel their cars too. A history of booms and busts in the markets for raw materials is written into the country’s landscape.

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