Globalization’s effect on the Brazilian Economy
Imagine living in a country of despair. The majority of your people are impoverished, most of the country is undeveloped, and the chance for upward mobility is very slim. However, over the course of a few years, you now surprisingly see Walmart’s and McDonald’s everywhere. There are suddenly an influx of jobs available, and your country is beginning to be considered an economic world power. During the late 1980’s, due to globalization, this would be a similar experience for a typical Brazilian. Through the course of a decade, Brazil’s economy surged by opening up their borders and becoming more involved in foreign countries. Economic globalization has brought great things to the country. Particularly, Brazil recently hosted two …show more content…
This is exactly what the country of Brazil did during the late 1980’s to boost their economy. With a new democratic government, the country gradually opened their economy by lowering their tariffs. In fact, the average nominal tariffs fell 30 percent from 1987 to 1995. In 1993, the Brazilian government also liberalized their markets (“Has Globalization”). These trade liberalizations have resulted in a drastic increase in international trade. In Ginna Hauge’s and Marier Magnusson’s, study on the Globalization of Brazil, a quote reads, “During the 1990’s, Brazil and the other Latin American countries changed their trade and development policies, to varying degrees from the ‘import substitution industrialization’ policies of the 1960’s and 1970’s to more ‘export-oriented’ trade liberalizing alternatives,” (Hauge). However, Brazil hasn’t only became a global leader in exports. As the standard of living increases, the amount of imports have increased too as domestic consumers buy more goods from
Imagine living in a country of despair. The majority of your people are impoverished, most of the country is undeveloped, and the chance for upward mobility is very slim. However, over the course of a few years, you now surprisingly see Walmart’s and McDonald’s everywhere. There are suddenly an influx of jobs available, and your country is beginning to be considered an economic world power. During the late 1980’s, due to globalization, this would be a similar experience for a typical Brazilian. Through the course of a decade, Brazil’s economy surged by opening up their borders and becoming more involved in foreign countries. Economic globalization has brought great things to the country. Particularly, Brazil recently hosted two …show more content…
This is exactly what the country of Brazil did during the late 1980’s to boost their economy. With a new democratic government, the country gradually opened their economy by lowering their tariffs. In fact, the average nominal tariffs fell 30 percent from 1987 to 1995. In 1993, the Brazilian government also liberalized their markets (“Has Globalization”). These trade liberalizations have resulted in a drastic increase in international trade. In Ginna Hauge’s and Marier Magnusson’s, study on the Globalization of Brazil, a quote reads, “During the 1990’s, Brazil and the other Latin American countries changed their trade and development policies, to varying degrees from the ‘import substitution industrialization’ policies of the 1960’s and 1970’s to more ‘export-oriented’ trade liberalizing alternatives,” (Hauge). However, Brazil hasn’t only became a global leader in exports. As the standard of living increases, the amount of imports have increased too as domestic consumers buy more goods from