Emerging Economies After the Global Financial Crisis: The Case of Brazil

Enrique R. Carrasco, University of Iowa College of Law
Sean T. Williams, University of Iowa College of Law

Abstract

Abstract Emerging economies have rebounded relatively quickly from the 2008 global financial crisis and, despite various challenges they face resulting from the European sovereign debt crisis, they face bright economic futures. While many observers have focused on China and India, Brazil is an emerging economy that has enjoyed increasing visibility. This article examines Brazil’s evolution into an emerging economy, or, given the market-based nature of the term, an emerging market economy (EME). After outlining the broadly accepted definition of an EME, we examine Brazil’s path towards becoming an EME, from the “pre-emergent” Brazil to its current status as an EME. In doing so, we address a series of reforms after the 1980s, ranging from economic policy to the legal system, that contributed to Brazil’s dynamism, as well as Brazil’s remaining challenges. We conclude with commentary regarding Brazil’s role in articulating a post-crisis “New International Economic Order.”