Brazil: Toward a New Economics

Brazil is famous as the lost continent of economics. It has ignored all the rules, maintained a giddy inflation of 40% to 80% per year, built up a foreign debt of $3 billion, and seemed to be operating on four basic Brazilian principles: 1) God is a Brazilian, 2) confidence is a good racket, 3) paper is the stuff money is made of, and 4) the Americans would always bail them out anyway.

All that is changing. Having kicked out Leftist Joao Goulart, Brazil's new President Humberto Castello Branco is determined to put his country's economic house in order once...

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