Brazil The Biggest Shake-Up

To save his stumbling country, Collor tries the most radical reform ever -- but the hardest part is how to make it stick

If the lesson of these times is that free markets succeed where governments fail, Brazilian President Fernando Collor de Mello is a very voguish thinker. Though his effort to revive his country's punch-drunk economy gets much less attention than the shake-ups transforming Eastern Europe, his monetary program . is every bit as revolutionary. To corset the bloated public sector and turn the economy over to the entrepreneurs, Collor has adopted policies more radical than anything attempted in Brazil in decades -- or perhaps ever -- since taking office on March 15. His approach, says Kenneth Maxwell, senior fellow at the New...