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2-20-08 Brazil II

2-20-08 Brazil II - Brazil Unrealized Potential...

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2-20-2008 Brazil: Unrealized Potential? 1985-present Electoral democracy; weak institutions Continuation of strong military privileges Extremely fragmented party system; over 20 parties; no party discipline Overrepresentation of rural areas Decentralization—federal government losing fiscal control Strength of internationalized capital Key Challenges Impeachment of Collor in 1992 (elected in 1989) as test of institutions; followed by VP 1993 hyperinflation (2490 percent)—Cardoso as Finance Minister stabilizing it 1994 Cardoso elected President; 1998 reelected 1998 financial crisis in East Asia having effect on Brazil; capital flight—new austerity 2002 election of Lula as candidate of PT over Cardoso’s preferred candidate; first clearly left-wing president in Brazil Insecurity in financial markets; problem of capital flight—assurances that no major reversals of economic liberalization
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