How Brazil Is Fighting Off Asian Style Ills
I agree that Latin America is part of the same emerging-market class [as Asia], although Brazil has had fewer structural setbacks than the Tigers ("How Latins can survive the Asian storm," Latin America, Mar. 2). Brazil's current stabilization program is seeking sustainable growth and is curbing inflation.
Unfortunately, Brazil has had to raise interest rates (now at 28%). This can inhibit investment, generating negative repercussions for productive capacity as well as high unemployment rates.
The opening of the Brazilian economy to overseas business with the start of tariff reductions has been significant in the modernization of our industry. The term "endemic corruption" is unfair. Corruption is everywhere--in poor countries and in rich ones. I suppose that the world as a whole must pledge to perform fundamental reforms to slash corruption from the global society.
Marcos Roberto Fagundes
Sao Bento do Sul, Brazil