Who made the best of the now-busted boom?

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saga saga's picture
Who made the best of the now-busted boom?

Who made the best of the now-busted boom? You'll never guess

Brazil didn't do it by accident. President Luiz Inácio Lula da Silva used the latter half of the boom years to build on a trick pioneered by his predecessor, economist Fernando Henrique Cardoso: Rather than viewing the high-spending social state and the free-market, free-trade capitalist state as polar opposites and swinging between the two competing models as if on a pendulum, unite them into a single force (duh) and let them reinforce one another.

Mr. da Silva's supporters called it "social capitalism," and it remained unpopular with both socialists and capitalists through much of the boom. Today, in a crisis that has defied the orthodoxies of conservatism, socialism and liberalism alike, nobody's laughing at Lula.



Like I always say ... no one perspective can possibly be the whole solution.




Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

Doug Saunders seems to have twisted the facts to match his conclusion in at least a few cases.

Hugo Chavez was forced this week into the ultimate humiliation of turning to the U.S. oil companies for help: He wasted the boom years in noisy ideology and his people have gained nothing.

There were tremendous gains made by the Venezuelan people. Poverty and disparity were drastically reduced.

And China and India, for all their gains, remain reliant on peasant agriculture, while Brazil has been turning farming into a high-employment business.

Since when does industrial agribusiness create employment? Time and time again, it has been shown to force massive numbers of impoverished farmers off the land.

ceti ceti's picture

Of course, cherry picking to grind an ideological axe is par for the course for the Globe and Mail.

remind remind's picture

Well not to worry here in Canada, as the "dragons", from the "Dragons Den" get to decide who gets bailed out in Canada, and how it is done. :rolleyes:


"watching the tide roll away"