STRUCTURAL ECONOMIC CONSTRAINTS, THE IMF-STYLE AND PERSPECTIVES IN BRAZIL

The last two decades in Brazil are characterized by low growth in income per capita, financial turmoil, increasing unemployment, dismal distribution of income (and wealth), rent-seeking speculation and dissatisfaction with the outcome of neo-liberal policies. It was in this context that Luiz Inácio Lula da Silva reached the presidency in January 2003. What has been seen so far is – despite the success in maintaining governability – a sharp neo-classical-cum monetarist practice of the previous government. It has been unable to move from the IMF orthodox approach. Thus, there is not much to commemorate in the first three quarters of the mandate.