Brazil: the carnival is over

2013-07-02 · first published in marxsite · 169 words

This was not a Socialist Resistance publication. marxsite was Phil Hearse’s own long-form site, run alongside the paper he helped edit. It is kept here with his agreement, recovered from the Internet Archive after the domain lapsed and was taken over by someone else; nothing here links to the address it now points at.

Only part of this piece survives. The capture it was recovered from is truncated, so the text below stops before the article did.

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The Great Recession and the subsequent weak recovery have led to a significant fall in trade and investment flows to the emerging economies, particularly to the largest so-called BRICS (Brazil, Russia, China, India and South Africa). Their growth rates have also begun to fall away. In addition, the largest by far of the BRICS, China, is experiencing a 2-3% pt fall in its super-fast growth rate and that has been enough to cause sharp drop in the demand for commodities (agricultural and raw materials), the main exports of other emerging economies. So the crisis is a world-wide one.