Brazilian exporters have diversified trading partners.
The emerging economies have come to the rescue of world leading economies with their financial bailouts. This they have done on condition that the International Monetary Fund (IMF) increases their voting share by around 6%. This is an indication that emerging economies are now demanding even greater share power. The United States spirited objection to joining IMF bail out fund characterized by the Congress increased embrace of isolationist economic policies is an indication that the U.S. is no longer a superpower as people initially believed. In fact, its share of global GDP which was 25% in 1980 declined to 19% in 2011 (Sachs, 2012). It is projected to hit a record low of 18% in 2017. By this time, China shall have overtaken the United States economy in absolute size.
With the emergence of BRICS and smaller powers like Nigeria and Turkey we no...
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