Economic Role of Brazil in a Globalized World : Prospects and Challenges

The political sway of Brazil in global affairs is a reflection of its diplomatic, economic and political stamina garnered in recent times. This Latin America country does not only leave its imprint on global terrain but increasingly commanding regional respect, which evidently redefines Latin America to the rest of the world. Brazil was instrumental in the creation of NAM and that historical fact has again repeated itself in the structure of BRICS, adding a nuance to global institution. Brazil's new political and economic standing will make little difference and short lived, if Brazil fails to carry along the rest of the region on same footing and direction. As a country with the largest Catholic population and Portuguese speakers, Brazil has proven the ineffectiveness of authoritarian system and ultra socialist idea, instead blends the latter with the viable and workable aspect of liberal market system.