Developing nations' (Brazil) specific challenges and triumphs in the Research Paper

Developing nations' (Brazil) specific challenges and triumphs in the face of rapid economic change and growth - Research Paper Example This paper focuses on Brazil, one of the developing countries, that is growing at a rapid speed and is intensely getting affected by globalization (Schirm, n. d.). Globalization and Economic Expansion: After globalization Brazil is undergoing many of the economic changes. Its net amount of business with the rest of the world has increased significantly after globalization. The country is now experiencing large volume of flows of economic resources (form human capital to natural and physical capital). The volume of trade is significantly increasing overtime (Schirm, n.d.). The close association of economic expansion and globalization is also true in case of Brazil. Due to economic expansion (the effect), after globalization (the cause), Brazil’s economy is experiencing much higher level output as well as much higher rate of growth. Since the level of trade is one of the most important measurements of judging whether an economy is expanding, it can easily be said that over the l ast twenty years Brazil is going through the take-stage. These economic factors are affecting the country’s social and cultural aspects also (Tucker, 2008, p. 408). Both these aspects together are creating rapid economic growth throughout the world and these are significantly affecting the world economies. ... After following a method of import substitution and separation or a considerable period of time Brazil entered the global scenario. Fernando Collor was the first voted president of Brazil in 1960 to initiate an impression of stabilizing currency, lower tariffs and destabilize the public administration via budget cuts. This marked the beginning for Brazil of opening up into the world economy (Fishlow, 2000). Globalization and Brazil: Due to the occurrence of globalization the developing nations, such as Brazil, are experiencing rapid changes in their economic, social and general lives. Brazil’s economy has largely been changed after globalization. Its economy is now hugely dependent upon the world economy. Brazil’s overall income level or GDP is much higher now. This economy is much more open. This openness ensures the high income level. Not only that, the rate of growth of Brazil’s economy is much higher now. The economy is experiencing every bit of the progress of the global economy. The level of trading, i.e. the volume of exports and imports are growing in number. The infrastructural improvements are considered as one of the measurements of impact of globalization, then it can easily be said that this impact has been very positive on Brazil’s economic structure. It is quite clear that like all other developing nations Brazil has properly used the benefits of globalization. It is now a globally recognized economy in terms of the ranges of exports and imports and also in terms of the level of income and the rate of growth of income (Globalization and Emerging Economies, 2009). Economic expansion and Brazil: The financial system of Brazil is budding fast. After liberalization of the economy, it is experiencing significant growth path in terms of