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Brazil's economy is the largest in South America and is also the 10th largest in the world.
This economy is in a continuous cycle of booms and busts. Stability is not a strong suit for this economy. An investor could make a lot of money soon and they could also lose it as quickly as it was made. In the words of a Brazilian businessman "Brazil is like a roller ouster, sit back and enjoy the ride" (Video: Doing business in Latin America: Brazil)
During the fall of the Asian market, inflation reached an all-time high of 8500%. People used to buy everything as soon as they received their paycheck. The value of the Real got devaluated so much, that the value would decrease almost daily. Employees also expected a raise every month to keep up with inflation.
In the mid 1990's the HEOFF ("Real plan") plan cut the inflation to single digits and put the citizens back in the world market (www.presidencia.gov.br)
Agriculture has vital role in the economy with 1/3 of the workforce producing coffee, oranges, and bananas. Manufacturing was based on government protectionism which started after WWII. Protectionism from imports made the Brazil had a closed market which led to a very inefficient manufacturing industry. Such scrutinizing overview from the government has created a high bureaucratic system to get things done. Getting a driver license and obtaining a permit are almost impossible due to endless paperwork. It is very important to hire or seek assistance from a local to obtain such things. To overcome such obstacles, Brazilians used the "Jeito" (Small favor to overcome an obstacle or getting something done). Finding the way around the problem has become a part of their society and it plays a big role in making successful business in Brazil. "With the government bureaucracy and red tape, the Jeito becomes the lubricant for everything to move along" (Brazil: A study in development Progress/ Stefan H. Robock 1975).
Brazil is changing by becoming the founding member of MERCOSUR (South American Free Trade Area). The countries that composed MERCOSUR think of themselves as a region rather than a country (www.presidencia.gov.br).
Brazil is a polychronic country, they are very relaxed and business meetings tend to start late. On average, people don't think they are late until 33 1/2 minutes after the appointed time. It is recommended to schedule less meetings during the day, because everything takes longer and giving the impression of being impatient could be insulting. Even though Brazilians are very casual with time, is important t
Names mentioned in this term paper
Jose Andres Pinzon, Stefan H. Robock,
Locations mentioned in this term paper
Brazilians, Latin America, South America, United States,
Keywords included in this term paper
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