| In 2001, Jim O' Neill, a global economist at Goldman Sachs coined the term "BRIC nations" for the four major emerging economies in the world; Brazil, Russia, India and China. According to O'Neill, these nations have the potential to be among the most dominant economies by 2050. Brazil is in an interesting phase of development where it has a lot of potential, but also faces multiple challenges because there are significant differences between the social, political, economic and cultural aspects of Brazil and those of industrialized western nations. My thesis focuses on the challenges faced by Brazil in its journey towards becoming a major economic power. |
