Deforestation in Brazil
Brazil once had the highest deforestation rate in the world and in 2005 still had the largest area of forest removed annually. Since 1970, over 700,000 square kilometers of the Amazon rainforest have been destroyed. In 2012, the Amazon was 5.4 million square kilometres, only 87% of the Amazon's original state. Rainforests have decreased in size due to deforestation. Despite reductions in the deforestation rate over the last ten years, the Amazon rainforest will be reduced by 40% by 2030 at the current rate. Between May 2000 and August 2006, Brazil lost nearly 150,000 km2 of forest, an area larger than Greece. According to the Living Planet Report 2010, deforestation continues at an alarming rate, but at the CBD 9th Conference, 67 ministers signed up to help achieve zero net deforestation by 2020. In the 1940s Brazil began a program of national development in the Amazon Basin. President Getúlio Vargas declared emphatically that: The Amazon, in the impact of our will and labor, will cease to be a simple chapter in the world, made equivalent to other great rivers, shall become a chapter in the history of human civilization.
Everything which has up to now been done in Amazonas, whether in agriculture or extractive industry... must be transformed into rational exploitation. Vargas established many government programs to develop his vision, including the Superintendency for the Economic Valorization of Amazonia in 1953, the Superintendency for the Development of Amazonia in 1966, the National Institute for Colonization and Agrarian Reform in 1970. In the 1960s deforestation of the Brazilian Amazon became more widespread, chiefly from forest removal for cattle ranching to raise national revenue in a period of high world beef prices, to eliminate hunger and to pay off international debt obligations. Extensive transportation projects, such as the Trans-Amazon Highway, were promoted in 1970, meaning that huge areas of forest would be removed for commercial purposes. Before the 1960s, much of the forest remained intact due to restrictions on access to the Amazon beyond partial clearing along the river banks; the poor soil made plantation-based agriculture unprofitable.
The key point in deforestation of the Amazon came when colonists established farms in the forest in the 1960s. They used the slash and burn method; the colonists were unable to manage their fields and the crops due weed invasion and loss of soil fertility. Soils in the Amazon are productive for only a short period of time after the land is cleared, so farmers there must move and clear more and more land. Amazonian colonization was dominated by cattle raising, not only because grass did grow in the poor soil, but because ranching required little labor, generated decent profit, awarded social status. However, farming led to environmental damage. An estimated 30% of deforestation is due to small farmers and the rate of deforestation is higher in areas they inhabit is greater than in areas occupied by medium and large ranchers, who own 89% of the Legal Amazon's private land; this underlines the importance of using previously-cleared land for agriculture, rather the more usual, politically easier, a path of distributing still-forested areas.
The number of small farmers versus large landholders fluctuates with economic and demographic pressures. In 1964, a Brazilian land law passed that supported ownership of the land by the developer: if a person could demonstrate "effective cultivation" for a year and a day, that person could claim the land; this act paved the way for clearance of enormous areas of forest for cattle production. In the 1970s, with the construction of the Trans-Amazonian Highway, INCRA established schemes to attract hundreds of thousands of potential farmers westward into the Amazon and exploit the forest for cattle ranches. Between 1966 and 1975 Amazon land values grew at a rate of 100% per year as the government offered subsidies to reform the land; the forest was exploited for timber, which provided Brazil a way of paying off international debt. By the late 1980s, an area the size of England and Wales was being cleared annually; the annual rate of deforestation in the Amazon region continued to increase from 1990 to 2003 because of factors at local and international levels.
70% of forested land in the Amazon, 91% of land deforested since 1970, is used for livestock pasture. The Brazilian government attributed 38% of all forest loss between 1966 and 1975 to large-scale cattle ranching. According to the Center for International Forestry Research, "between 1990 and 2001 the percentage of Europe's processed meat imports that came from Brazil rose from 40 to 74 percent" and by 2003 "for the first time the growth in Brazilian cattle production, 80 percent of, in the Amazon was export driven."Forest removal to make way for cattle ranching was the leading cause of deforestation in the Brazilian Amazon from the mid-1960s on. In addition to Vargas's earlier goal of commercial development, the devaluation of the Brazilian real against the dollar had the result of doubling the price of beef in reals and gave ranchers a widespread incentive to increase the size of their cattle ranches and areas under pasture for mass beef production, resulting in large areas of forest removal.
Access to clear the forest was facilitated by the land tenure policy in Brazil that meant developers could proceed without restraint and install new cattle ranches which in turn functioned as a qualification for land own
The Collor Plan, is the name given to a collection of economic reforms and inflation-stabilization plans carried out in Brazil during the presidency of Fernando Collor de Mello, between 1990 and 1992. The plan was called New Brazil Plan, but it became associated with Collor himself, "Plano Collor" became its de facto name; the Collor plan combined fiscal and trade liberalization with radical inflation stabilization measures. The main inflation stabilization was coupled with an industrial and foreign trade reform program, the Industrial and Foreign Trade Policy, better known as PICE, a privatization program dubbed the "National Privatization Program", better known as the PND; the plan's economic theory had been laid out by economists Zelia Cardoso de Mello, Antônio Kandir, Álvaro Zini and Fábio Giambiagi. The actual plan to be implemented was written by Antônio Kandir and economists Ibrahim Eris, Venilton Tadini, Luís Otávio da Motta Veiga, Eduardo Teixeira and João Maia; the plan was announced on March 1990, one day after Collor's inauguration.
Its intended policies included: Replacement of the existing currency, the Cruzado Novo by the Cruzeiro at a parity exchange rate, Freezing of 80% of private assets for 18 months, An high tax on all financial transactions, Indexation of taxes, Elimination of most fiscal incentives, Increase in the prices charged by public utilities, The adoption of a floating exchange rate, Gradual economic opening to foreign competition, Temporary freeze on wages and prices, The extinction of several government agencies, with plans for a reduction of over 300,000 government employees, Stimulus of privatization and the beginning of economic deregulation. Three separate plans to stabilize inflation were carried out during Collor's two years in power; the first two, Collor Plans I and II, were headed by Zélia Cardoso de Mello. In May 1991, Zélia was replaced by Marcílio Marques Moreira, who carried out a homonymous plan, the Marcílio Plan. Brazil had suffered through several years of hyperinflation: in 1989, the year before Collor took office, average monthly inflation was 28.94%.
The Collor Plan sought to stabilize inflation by "freezing" government liability and restricting money flow in order to halt inertial inflation. The freeze caused a strong reduction in output of industry. With the reduction in the money supply from 30% to 9% of GDP, the rate of inflation dropped from 81% in March to 9% in June; the government faced two choices: they could either hold the freeze, risk a recession brought about by the reduction of economic activity, or re-monetize the economy by "unfreezing" money flow and risk the return of inflation. Rapid, uncontrolled re-monetization of the economy had been named as the cause the failure of the previous economic stabilization plans in controlling inflation; the Collor government would have to "throttle" the re-monetization. To do so, it could utilize a wide combination of economic tools to affect the speed of re-monetization, such as taxes, exchange rates, money flow and interest rates. For the next few months after the plan was implemented inflation continued on an upward trend.
By January 1991, nine months after the plan began, it had climbed back to 20% a month. The failure of the Plano Color I in controlling inflation is credited by both Keynesian and monetarist economists to the Collor government's failure to control the re-monetization of the economy; the government had opened several "loopholes" which contributed to the increase of the money flow: Taxes and other government bills issued prior to the freeze could be paid with the old Cruzado, creating a form of "liquidity loophole", exploited by the private sector. A number of individual exceptions to individual sectors of the economy were opened by the government, such as retirees' savings and "special financing" for the government payroll; as the government issued more and more exceptions granting liquidity, these were dubbed little faucets. According to Carlos Eduardo Carvalho, from Departamento de Economia da Pontifícia Universidade Católica de São Paulo: The Collor Plan itself began to be formatted by the president-elects advisors at the end of December 1989, after his victory in the runoff election.
The final draft was strongly influenced by a document discussed by the advisors of PMDB party candidate Ulysses Guimarães, by advisors of PT party candidate Luís Inácio Lula da Silva, during the period between the general election and the runoff. In spite of the differences in their general economic strategies, these competing candidates failed to develop their own stabilization policies at a time of rapid price increases and risk of hyperinflation during the second half of 1989; the proposal to block liquidity originated in academic debate and was imposed upon the main presidential candidacies. The government was unable to reduce spending, reducing its ability to use many of the aforementioned tools. Reasons ranged from an increased share of the federal tax revenue to be shared with the individual states to a "job stability" clause for government employees in the 1988 Brazilian Constitution which prevented the size reduction as announced at the start of the plan; this vindicated economists such as Luiz Carlos Bresser-Pereira and Mário Henrique Simonsen, both former finance ministers, who had predicted at the start of the plan that the government's fiscal situation would m
Amazon rubber boom
The Amazon Rubber Boom was an important part of the economic and social history of Brazil and Amazonian regions of neighboring countries, being related to the extraction and commercialization of rubber. Centered in the Amazon Basin, the boom resulted in a large expansion of European colonization in the area, attracting immigrant workers, generating wealth, causing cultural and social transformations, wreaking havoc upon indigenous societies, it encouraged the growth of cities such as Manaus, Porto Velho, Belém, capitals within the respective Brazilian states of Amazonas, Rondônia and Pará. The rubber boom occurred between 1879 and 1912. There was heightened rubber production and associated activities from 1942 to 1945 during the Second World War. Natural rubber is an elastomer known as tree gum, India rubber, caoutchouc, which comes from the rubber tree in tropical regions. Christopher Columbus was the one of the first Europeans to bring news of this odd substance back to Europe, but he was not the only one to report it.
Around 1736, a French astronomer recalled how Amerindians used rubber to waterproof shoes and cloaks. He brought several samples of rubber back to France. Rubber was used as an eraser by scientist Joseph Priestley in England, it was not until the 1800s that practical uses of rubber were developed and the demand for rubber began. A rubber factory that made rubber garters for women opened in Paris, France, in the year 1803. However, the material still had disadvantages: at room temperature, it was sticky. At higher temperatures, the rubber became softer and stickier, while at lower temperatures it became hard and rigid; the South Amerindians first discovered rubber. The Amerindians in the Amazon rainforest developed ways to extract rubber from the rubber tree, a member of the Euphorbiaceae family. A white liquid called latex is extracted from the stem of the rubber tree, contains rubber particles dispersed in an aqueous serum; the rubber, which constitutes about 35% of the latex, is chemically cis-1,4-polyisoprene.
Latex is a neutral substance, with a pH of 7.0 to 7.2. However, when it is exposed to the air for 12 to 24 hours, its pH falls and it spontaneously coagulates to form a solid mass of rubber. Rubber produced in this fashion has disadvantages. For example, exposure to air causes it to mix with various materials, perceptible and can cause rot, as well as a temperature-dependent stickiness. Industrial treatment was developed to remove the impurities and vulcanize the rubber, a process that eliminated its undesirable qualities; this process gives it superior mechanical properties, causes it to lose its sticky character, become stable - resistant to solvents and variations in temperature. The rubber boom and the associated need for a large workforce had a significant negative effect on the indigenous population across Brazil, Peru and Colombia; as rubber plantations grew, labor shortages increased. The owners of the plantations or rubber barons were rich, but those who collected the rubber made little as a large amount of rubber was needed to be profitable.
The rubber barons forced them to tap rubber out of the trees. One plantation started with 50,000 Indians but, when discovered, only 8,000 were still alive. Slavery and systematic brutality were widespread, in some areas, 90% of the Indian population was wiped out; these rubber plantations were part of the Brazilian rubber market, which declined as rubber plantations in Southeast Asia became more effective. Roger Casement, an Irishman traveling the Putumayo region of Peru as a British consul during 1910–1911 documented the abuse, slavery and use of stocks for torture against the native Indians: "The crimes charged against many men now in the employ of the Peruvian Amazon Company are of the most atrocious kind, including murder and constant flogging." According to Wade Davis, author of One River: "The horrendous atrocities that were unleashed on the Indian people of the Amazon during the height of the rubber boom were like nothing, seen since the first days of the Spanish Conquest."Rubber had catastrophic effects in parts of Upper Amazonia, but its impact should not be exaggerated nor extrapolated to the whole region.
The Putumayo was a horrific case. Many nearby rubber regions were not ruled by physical violence, but by the voluntary compliance implicit in patron-peon relations; some native peoples benefited financially from their dealings with the white merchants. Others stayed away from the main rivers; because tappers worked in near complete isolation, they were not burdened by overseers and timetables. In Brazil tappers could, did, adulterate rubber cargoes, by adding sand and flour to the rubber "balls", before sending them downriver. Flight into the thicket was a successful survival strategy and, because Indians were engaged in credit relations, it was a common practice to vanish and work for other patrons, leaving debts unpaid. For the first four and a half centuries following the discovery of the New World, the native populations of the Amazon Basin lived in isolation; the area was vast and impenetrable, no gold or precious stones had been found there, as neither colonial Brazil nor imperial Brazil was able to create incentives for development in the region.
The regional economy was based on use of diverse natural resources in the region, but development was concentrated in coastal areas. The Industrial Revolution in Europe led to demand for uses that
Central Bank of Brazil
The Central Bank of Brazil is Brazil's central bank. It was established on December 31, 1964; the Central Bank is linked with the Ministry of the Economy. Like other central banks, the Brazilian central bank is the principal monetary authority of the country, it received this authority when it was founded by three different institutions: the Bureau of Currency and Credit, the Bank of Brazil, the National Treasury. One of the main instruments of Brazil's monetary policy is the Banco Central do Brasil's overnight rate, called the SELIC rate, it is managed by Monetary Policy Committee of the bank. The bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion, it is one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration. During the 2011 Global Policy Forum in Mexico; the 10 most recent presidents of the bank have been: Ilan Goldfajn: 9 June 2016 – present Alexandre Tombini: 1 January 2011 – 9 June 2016 Henrique Meirelles: 1 January 2003 – 31 December 2010 Arminio Fraga: 4 March 1999 – 1 January 2003 Gustavo Henrique de Barroso Franco: 20 August 1997 – 4 March 1999 Gustavo Jorge Laboissière Loyola: 13 June 1995 – 20 August 1997 Pérsio Arida: 11 January 1995 – 13 June 1995 Gustavo Henrique de Barroso Franco: 31 December 1994 – 11 January 1995 Pedro Malan: 9 September 1993 – 31 December 1994 Paulo César Ximenes: 26 March 1993 – 9 September 1993 Brazilian real Federal institutions of Brazil Payment system Real-time gross settlement Official website
Eletrobras is a major Brazilian electric utilities company. The company's headquarters are located in Rio de Janeiro, it is Latin America's biggest power utility company, tenth largest in the world, is the fourth largest clean energy company in the world. Eletrobras holds stakes in a number of Brazilian electric companies, so that it generates about 40% and transmits 69% of Brazil's electric supply; the company's generating capacity is about 43,000 MW in hydroelectric plants. The Brazilian federal government owns 52% stake in Eletrobras, the rest of the shares are traded on BM&F Bovespa; the stock is part of the Ibovespa index. It is traded on the New York Stock Exchange and on the Madrid Stock Exchange. Eletrobras was established in 1962 during João Goulart's presidency. Eletrobras is an electric power holding company, it is the largest transmission company in Brazil. Through its subsidiaries it owns about 40% of Brazil's generation capacities and controls 69% of the National Interconnected System.
Eletrobras stands as the biggest company of the electric power sector in Latin America. Among Eletrobras' subsidiaries, there are generation and distribution companies. Eletrobras Distribuição Acre is a Brazilian power company operating in state of Acre, in northern region of Brazil, it was founded on December 1965 as a subsidiary of Eletrobras. Eletronorte is responsible for the power generation and distribution in the states of Amazonas, Pará, Rondônia, Amapá, Tocantins and Mato Grosso. Eletrobras Eletropar acts in participations of other energy companies. Eletronet - 49,27% CESP - 4,77% EMAE - Empresa Metropolitana de Águas e Energia - 1,42% AES Eletropaulo - 2,03% CPFL Energia - 1,15% CTEEP - 0,66% Energias de Portugal - 3,09% Itaipu Binacional - 50,00%CHESF generates and transmits electric power from hydroelectric plants to all of the cities in northeast of Brazil, it owns 1 thermoelectric energy plant. Sinval Zaidan Gama was made CEO in January 2017; the main source of energy is the São Francisco River.
Eletrobras CGTEE is a Brazilian power company created on July 11, 1997. It is active in the state of Rio Grande do Sul. Eletrobras Amazonas Energia Eletrobras Distribution Roraima Eletrobras Distribution Rondônia Eletrobras Distribution Piauí Eletrobras Distribution Alagoas Eletrobras Cepel Eletrobras Eletronuclear Eletrobras Eletrosul Eletrobras Furnas Itaipu Binacional Eletrobras was authorized by Act 11.651, sanctioned on April 7, 2008, to operate abroad as an investor in the power sector, by means of consortiums and/or specific purposes companies. In order to coordinate this operation, it was created the Superintendence of Operations Abroad, which will operate following the guidelines of its board of directors. For this first period, the Superintendence of Operations Abroad has set forth the priorities as follows: 1) Interconnect new sources of energy in Latin America with the Brazilian power system; the Superintendence of Operations Abroad has been developing negotiations with several countries in Latin America and Africa: Angola and Namibia – Feasibility Studies of the AHE from Baynes, located in the Cunene River, in the border between the two countries.
With Bolivia, China, Ecuador, El Salvador, Guinea Bissau, Guyana and Nigeria the contacts are in their initial phase. Official website
Beer in Brazil
Brazil is the world's third largest beer market with total volume at 139 million hectoliters, per capita consumption 61 liters in 2016. The tradition of brewing in Brazil dates back to German immigration in the early nineteenth century; the first breweries date from the 1830s, the brand Bohemia is claimed to be the first Brazilian beer, with production starting in 1853 in the city of Petrópolis, Rio de Janeiro and is the oldest Brazilian beer, still under production. Many breweries appeared and disappeared in that period like Ritter from Rio Grande do Sul and Imperial Fábrica de Cerveja Nacional from Rio de Janeiro. Two important brands and Brahma, started production in the 1880s. Brazil is the world's third largest beer market, behind China and the US, with beer volumes in 2015 pegged at 139 million hectoliters. Per capita consumption has declined, dropping from 67 liters in 2012 to around 61 liters in 2016. Despite the weak performance in recent years, outlooks expect per head consumption to increase out to 2021.
The on-trade channel accounted for 60% of sales in 2016. As is the case with the market's overall volumes, per capita consumption, on-trade sales have been adversely impacted by an unfavorable economic situation. Standard Lager beers are the most popular in Brazil, with only a limited choice of beers from other categories; the majority of the market belongs to AmBev, the owner of the Brahma, Antarctica and Skol brands. Brazil's largest brewer was formed in 1999 from the merger of the two biggest brands and Antarctica. In 2004, Ambev merged with Belgium's Interbrew to form the world's largest brewer, now known as InBev. After the merger, Grupo Schincariol became the largest Brazilian-owned brewery in the country. In 2011, the company became a subsidiary of Japanese beverage company Kirin Brewery Company, subsequently changed its name to Brasil Kirin. In 2017 Kirin sold this business to Heineken NV for a transaction value of US$1.1 billion. In 2002, Molson Coors bought Brazil's second largest brewery Kaiser.
In 2006, the Mexican FEMSA Cerveza acquired 68% of Kaiser Brewery from Molson Coors. Molson Coors still holds 15% of Kaiser brewery shares, Heineken holds the remaining 17%. In 2006, FEMSA Cerveza released the Mexican brand Sol in the Brazilian market to compete to the biggest Inbev brands with poor results. In 2010, Heineken bought all FEMSA's brewery including the Brazilian unit. Company market share in 2009: Ambev, Grupo Schincariol, Petrópolis brewery, others. Brand market share in 2005: Skol, Antarctica, Nova Schin, Kaiser. There are a number of microbreweries in Brazil, the emergence of which are a recent phenomenon; some of the better renowned microbreweries include. Blumenau: Eisenbahn and some soft American lager breweries. Belo Horizonte is becoming a major microbrewering pole in the country, with several recognized brands such as Backer and many others. Over the past decade Brazilian drinkers are enjoying more imported beer. Leading supply destinations include but are not limited to: Mexico, The Netherlands, Belgium and Uruguay.
These imports are a lot more expensive than locally brewed beers. However, there are a growing number of bars and beer shops dedicating themselves to selling a large range of craft and imported beer; some international brands are produced in Brazil, such as Stella Artois and Heineken, but all are dedicated to the premium market with small market share. Beer is the most competitive sector of the alcoholic drinks market in Brazil, the big global beer companies like InBev and FEMSA compete for market share. In the Brazilian Carnival period there is an explosion in beer consumption. In these 4 days, 400 million liters are consumed. In November with the approach of summer, the manufacture and investment in marketing triples. International tourists find that domestic and local beers are much less expensive than imported brands. Beer and breweries by region Devassa by Playboy The Beer Sector in Brazil, Flanders Investment and trade
Economy of the Empire of Brazil
The Economy of the Empire of Brazil was centered on export of raw materials when the country became independent in 1822. The domestic market was small, due to lack of credit and the complete self-sustainability of the cities and farms that dedicated themselves to food production and cattle herding. During the first half of the 19th century, the Imperial Government invested in the improvement of roads while retaining an excellent system of ports; the former facilitated better commercial exchange and communication between the country's distant regions. The Brazilian economy was diversified in the post-Independence period, but a great effort was required of the monarchical government to carry through the change from a purely colonial economic system based on slavery to a modern capitalist system; until its end, the monarchy continued the notable economic growth that began with the arrival of Prince Regent Dom João in 1808. This was caused, in part, by the liberalism adopted by successive Government cabinets up to 1889 that favored the private initiative.
The unit of currency under the Empire was the real, plural réis, a name derived from the Portuguese real. It was called milréis, being written as 1$000. "A thousand milréis was known as conto de réis." One conto de réis was represented by the symbol Rs written before the value and by a dollar sign separating the units group. Thus, 350 réis was written as "Rs 350"; this means that the colon functioned as the $ sign as the thousands comma. For a country devoid of capital, economic improvement would require as much investment as possible in production for export. However, such a course was complicated by the complete lack of Brazilian manufactured products; this lack resulted in a considerable increase in importation. Most prominent among the imports were woven goods, soaps and perfumes, amongst others; until the 1850s, such items as coal, cement, iron goods and iron tools represented 11% of the Brazilian imports from Great Britain. But the process of constant industrialization of Brazil would increase this percentage to 28% in 1889.
As the decades passed, new technologies appeared, with the increase of the internal productivity, exports increased making it possible to reach the desired equilibrium in the balance of trade. During the 1820s, sugar constituted about 30% of total exports, while cotton constituted 21%, coffee 18% and leather and skins 14%. Twenty years coffee would reach 42%, sugar 27%, leather and skins 9%, cotton 8% of the total exports. However, this did not mean a reduction in the production of these any of these items—in fact, the opposite occurred—but “it reflected a difference in the relative growth of these sectors.” In this period of only twenty years, according to the historian Boris Fausto, “Brazilian exports had doubled in volume and had tripled in nominal value”, while its value in pounds sterling increased by over 40%. In the 1820s, Brazil exported 11,000 tons of cacao. Between 1821 and 1825, it exported 41,174 tons of sugar and it reached the incredible level of 238,074 tons between 1881 and 1885.
Up to 1850 rubber production was insignificant, but between 1881 and 1890, it reached the third place among Brazilian exports. It was about 81 tons between 1827 and 1830, reached 1,632 tons in 1852. By 1900 the country had exported 24,301,452 tons of rubber. Brazil exported around 3,377,000 tons of coffee between 1821 and 1860, while between 1861 and 1889 this reached 6,804,000 tons. Technological innovation contributed to the growth of exports; the main reason for this was the adoption of steam navigation and railroads, which allowed transportation of cargoes to become much less onerous and much faster. The first railroad line with only 15 kilometers was opened in April 30, 1854 when many European countries did not have one. In 1868 there were 718 kilometers in railroads lines and by the end of the Empire in 1889 it grew to 9,200 kilometers while another 9,000 kilometers were under construction; the absolute value of the exports of the Empire in 1850 was the highest in Latin America. Brazil's international trade, that is, the sum of both its imports and exports, amounted to a total value of Rs 79.000:000$000 between 1834 and 1839 and increased every year until it reached Rs 472.000:000$000 in 1886.
In 1859 the balance of payments between imports and exports reaches equilibrium. After 1874, the balance of payments becomes favorable. Most Brazilian exports were agricultural goods. For comparison, between 1850 and 1900 agricultural goods constituted between 73% and 83% of the United States' total exports. Economic growth was perceived in the Brazilian Gross Domestic Product, which from circa 50.000:000$000 in 1840, reached a figure of 500.000:000$000 in 1889. Brazilian economic growth after 1850, compared "very well" with that of with the United States and the European countries, according to the historian Boris Fausto. Brazil in the last year of the monarchy was a “prosperou