In a 2008 interview, then Brazilian President Luiz Inácio Lula da Silva offered me his formula for success: “I allow the rich to earn money with their investments and I allow the poor to participate in that economic growth.”
Lula’s capitalist-socialist policies, and soaring commodities prices, led Brazil to an astonishing boom in the 2000s. By 2010, as Lula was leaving office, the country was the world’s sixth-largest economy, and 40 million people were added to its middle class.
It was a confident global player.
Now it’s a foundering cautionary tale.