RIO DE JANEIRO, BRAZIL - This is a remarkable development for anyone familiar with Brazil's history. After World War II, the country was a cradle of import-substituting industrialization, a development policy widely adopted in Latin America that restricted imports to boost domestic production.
This policy eventually lost out to the export-oriented model of Asia's fast-growing economies and has since been abandoned. Nevertheless, Brazilian tariffs remain the highest among the G-20 countries after Argentina on a trade-weighted basis.
That is now beginning to change. With inflation at 12.1 percent, the highest level since 2003 . . .
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