RIO DE JANEIRO, BRAZIL - Throughout the history of Brazil, as well as Latin America in general, dependence on commodities promoted countless opportunities for development. Choosing the easier path, that of populism, prevented this from happening. Now a new cycle is opening that door again.
It was in June 1981 that Paul Volcker, the chairman of the U.S. central bank, the Federal Reserve, marked his term at the head of the institution. The interest rates of the largest economy in the world reached an unbelievable 20%, in a rigor that sought to curb inflation once and for all.
This is . . .