Brazil: the carnival is over

8 Jul

Michael Roberts Blog

The mass protests, demonstrations and actions that have shaken and still are shaking the pro-capitalist governments of Turkey, Brazil and Egypt show that the key emerging capitalist economies are not immune from the slump that has engulfed the advanced capitalist economies.  The advanced economies still contribute some 55-60% of world GDP (depending on how you measure it).  They remain the dominant influence over the world capitalist economy.

The Great Recession and the subsequent weak recovery have led to a significant fall in trade and investment flows to the emerging economies, particularly to the largest so-called BRICS (Brazil, Russia, China, India and South Africa).  Their growth rates have also begun to fall away.  In addition, the largest by far of the BRICS, China, is experiencing a 2-3% pt fall in its super-fast growth rate and that has been enough to cause sharp drop in the demand for commodities (agricultural and raw…

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