Photo by Rafaela Biazi on Unsplash

Perhaps you know that inflation was rampant in Brazil in the late 80s and early 90s. Year after year economic stabilization plans were introduced by one president after another, but none of them were able to fix the problem. Eventually though President Itamar Franco did succeed, along with his then finance minister Fernando Henrique Cardoso. What did they do differently?

Well, for one thing they called on the advice of economist Edmar Bacha, who had come to appreciate something that others hadn’t. You see, previous administrations had focused on fiscal and monetary policy, but they hadn’t tackled the problem of…

Nathaniel Cook

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