China’s anticipated overtaking of the U.S. as the world’s biggest economy has become the focus of much comment of late. Equally important, however, are the changes already happening and likely to accelerate regarding the rising challenge of other BRIC nations in the world economic league. Earlier this month, Brazil replaced the U.K. as the sixth largest economy. This was a moment of some symbolism: Brazil used to be part of what historians have called Britain’s "informal empire," being under the sway of British trade, capital, and inward investment in the nineteenth century.
In the last decade, Brazil has consolidated its status as an agricultural and processed foodstuffs superpower, commodities that now account for a quarter of GDP and 36 percent of exports. It has become the world’s largest producer of sugarcane, coffee, tropical fruits, and commercial cattle (whose number is 50 percent larger than in the United States.). Brazil has also discovered massive oil reserves in the Atlantic, which have helped make it the world’s ninth-largest oil producer and raised the prospect of it eventually becoming the fifth-largest. The country is currently engaged in a massive program of infrastructure improvement to enhance growth, funded by the proceeds of its recent wealth creation.