Choose a country fromLatin America and explain how globalisation has affected it in the last 10years - Essay Example

Napoleonic wars led to the political independence of Brazil in the start of the 18th century. Brazil was affected by the Asian financial crisis of the year 1998 as its economy was put into turmoil (Ross, 2013). Brazil had reasonably recovered from the crisis caused by its currency’s devaluation as it entered the 21st century (Jaguaribe, n.d.). “While the US remains a major market and supplier for Brazil, economic strength and diverse interests have propelled the nation to focus on membership in regional organizations, notably the Latin American and Caribbean Community of States, a bloc that excludes US and Canada” (Casas-Zamora, 2010).

In spite of a long history of the influence of globalization, Brazil is far less globalized than a vast majority of the developing countries in general and the Latin American countries in particular. In spite of the fact that Brazil is improving trade with a lot of countries around the world, it happens to be the least globalized country among all Latin American countries (LBC, 2012). As per the survey conducted by the Latin Business Chronicle, Brazil has remained the least globalized Latin American country for the second consecutive year (eTurboNews, 2012).

The eighth annual Latin Globalization Index analyzed the globalization of the Latin American countries with respect to six factors that are mentioned below: The data used by the index was drawn from the year 2011, that was the most recent full year. The exports of services and goods in the year 2011 accounted for 11.9 per cent of the GDP of Brazil whereas the imports of Brazil made 12.6 per cent of its GDP (PR Newswire, 2012). An increase was noticed in both of these figures from 2010 to 2011.

This apparent lack of connection from the world trade flow indicates the fact that the growth of Brazil is caused, to a considerable extent, by the domestic investment and consumption. The score of globalization in Brazil was 7.25