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Greece And Brazil: A Comparison Of The Costs And Benefits Associated With Free Trade Policies And Restrictive Trade Policies

4170 words - 17 pages

Greece and Brazil:
A Comparison of the Costs and Benefits Associated with
Free Trade Policies and Restrictive Trade Policies.

Introduction
The countries of Greece and Brazil have experienced unique situations in both economic conditions. These situations brought about significant changes in policy, which resulted in several events having both negative and positive impacts on each country’s development, and most importantly, international trade. This paper will also examine the economic structure of both Greece and Brazil, while identifying the similarities and differences of these structures.
Greece became a member of the European Union in the 1980’s and participated in the free ...view middle of the document...

0 | 79.2 | 80.6 | |
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                                                                                                         World Bank 2015
the Communist Party of Greece, The River (To Potami), New Democracy, Panhellenic Socialist Movement, Radical Coalition of the Left, and the Independent Greeks, Movement of Democratic Socialist, Golden Dawn as  confirmed by the BBC (2015). The current Prime Minister is Alexis Tsipras as at January 26, 2015.
    Greece became a member European Union member in 1981 and the Drachma was replaced by the Euro in 2002. In 2009, Greece’s credit rating was downgraded by Fitch and Standard and Poor’s due to the countries deteriorating finances, this could considered the beginning of the country’s economic crises. The government has implemented several austere measures to cut spending. In 2010, to avoid Greece defaulting on its debt, the countries of the EU approved US $145bn bailout package. The Greece government was forced to implement more austere measures rebuild the economy. However, these measures forced the Greeks to lead protest against the government. While this was going on the country’s credit rate was further affected. Since 2009, Greece has gotten two major bailouts from the European Union and the International Monetary Fund, as confirmed by “Greece has received two bailout packages from its Eurozone partners and the International Monetary Fund. Its problems began in late 2009, when the government admitted that public debt was far higher than official statistics showed” (para. 2).  Despite the assistance from the European Union, Greece still struggles to get its economy back on track as seen the by the number mentioned in Table 1.
A Brief History of the Federative Republic of Brazil
The Federative Republic of Brazil, or Brazil, as it is more commonly referenced, has experienced tremendous growth throughout the years. Much larger than Greece in population and land size, in 2013, Brazil’s population stood at just over 200 million people, which is approximately twice it’s population of the 1940’s (Oxford, 2013). The country covers about 89,000 square miles, and the inhabitants consist of a mixture of peoples, mainly those of European, African, and Indigenous (Native Brazilian) descent. Though Brazil gained it’s independence from Portugal in 1822, Portuguese remains as it’s official language today (Brazil, 1996). The country is located in South America, where it is by far the largest country on that continent and Latin America combined. Worldwide, Brazil is the fifth largest country, according to the measure of it’s population.  About a third of the country’s land area is covered by the rich and dense Amazon rainforest, and the country boasts large amounts of gold, silver, and iron deposits (Brazil, 1996).
Brazil was discovered in 1500 by the Kingdom of Portugal. Brazil’s inception as a newly independent country in 1822 did not come without a cost. The early years of independency were extremely...

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