Rapidly Developing Economy of Brazil

Topics: European Union, Competition, Welfare economics Pages: 11 (2954 words) Published: February 11, 2015
Rapidly Developing Economy of Brazil
Brazil is considered to be the biggest country in South America. Owing to the location of the country, it enjoys a great variety of natural resources that in turn contribute to the country’s status of the emerging economy. Having analyzed the economics of the nation’s major regions in the context of economic development, it must be mentioned that there is range of economic peculiarities that define the course the country develops. First and foremost, it is worth mentioning that each of the country’s sector’s of economy has distinguished peculiarities that help to state that the country actually has an emerging economy. Moreover, it is necessary to dwell on the quality of life of Brazilian people in order to get insights into the major issues of the social sphere of the country. Lastly, it is necessary to cast light on the role of each of the sectors of the Brazilian economic system in the broad picture of the nation (Baer, 2008). The primary purpose of customer and competition policies that are in effect currently in Brazil consists in providing proper conditions for proper functioning of markets. In order to ensure it, it is necessary to have a solid supply side and a solid demand side, competition and consumer respectively. In case with some products, fierce competition can be the most efficient protection for consumers. At the same time, in some markets consumers will not be able to obtain the best deal, despite the fact that there is substantial competition in the market. Here, the best solution is to introduce certain policies that will help customers to gain more influence. Some of the most common reasons why markets do not provide customers with good outcomes involve: abuse of dominance and collusion between suppliers (Armstrong 2008). These two aspects fall within the domain of competition policy. Apart from these major ones, there can be some other reasons for well-balanced competition, namely: imperfect information about product attributes, inadequate information regarding market prices as well as supplier costs of advertising and consumer costs of obtaining market information. It is difficult to provide a clear distinction between competition policy and consumer policy. To some extent, it can be argued that competition policy consists of the set of policies and laws that ensure that competition in the marketplace is not restricted to reduced economic welfare. The major function of the customer policy in turn is to stop sellers from increasing their sales by lying about their product features or using unfair practices, like unilateral breach of contract or unauthorized billing. It is also acceptable to define consumer policy in the context of some of the most fundamental problems, as it helps to deal with the following issues: undue sales pressure, information problems pre purchase and undue surprises post-purchase As a matter of fact, business policies along with the common market are at the core of Brazilian legislation. Its primary function is to govern the ways how business is done in the the country. It also facilitates processes of making faster business deals and guarantees accountability of all players on the market, notably: consumers and suppliers. These activities are overseen by other organizations operating within the nation as well as relevant policies. The specter of policies governed by these establishments is rather extensive, since there is a wide range of legislation practices that all states and businesses have to follow. The enterprise policy of the country concentrates on the facilitation of the financial support for small and medium-sized businesses. It also promotes innovation and development across the country. Moreover, it assists in providing better information for lenders and companies. To large extent, the Brazilian legislation is aimed at improving legislation across all the member states as well as...

References: Casanova, L., Kassum, J. (2014). The Political Economy of an Emerging Global Power: In Search of the Brazil Dream. UK. Palgrave Macmillan.
Marinov, M, Marinova, S. (2012). Impacts of Emerging Economies and Firms on International Business. UK. Palgrave Macmillan.
Safadi, R, Lattimore, R
Bourguignon, F, Francisco, F. H. G., and Menendez M. (2013). "Inequality of Opportunity in Brazil: A Corrigendum." Review of Income and Wealth Vol. 59 no.3: 551–55
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