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Saw a rerun of a 60 minutes episode a while back. To summarize one of the segments, about 7 years or so ago, the government of Brazil simply handed out money to the poor, which then spent that money on goods that started a self-sustain and growing economic cycle. Brazil has a fairly progressive tax rate. The are other factors involved as well, but currently Brazil has a significant "middle class", the #3 aircraft manufacturing company, it produces ethanol from sugar cane (which is more efficient than using corn), ...
Why did this work and what other factors were involved?
Why did this work and what other factors were involved?