Abstract
On 13 January this year, Brazil suffered a shock which, if you listen to some commentators abroad, shook it to its very core. In Sao Paulo the following week, however, the locals were unfazed. By Latin American standards, a devaluation of 25 per cent (later 45 per cent) is not much to get excited about. In the bustle of Sao Paulo's business district, in its universities and medical schools, in the halls of Congress and government buildings across Latin America, and, most significantly of all, in the military barracks, life continues much as it did before.
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