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Chapter 1: What is Brazil's historical economic context?
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To understand the economy, you have to understand human nature. How are you doing there? I hope you are enjoying the World Cup. This podcast is going to be part of our World Cup series.
The series that we are bringing you dispatches from the World Cup, largely based on countries that we find interesting, economies that we find interesting, political, geopolitical, geostrategic backdrops, and of course, economic history that we find interesting. And today we are going to do
For many people, the big one in football, the country that is most romanticized, the country that has a grip on people's imaginations, the country that has delivered generation after generation of extraordinary talented players, the country where the expression, the beautiful game comes from. And that, of course, is football. John is on the cuckoo banner as we speak. Brazil!
That country is, of course, Brazil. We are going to look at Brazil. This podcast will have been recorded before the Brazilian-Scottish game, so we don't know the result of that. Obviously, we would have loved the Scots to...
do a job in Brazil, but... I saw Brazil's first game and they are not up to par at all.
No, and without German, Vini Jr., they look like a pretty average team. And I think a lot of Brazilians, particularly the Brazilians who are living and working here, if you talk to them in bars or cafes, they'll say, like, this is not a great Brazilian team. You know, not a great Brazilian team doesn't mean they're going to lose, you know.
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Chapter 2: How did slavery impact Brazil's economic development?
So they learn to use the internet. They learn to use driving tractors. They learn to use machines, right? And by learning to use machines, you fuse those machines with that labor Bob's your uncle, you can afford to pay people the higher wages they expect and still generate the productivity which generates the profits at the end of the day.
Is that kind of what's happened to America?
So in America, what you have, actually, I think this might be what's happened, maybe even more interesting, to Britain, right? Okay, yeah. One of the big problems, I'm sorry, listener, we're digressing here a bit, but one of the big problems in the UK at the moment is trying to explain what they call this productivity slump in the United Kingdom. It's been falling for a long time.
There's lots and lots of reasons for it. There's lots of suggestions for it. People worry about the education level of the workforce, et cetera. But one of the major factors since Brexit, you have to look at this Brazilian example and say, well, look,
If there is a very large increase in immigration, so in the United Kingdom, I think the United Kingdom is taking in the population of Birmingham every year. Birmingham is the second largest city in the United Kingdom. So that's over a million people. So imagine what that does. What that does is it makes those million people available to the workforce.
Those million people are prepared to work for lower wages, even though they're in the UK. And the reason is they're coming from even lower wages places. So they will live, as is happening again here in Ireland, they live like five to a room whatever, and they are having an effect of reducing the real wage, right? So that's why British wages are very stagnant at the moment.
But the attendant impact of that is that employers don't necessarily have to invest in technology to increase productivity because wages are low. So they can still be profitable employing these new people as long as wages remain low. This might explain why British productivity is falling. It's falling because it doesn't have to rise.
And it's falling because employers don't have to increase, for example, the amount of machines, the quality of the labor, the efficiency of the labor. Why? Because it's getting a lot of this cheap labor which, I mean, Brexit was supposed to have an impact, I think, having low immigration, but it ended up having higher immigration. And again, look at Ireland.
All these things are not unique to any one country. And I think the Brazilian story is a little bit interesting. I wouldn't make a huge leap of it, but it's an interesting historical fact that Brazil remained technologically... a low-grade economy for generations because it had for generations these very self-sustaining low wages which were coming from slavery.
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