Smith, N. (1983, March 23). How Brazil bested the oil crisis. The Christian Science Monitor: Opinion and commentary, 23.
Brazil´s economy was growing by an impressive 11 percent a year in the late 1960s and early 1970s, faster than any other nation. But this spectacularly rapid development was built on cheap oil and a generous flow of low-interest loans, and these underpinnings of Brazil´s "economic miracle" collapsed in 1973 when oil prices quadrupled and interest rates soared. While many economies floundered, Brazil´s economy still managed to grow at around 8 percent annually. How did the Brazilians pull it off?