This article analyses the emergence of Latin American multinational corporations (MNCs), with a particular emphasis on the roles of finance and technology. It is established that the need to acquire foreign technology and finance has played a key role in the emergence of Latin MNCs. However, in respect to technology at least, the internationalisation process is also increasingly predicated upon the exploitation of domestically generated assets.

In this article Edmund Amann analyses the recent performance of the Brazilian economy, the largest in South America. For a number of years it has been clear that Brazil, despite substantial natural resource endowments and a talented and entrepreneurial population, has failed to match the growth performance of other emerging market economies, notably those of East and South East Asia. This article examines the structural impediments to accelerated growth which will need to be overcome if Brazil’s economic performance is to improve significantly. While the government of President Lula is well aware of the need for structural reform, it is argued that progress in this field has been slower than desirable. As a result, growth remains constrained and the scope for reducing poverty and inequality restricted.