For the last 80-plus years, Brazil has been perpetually on the verge of becoming the next economic powerhouse but never quite made it. It is easy to see the potential. The nation is large and rich in natural resources and arable land. It has a sizable, active, some might say hyperactive, population and well-developed trade relations in the Americas and with Europe and Africa. Brazil has failed to realize its potential less for economic reasons than because of misguided government policies. So too today, after great expectations built up over the last decade, Brazil seems to be disappointing again, and for much the same reasons. Not everything is negative and policy is nowhere near as misguided as in the past. It would be a mistake to count Brazil out. But the picture is worrying nonetheless.