The Brazilian fund manager rolled his eyes. He was tired of his country’s triumphalism. More than anything, he was jaded by the flashy consumerism of new Brazilian wealth. At a recent wedding outside São Paulo, he had been one of the few guests to arrive by car; the rest had flown in by helicopter.
“But it’s only about commodities,” he said. “Without China, none of this would have been.”
He was only slightly exaggerating. Much of South America’s prosperity over the past decade – and its sense of having arrived, including its significant contribution to global growth – has been due to the China-inspired commodity price boom.
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