Brazil Economy Minister Paulo Guedes learned from Milton Friedman at the Chicago School and implemented his policies under President Jair Bolsonaro's administration.
in a runoff election on Oct. 30, faced corruption-related charges in multiple separate cases related to a scandal involving Petrobras, the state-owned petroleum company, and was found guilty, and eventually went to prison.
His conviction was later annulled by the Supreme Federal Court, leaving him eligible to run for public office. Lula served 580 days of an approximately 12-year-sentence. In this context, privatization, according to Guedes, results in "Separating political power from economic power. … They should be independent areas. This is the essence of democracies and market economies." Former President of Brazil Luiz Inácio Lula da Silva speaks during an event to announce his pre-candidacy for the October presidential elections on May 7, 2022, in Sao Paulo. With this in mind, Guedes described that the Bolsonaro government has pushed to "speed up privatizations." He added, "We just sold the largest renewable energy company in Latin America … we privatized another $30 billion in subsidiaries of great state companies."originating from the People’s Republic of China, Guedes defended Brazil’s policy of making deals with nations that can help the country advance its position. He pointed out the close relationship between the U.S. and China, standing "cheek to cheek" for the last 30 to 40 years while the U.S. did not "touch" Brazil."We like and love the U.S., but you guys have been dancing with the Chinese for 40 years, and now you got upset with each other, and we have been dancing with nobody for 20 or 30 years," Guedes said. "We closed our economies. So, now we are opening the economy and receiving investment from all over the world." Guedes recently announced that economic gains would allow the government to increase salaries after years of no meaningful hike to the minimum wage, Reuters reported. "We change it from a state-driven economy to a market-driven economy but at the same time providing protection, social protection, to the most vulnerable Brazilian citizens," Guedes explained. "What we have now is for the first time since 2013 all layers of government in surplus, federal, state and municipalities at the same time, inflation is already going down." "We on the other side are trying to go to the road to prosperity in spite of COVID, in spite of the war, [the] invasion of Ukraine by Russia, in spite of this geopolitical war," Guedes continued, saying, "Brazil is moving and growing" because of "proper policies."
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