Looking at the Brazilian economy, often pointed to as an example of the positive effects of neo-liberal change, we discover that the evidence does not support the Economists assertions. Indeed, the opposite is the case. Over the last decade, Brazil's per capita GBP growth has averaged approximately 2.5 per cent per year. By comparison, according to UN data, it averaged 4.7 per cent annually in the period 1960 to 1980 when it was following a more inward-looking path to development.
It could be argued that reform in Brazil has not progressed enough, that Brazil is still a relatively closed economy. If we look at Mexico, a nation much more integrated into the world economy, we discover that, according to data from the IMF, over the last 15 years its per capita GBP growth per year has averaged approximately 1.0 per cent.
However, as both countries have seen the rich grow richer and inequality increase, they prove that neo-liberalism works, at least for those who matter in a capitalist economy -- the capitalists.