Brazil

Since 1988, Brazilians have cleared more than 153,000 square miles of Amazonian rain forest, devastating the environment and driving global climate change forward ever faster. Recently, however, Brazil has changed its course, reducing the rate of deforestation by 83 percent since 2004. At the same time, it has become a test case for a controversial international climate-change prevention strategy that places a monetary value on the carbon stored in forests.

The most talked-about global economic trend in recent years has been “the rise of the rest,” with Brazil, Russia, India, and China leading the charge. But international economic convergence is a myth. Few countries can sustain unusually fast growth for a decade, and even fewer, for more than that. Now that the boom years are over, the BRICs are crumbling; the international order will change less than expected.

Jonathan Tepperman talks to Ruchir Sharma, head of emerging markets at Morgan Stanley, about the future growth potential of the world's leading emerging markets.

Brazil's leaders expect a $12 billion iPad manufacturing deal to boost the country's technology sector. It may. But Brasilia should be turning out cheaper, low-end technology, which would be more profitable.