Not long ago Mexico was the superstar among emerging markets, while Brazil remained the butt of jokes dating back the best part of a century. "Brazil is the country of the future and always will be" became a cliché.
No longer. Brazil is now the darling of the international community and investors and politicians alike look to it for business opportunities, international leadership and development ideas. Brazil used to be a frequent mendicant of the International Monetary Fund. Today the IMF goes to Brazil cap in hand looking for capital. Meanwhile Mexico is going nowhere; in some aspects, such as crime, it is sliding backwards.
