When Luiz Inacio Lula da Silva was elected president of Brazil in 2002, few outside observers thought his country had a bright future. Surely a former lathe operator with an elementary school education and left-wing sensibilities was not the solution to Brazil's stagnant economy. At least that was the take of more than a few American economists, bankers and politicians.
The selection of Rio de Janeiro to host the 2016 Summer Games is the latest indication of how wrong the critics were. Brazil's economy is projected to grow by 5% or more next year. Its stock market has risen more than 30% this past year while those in most developed nations have fallen. And, in addition to the Olympics, it gets the other global sports spectacle, the World Cup, in 2014.
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