1.- Short Notes on the History of South America.

2.- Current Economic and Political Situation in Brazil:

new constitution;
reforms on taxation; social security and judiciary;
macro-economic aspects;
the Real Plan, characteristics;
pillars, exchange rate and interest rate;
lack of fiscal adjustment;
the Brazilian economy in the 90`s; and
the political quandary.

3.- Mercosul: Formation and Evolution:

The Uruguay Round of the GATT and the move towards regionalism, NAFTA, MERCOSUL and the FTAA;
Objectives and first successes of Mercosul;
Exclusionary trade or possible trade (59% agriculture);
Distortions, shortcomings and the exchange regime;
The fiscal weakness in Brazil;
The adverse international situation.

4.- Mercosul and the Current Crisis:

Investment diversion;
Economic discrepancies;
Currencies and exchange;
Troubled sectors: sugar; automotive; paper; textiles; poultry; shoes; steel.

5.- Future risks:

multilateral, WTO (social dumping, multilateral agreement on investments, agriculture, services, environment, etc.);
regional, FTAA (agriculture, services, etc.);
international (IMF, institutional); and, but not least,

6.- Conclusions.