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The Brazilian Government is starting to directly control oil extraction in order to put their global power status in place. Brazil hopes for Petrobas, a national oil company, to take control of the deep sea oil fields. Although Brazil is still struggling with poverty, illiteracy and inequality, they hope to increase their oil production to 5.7 million barrels a day by 2020.

Venezuela was just approved for a 1.4 billion dollar 12-month stand-by credit by the International Monetary Fund to support the nations 1996-97 economic program. This article gives background the economic stressors that Venezuela experienced in the late 1980s followed by a vigorous growth in the early 1990s in association with an increase of international oil prices during the Middle East War of 1990. As the oil prices fell, the economy significantly decreased in productivity and was further weakened in 1994 with a string of major banking crisis' involving the introduction of exchange and price controls. It analyzes the economic program of 1996-97 as well as addressing the social issues and structural reforms that resulted from this difficult economic period.

Magnum photographer, Christopher Anderson's new book Capitolio explores a poignant visual insight into the degeneration of Caracas, which was once Latin America's most economically advanced cities and is now plagued with chaos and despair. Murders in Caracas have grown so dramatically that they have become accepted as ordinary, and thus looking at the homicide statistics has become mundane. His images of blood and trash serve to highlight their omnipresence in the daily lives of Venezuelans. He opens with action scenes, and then moves to rural areas where the seeds of the infrastructure where set, before submerging into the hysteria of President Chavez. The book's name derives from a metaphor of an old city-center government building that exports revolution while the city itself like the building deteriorates. Anderson traveled into the countries interior to depict the polluted Lake Maracaibo in order to exemplify the interdependence between the United States, the main consumer of Venezuela's oil, and President Chavez. Anderson photographs a sugar harvester in Barinas, the town where Chavez was born into poverty and now transformed into a laboratory for revolutionary projects. When asked about the future of Venezuela, Mr. Anderson said his book is not a source for answers, but an insight for strangers.

An overview of the social roles of Venezuelan citizens, highlighting themes of urbanization and religion in a nation with rich supplies of natural oil reserves.

In 2003 when Goldman Sachs economists linked Brazil with Russia, India and China as the economies that would come to dominate the world, much contest aroused over the inclusion of Brazil. Many economists questioned how Brazil could participate amongst the ensemble since the country features a declining growth rate, victim to any outside financial crisis, and constant political instability does not make Brazil an appealing candidate as an arising force. China leads the world economy out of recession while Brazil was not far from behind. Brazil was unable to avoid the downturn, but was among the last to fall and among the first to recover with a growing economy again at an annual rate of 5%. With the development of new deep-sea oilfields over the next few years, Brazil's growth will rapidly escalate also a result of Asian countries heightened appetite for food and minerals from Brazil's ample land. Forecasts alternate but in the decades proceeding 2014 Brazil will emerge as the world's fifth largest-economy, excelling Britain and France, and in 2025 it is also speculated that Sao Paulo will be the fifth-wealthiest city. Brazil perhaps surpasses its competing members because unlike China, it is a democracy, unlike India; the country is not plagued with insurgents, or ethnic and religious conflicts, or hostile relationships with its neighbors like India has with Pakistan and Kashmir. In contrast to Russia, Brazil exports more than oil and arms, and has established more cordial relationships with foreign investors. Brazil's emergence has not been hasty but instead steady. Initiatives began in the 1990s when they established a coherent set of economic policies, and the Central Bank was granted autonomy, which stimulated development of new multinationals that may have previously been state-owned companies that are now prospering as a result of operating from a distance from the government. Weaknesses, however, still permeate throughout Brazil, so it is necessary to