ABSTRACT
The 2007–09 financial crisis raises different types of questions about its origins, its characteristics, the factors that strengthened it, and the actions that could be taken to limit its spread and to avoid a repetition of similar crisis. This chapter refers to some aspects common to all financial crises, and then focuses on factors influencing the effects of the crisis on Latin America and on the actions taken there to counteract it. Particular attention is paid to Brazil, not only due to its importance in the Latin American economy, but also because it, along with Russia, India, and China, forms the BRIC group of countries. The chapter ends with reflections on the role that the BRICs could play in promoting a new order that might make it possible to prevent similar situations in the future.
