What is is difference between Brazil and Mexico's economic system?

Answer 1

Both are emerging markets which stand as the 9th and 11th largest economies in the world, respectively (Brazil: US$1.98 trillion; Mexico: US$1.55 trillion). Also both apply the free market model, but the strategy used to grow differs greatly among both countries:

Brazil is working to become a major supplier of natural resources, specially to China. Also, the Brazilian government is tying its national economy to the rather large internal market (population of 201 million) and is striving to become a regional economic leader in Latin America.

On the other hand, since NAFTA was first implemented in 1994, Mexico has become an increasingly export-oriented economy, manufacturing added-value products for export into the American, European and Japanese markets. Proof is the export figure of US$230 billion, which ranks as the 17th in the world and almost doubles the exports of Brazil.