This book discusses whether Brazil's rise on the global stage is barely beginning, or whether it has already hit a plateau, held back by numerous domestic challenges and the external constraints of the global governance system. The work shows that Brazil's hard power capability is greater than it is often believed, that this power largely rests on its energy, food and financial reserves. But Brazil's biggest strength lies in soft power as Brazil is able to 'seduce' other states with its culture, values and policies. The Political Economy of an Emerging Global Power describes how Brazil is developing its own model of growth and development with some features of state capitalism and innovative forms of welfare. The authors examine the role played by the state in the Brazilian business and industry sector and ask whether the 'Brazilian model' can be an alternative to the old 'Washington Consensus'. Finally, they assess the country's numerous domestic challenges and how these may prevent it from becoming an effective global power. These challenges are found in the economic and social areas as well as in the educational area.