Over the last ten years Brazil has benefited from a commodity boom, but that boom is slowing.
And investors have found more than one way to play the commodity boom this year.
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The growth of public spending in these countries was highly dependent on the commodity boom.
To Jim Rogers, the man who called the commodity boom seven years ago, those are mere blips.
The shortest commodity boom, which began in 1966, was 15 years, he says.
And you may have been riding the commodity boom without even realizing it.
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At the same time, the commodity boom is lifting the rural economy by fattening profits for U.S. grain farmers and exporters.
Worse off are countries such as Venezuela and to a lesser extent Argentina that have squandered much of their commodity boom.
Nevertheless, trying to scoop the froth from the commodity boom looks justified in the struggle to ensure more balanced long-term growth.
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Not good enough, retort critics, who see Lula as having surfed the commodity boom on Mr Cardoso's unpopular, but necessary, liberalising reforms.
In the midst of the longest commodity boom since 1997 (see below), the hottest commodities right now are, alas, without a corresponding ETF.
Thanks to the commodity boom and rising revenues, governments in many countries have had an easy time of it in the past few years.
Arguably, then, gold's rise to date is not as much a reflection on U.S. monetary management as it is an echo of the commodity boom.
Moreover, the decades-long commodity boom shows no sign of abating.
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So now is the time to be marketing defense wares overseas, where economies are growing faster and many countries are generating record revenues from a commodity boom.
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In Australia the slowdown in housing did make a big dent in construction and consumer spending but this was masked by the commodity boom and exports to China.
The aim would be to boost investment, both public and private, so that Brazil could take greater advantage of the opportunity granted by its commodity boom, which will not last forever.
During the commodity boom in 2001-2008, it shrank by an average of 1% a year, whereas the world's other top 20 mining-export countries grew by an average of 5% a year.
Add to this mix a jump in inflation, in part the product of a global commodity boom, and the result has been one of the most challenging economic and policy environments in memory.
Shocked by the sharp decline in the industry during the commodity boom, the government, mining bosses and unions agreed four years ago to set up a joint team to return the industry to its glory as one of the mainstays of the economy.
After a 12-year bull run since 2000 this pattern would suggest that the commodity price boom may be at, or near, its end.
Last year, Indonesia garnered huge enthusiasm as investors poured money in to capture its consumer- and commodity-led boom.
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Thanks to better economic management and the boom in commodity prices, several emerging economies have enviably strong public finances.
Mr Flaherty could afford this combination of largesse and virtue because Canada is among the chief beneficiaries of the current boom in commodity prices.
Similarly, in boom conditions commodity consumers will be so desperate to get their hands on raw materials that they will drive prices up to absurd levels, at least for a short time.
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Mr Albanese was not the only boss of a big mining firm to misread the robustness of China's rampant growth, which had driven a six-year boom in commodity prices and made mining unimaginably profitable.
And the recent boom in commodity prices, driven by rapid growth in demand from China (along with the diversion of corn and sugar into to alcohol production), largely explains why total support fell from 37 percent of farm income in 1986 to 18 percent in 2010.
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Of course, the natural gas business, like any energy commodity, is marked by boom and bust.
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