In September 2012, Forbes published a lengthy feature heralding Brazil’s arrival as “one of the most entrepreneurial countries in the world.” At the time, the South American giant had been powering through a global recession, with growth rates that drew the envy even of its surging companions in the emerging-market bloc. Roughly 25 percent of Brazil’s workforce was self-employed in some capacity, and small businesses were accounting for two-thirds of...
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