 Typically, we don't think of Brazil as a free trader. Brazil is a member of the WTO, of Mercosur, but it's really shied away from binding free trade agreements. So the question is simple. Can Dilma's re-election lead to a shift in its global economic role? Brazil is one of the largest economies in the world and the second largest in the Western Hemisphere. But it has one of the most closed off economies. Trade is only a small part of its total GDP. Protectionism has had wide support in Brazil. But that's changing. In the 2014 election, Rousseff's main opponent was Aécio Neves, a candidate who wanted Brazil to open up to the world. Rousseff came close to losing to Neves. Though she won a second term, her left-leaning PT lost seats in the legislature as more Brazilians bought into the opposition's market-friendly outlook. And it wasn't just the voters. Until late 2014, industry lobbies demanded regulations to protect them from global competition. In the run-up to the election, every major industrial coalition delivered policy recommendations to the candidates. And every group asked for the same thing. Fewer regulations and the opportunity to stand on equal footing with their global competitors. So what changed? Until very recently, Brazil's economy was taking off, growing at an average of 5 percent per year. But it hasn't lasted. Brazil is projected to hit a recession this year, inflation is on the rise, and its credit ratings are plummeting. Brazil is in trouble. And it will continue to be unless policy changes are made. The good news is that things can change. Rousseff has changed her administration's tone, she's appointed a market-friendly finance minister and a new foreign minister. She's reportedly planning a trip to the U.S. this year, she's working to clean up Petrobras, and she's supporting trade and deregulation like never before. Brazil is full of potential. The country is the fifth largest recipient of foreign direct investment in the world. More foreign investment is leading to a boom in the energy, infrastructure, telecommunications and health sectors. This growth, coupled with the government's renewed commitment to attracting foreign money and trade, especially with the U.S. and the EU, bodes well for Brazil's future. But only if the country can stay the course and harness its natural potential. And if there's ever been a time for Brazil to do it, that time is now.