Brazil has emerged as both a driver of growth in South America and an active force in world politics in the decade since the Council on Foreign Relations (CFR) convened its first Independent Task Force on the country. During this period, Brazil has lifted nearly thirty million of its citizens out of poverty, significantly expanded its middle class, become increasingly active within multilateral institutions and international forums, and weathered the recent worldwide recession -- all in a peaceful, market-oriented, and democratic context. To be sure, Brazil is still contending with important internal concerns -- its remaining poor, the growing challenges of climate change, and its ongoing transformation from a commodity-based to an industrial economy, to name just a few. Nevertheless, the message of this report could hardly be clearer: Brazil matters not just regionally but globally. Its decisions and actions will affect the world's economy, environment, and energy future as well as prospects for diplomacy and stability. Brazil is on the short list of countries that will most shape the twenty-first century. U.S. and Brazilian foreign policy must adjust accordingly.