This study examines the complex relationship of capital accumulation, external debt, and food supply in Brazil, a country which has simultaneously increased its food exports and its unsatisfied demand for food imports in the context of the world economic crisis. In Brazil, the substitution of export cash crops for subsistence crops has been accompanied by a profound but incomplete restructuring of the basic food supply and model of consumption, a restructuring made possible by declining real cost of the new foods. The gap between the extremely rapid evolution of consumption, especially in the urban areas, and the possibilities of concomitant transformation of production is the characteristic feature of the change occuring in Brazil. The current diet of the developed countries evolved over a relatively long period and was based on the declining real cost of basic foodstuffs made possible by increasing labor productivity. Between 1800-1900, the real cost of a kilo of bread was halved, while that of meat remained stable. In France and the US respectively, 80 and 90% of the principal cereals are consumed by animals, while in developing countries most grains are directly consumed. Numerous indices suggest that Brazil has begun to differentiate its food regime in the direction of decreased consumption of cereals, tubers, and legumes, and increased consumption of animal products, with grains increasingly consumed indirectly by animals. Since the early 1970s, Brazil has developed a powerful processed food industry which supports intensive breeding of poultry and, to a lesser extent, pork and milk cattle. However, low income population groups have been forced to reduce their consumption of traditional foodstuffs, whose real prices have undergone relative increases, without achieving a satisfactory level of consumption of the new products. Brazilian food problems result not from insufficient production of food but from the choice of a strongly internationalist model of development in the mid-1960s which required insertion into the world economy, notably through a search for new export sectors. The agricultural sector was assigned 3 functions: producing food as cheaply as possible, increasing the proportion of exportable crops, and substituting some of the foods imported. Brazil evolved in 2 decades from a classic agroexporter to a more complex structure reflecting the semiindustrialized state of the economy. The share of processed agricultural goods increased accordingly. The foods produced for the internal market have been changing at the same time that a new hierarchy of exportable products has evolved. Agricultural policy involved recourse to market mechanisms and cheap credit focused on the south and southeastern regions, large and medium sized producers, and a few products including soy, coffee, sugar cane, and cotton. Just 3% of credits went to the traditional foodstuffs beans and manioc. The most serious consequence of the internationalization of the agricultural economy has been a dangerous increase in the vulnerability of low income groups to world food price fluctuations.