Brazil may work out better... if it avoids totalitarianism. If it doesn't, it will end up becoming a mess similar to the Soviet Union, because totalitarianism will trash its economics, regardless of what they are.
Historically, Brazil and totalitarianism have never mixed. The only time close to it were the US-backed military dictatorship. So the no totalitarianism bit is very possible.
However, as this is Brazil we're talking about, you almost have to have a
Janio Quadros analogue, either him himself or someone who has that type of personality. To put it politely, he was definitely
loco, but his
loco was very funny. Many Brazilians have heard and have told stories about Senhor Quadros that are so comic and so funny you definitely can't make them up, as most of them are true!

Like the one time when he was banned from leaving Brazil (since Congress hated him) when he was trying to make a peace deal with Argentina, so eventually they held the meeting on the Uruguay River between Brazil and Argentina, with guards all along the border to make sure he didn't leave the country!

Having a Janio Quadros-like figure is almost needed for any Brazil-oriented TL.