I think this chap has, borrowing gently from Chavez, an idea that there is a form of South American collectivist capitalism which is distinct from US and European capitalism, and, like a well-functioning Marxist command economy, would be a beautiful thing if it was ever allowed to take root. I do not know what he calls it, but I reckon he defines iot by opposition to “white men’s capitalism”, which goes down very, very well with indian and hispanic communities in Brazil.
It is no different to various feminist commentators saying that the crisis would not have happened if banks were run by women, in that it’s a swingeing assault on a straw man by comparing it to the best theoretical outcomes of a largely untested idea, but hey.
And yes, of course it’s racist. If he was right of course it would be well worth being racist about, just as if Ian Smith had been right about the unfitness of black africans for self-determination he would be regarded more favourably… 🙂