Are There evidences of deindustrialization in Brazil? This paper aims at analyzing the theoretical concept of deindustrialization, and evaluating if Brazil, following the implementation of economic reforms in the 1990's, has suffered from a " new Dutch disease" . Despite the manufacturing sector declining participation in the Brazilian Gross Domestic Product (GDP), the empirical evidence show that the changes in the economy structure since the mid-1980’s to the end of 2005 should not be described as deindustrialization. Since there was not evidence of either generalized reallocation of resources towards industries based on natural resources, or a pattern of export specialization in goods technologically based on natural resources or even on labor, one cannot conclude that Brazil was infected by a " new Dutch disease" .