Economy and institutions in Kubitschek government

Newton Paulo Bueno () and José Heleno Faro ()

Brazilian Journal of Political Economy, 2004, vol. 24, issue 1, 144-158

Abstract: This paper seeks to incorporate one of the most recent theoretical progresses in institutional economics to the analysis of the institutional evolution of Brazil during the period 1956/1961: an endogenous rational choice model for institutional dynamics. The Kubitschek period was chosen because it was a moment of our recent history where it was tried to implement significant institutional changes in our political, economical and social institutions seeking to accelerate the rhythm of the industrialization process. The institutions implanted however did not present the self-reinforcement property nor in the weak sense, nor in the strong sense (terms defined in the paper), being for this subject to be undermined by endogenous processes. This institutional arrangement therefore, that was initially capable to sustain itself in conditions of fast industrialization with relative stability of prices, was progressively weakened, becoming self - enforceable only in conditions of economic stagnation and accelerated inflation. It is argued finally that the analysis outlined above can be useful to understand a little better the general nature of the processes of institutional change. JEL Classification: N16; N46.

Keywords: New institutional economics; game theory; economic history; Kubitscheck government; Brazil (search for similar items in EconPapers)
Date: 2004
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