Brazil -- The Old Republic

Paper Summary:

This paper describes the Brazilian economy during the government of the Old Republic that came to power in 1889. The explains that in spite of all the economic developments that took place during this period, the economy still retained the fundamental characteristics, and the fundamental weaknesses, that it had possessed in 1889. The paper further explains that the reasons for these problems were fundamentally political in nature and that, as a result, the Old Republic failed to bring about an economic transformation in Brazil's fortunes.

From the Paper:

"In November 1889 a military revolution led by General Manuel Deodoro de Fonseca forced the abdication of the Emperor of Brazil, Pedro II, and instituted a provisional republican government. By June of the following year a fully republican constitution had been drafted, and in November 1891 that constitution was officially adopted and a federal republic, under the title United States of Brazil, was established. This first republican constitution was to remain in force until its revision by the authoritarian president Getulio Dornelles Vargas in 1934, and the period from the revolution of 1889 to the securing of the presidency by Vargas in 1930, amid violence and political chaos, is known in Brazilian historiography as the Old Republic. In economic terms it was an era of transformation and rapid development, but one that ended in economic distress and accompanying social and political instability."

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