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Brazil’s road to serfdom

Author

Listed:
  • Anna B. Faria

    (University of Colorado Colorado Springs)

  • J. Robert Subrick

    (James Madison University)

Abstract

This paper applies Hayek’s arguments in “The Road to Serfdom” to the case of Brazil in the first three decades of the twentieth century. We describe the Brazilian experiment under a liberal regime from 1892 and 1930 and the causes of its demise. We identify these causes as stemming from a shift in the political ideology following World War I and the breakdown of the constitutional rule of limited government. We argue that the Hayekian analysis of “The Road to Serfdom” correctly identifies these causes as stemming from an ideological and practical overreliance on government’s capacity to direct the economy.

Suggested Citation

  • Anna B. Faria & J. Robert Subrick, 2022. "Brazil’s road to serfdom," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(2), pages 143-161, June.
    • Handle: RePEc:kap:revaec:v:35:y:2022:i:2:d:10.1007_s11138-020-00512-x
    DOI: 10.1007/s11138-020-00512-x
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    References listed on IDEAS

    as
    1. Hayek, F. A., 2010. "Studies on the Abuse and Decline of Reason," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321127 edited by Caldwell, Bruce, Febrero.
    2. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320540 edited by Caldwell, Bruce, Febrero.
    3. Triner, Gail D. & Wandschneider, Kirsten, 2005. "The Baring Crisis and the Brazilian Encilhamento, 1889 1891: An Early Example of Contagion Among Emerging Capital Markets," Financial History Review, Cambridge University Press, vol. 12(02), pages 199-225, October.
    4. Rosser, J. Jr., 2005. "The Road to Serfdom and the world economy: 60 years later," European Journal of Political Economy, Elsevier, vol. 21(4), pages 1012-1025, December.
    5. Leff, Nathaniel H., 1969. "Long-term Brazilian Economic Development," The Journal of Economic History, Cambridge University Press, vol. 29(3), pages 473-493, September.
    6. Martinez Fritscher, André C. & Musacchio, Aldo, 2010. "Endowments, fiscal federalism and the cost of capital for states: evidence from Brazil, 1891–19301," Financial History Review, Cambridge University Press, vol. 17(1), pages 13-50, April.
    7. Hayek, F. A., 2010. "Studies on the Abuse and Decline of Reason," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321097 edited by Caldwell, Bruce, December.
    8. Yvonne Stolz & Joerg Baten & Tarcísio Botelho, 2013. "Growth effects of nineteenth-century mass migrations: 'Fome Zero' for Brazil?," European Review of Economic History, European Historical Economics Society, vol. 17(1), pages 95-121, February.
    9. Hayek, F. A., 2011. "The Constitution of Liberty," University of Chicago Press Economics Books, University of Chicago Press, number 9780226315379 edited by Hamowy, Ronald, December.
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    More about this item

    Keywords

    B53; N46; O54; P48;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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