The role of human capital, structural change, and institutional quality on Brazil's economic growth over the last two hundred years (1822–2019)
In: Structural change and economic dynamics, Band 66, S. 1-12
ISSN: 1873-6017
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In: Structural change and economic dynamics, Band 66, S. 1-12
ISSN: 1873-6017
In: Revista de economia política: Brazilian journal of political economy, Band 42, Heft 4, S. 934-956
ISSN: 1809-4538
ABSTRACT The reconstruction of the economic history of Brazil since independence from Portugal (1822) may lead to a new understanding of its economic growth. The deep-rooted idea that Brazil could have done better means there is a need to delve into each phase of its development. In this paper, we provide a very long-run perspective (1822-2019) of Brazil's economic growth and process of real convergence. On the one hand, this review indicates that structural changes observed in the middle of the 20th century were crucial in promoting the country's growth and real convergence with technologically advanced countries. On the other hand, poor institutional conditions and deficient human capital formation have emerged since colonial times as critical factors underlying Brazil's inability to establish robust and sustainable economic growth.