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Goodbye, Mr. Portugal: Fiscal crisis, constitutional revolution, and the independence of Brazil (1808–22).
- Source :
- Economic History Review; May2024, Vol. 77 Issue 2, p728-749, 22p
- Publication Year :
- 2024
-
Abstract
- This article provides a new interpretation of Brazil's independence that relates the process of political emancipation to the Portuguese empire's fiscal crisis at the beginning of the nineteenth century. We discuss the origins and impact of the fiscal crisis that followed the Napoleonic invasion of Portugal in 1807 and the transfer of the government to Rio de Janeiro. Quantitative evidence shows that expenditures with the palace and the army in Brazil were higher than those discussed in the previous literature. Moreover, the government was only able to finance itself by increasing loans via paper money issuances from the Bank of Brazil. Real wages show that the inflationary policy in the 1810s led to a rapid decline in living standards, fuelling dissatisfaction with the government. Our findings are consistent with views expressed in contemporary official correspondence and parliamentary debates. [ABSTRACT FROM AUTHOR]
- Subjects :
- FINANCIAL crises
DECLARATION of Independence, Brazil, 1822
REAL wages
Subjects
Details
- Language :
- English
- ISSN :
- 00130117
- Volume :
- 77
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Economic History Review
- Publication Type :
- Academic Journal
- Accession number :
- 176388530
- Full Text :
- https://doi.org/10.1111/ehr.13292