Determinants of Portuguese Iberian Capitalism

The purpose of this work is to explore varieties of capitalism (Hall & Soskice, 2009) by considering the existence of an Iberian capitalism in which the State plays a preponderant role in the economic activities of society. Our analysis aims at understanding the elements that shaped capitalism in Brazil. To meet this objective, it is necessary to understand the working logic of the economic system, in this case, capitalism, that built the institutional relationships in the country. The studied time period is the fifteenth century to the early nineteenth century. For this study, we utilized the capitalism variety (Hall & Soskice, 2009) and historical institutionalism approaches (Hamilton, 2018; Commons, 2018; North, 2018). The findings reveal the central role of the State as a catalyst for economic dynamics, characterizing what Oliveira (2015; 2018) called “State-centered” dynamics, as opposed to the “firm-centered” approach existing in western economies, especially those of Anglo-Saxon origin.