Vargas’ Estado Novo: A case of economic populism?

Abstract

Getulio Vargas was one of the main Brazilian presidents to be labeled as populist,
even in literature, with a greater emphasis on politics than on the economy. The hypothesis
adopted, confirmed by research, is that the economic policy practiced by the Vargas government
during the Estado Novo did not exhibit the behavior predicted by economic
populism models. The investigation was based on the analysis of speeches delivered by
Vargas and his Minister of Finance, Artur de Souza Costa, and the examination of the outcomes
of their economic measures, especially those related to public finances and inflation.

JEL Classification: H11; H50; N46.