Degredados, their human agency, and micro institutions in colonial Brazil: An institutionalist reinterpretation

Fernando Zanella, Christopher Westley

    Research output: Contribution to journalArticlepeer-review

    2 Citations (Scopus)

    Abstract

    Institutions are widely recognized as determinants of economic development. However, institutional economists often overlook pertinent historical incidents in their search for broad patterns. At times, this search oversimplifies truly complex phenomena. In light of this, we apply a micro-institutional analysis to explain the success of colonial Brazil's early settlements as a mix of accident and design. By doing so, we stress the limitations that can result when applying an aggregate institutional interpretation of economic history and development. We also apply the principal-agent model and its main feature - risk-sharing - to an extreme case that involves settlers and natives risking their lives, while Portuguese principals sought to reduce transaction costs in an important and resource-rich colony.

    Original languageEnglish
    Pages (from-to)143-156
    Number of pages14
    JournalJournal of Economic Issues
    Volume49
    Issue number1
    DOIs
    Publication statusPublished - Mar 1 2015

    Keywords

    • Colonial Brazil
    • Economic history
    • Institutions
    • Micro-institutional economics
    • Principal-agent
    • Social economics

    ASJC Scopus subject areas

    • General Business,Management and Accounting
    • Economics and Econometrics

    Fingerprint

    Dive into the research topics of 'Degredados, their human agency, and micro institutions in colonial Brazil: An institutionalist reinterpretation'. Together they form a unique fingerprint.

    Cite this