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The Realities of Images
In Feb. 1877, a letter from the county council of Telha, a town of 600 people located in the Serra da Mattos in Brazil reported that people were dying from starvation. The previous year's rainy season had been sparse, and the harvest, poor. Now, this season's rains still had not appeared. This was the Great Drought -- three years of failed rains enshrined in Brazilian memory as the worst drought ever to hit Brazil's northeast. Drought had visited the region throughout its history, with the earliest recorded occurrences dating back to the 16th century. The failure of rains in 1877 was devastating, for it caught the provinces of the north totally unprepared. The specter of periodic droughts producing dislocation and death continues to haunt the region.
Inglorious Revolution
Nineteenth-century Brazil’s constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. Yet it failed to lay the institutional foundations that private financial markets needed to thrive. This study shows why sovereign creditworthiness did not necessarily translate into financial development. “Using a vast array of archival evidence, Summerhill convincingly shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil. A must-read for economic and financial historians and for anyone interested in the politics of financial development.” —Jean-Laurent Rosenthal, California Institute of Technology
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