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This paper studies the market, a central category in economic analysis, from the theoretical framework of institutionalist political economy. Two premises are assumed: 1) Firstly, markets are institutions rooted in history and society, and 2) Secondly the concept of a free market, which is important for orthodox arguments, is unsustainable because the market is a social construction that changes in time and is influenced by political forces. A specific analysis of the embeddedness of this institution and its political determinations will be performed, observing the formulations of the so-called “Interpreters of Brazil”. From these interpretations, this paper will try to show that Brazilian markets have worked appropriated by powerful groups of interest, distorting its incentive mechanisms. Several explanations for this appropriation have been presented, including the influence of Portuguese patrimonialism and the type of economic dependence established during colonization. The present paper, however, follows the most recent interpretation which identifies the extremely unequal and exclusionary structure of wealth distribution as the cause of the lack of functionality of the market.

Enraizamento social do mercado no Brasil: uma abordagem a partir da economia política institucionalista e dos intérpretes do Brasil