Businessmen Support Amidst the Turmoil: The Second Year of Bolsonaro’s Presidency in Brazil

Abstract

The second year of Jair Bolsonaro’s presidency in Brazil has been marked by multiple sources of pressure on the government. The COVID-19 pandemic has taken its toll on Brazilian lives, on the national health system and on the country’s already sluggish economy. Hitting close to home, Bolsonaro has witnessed the beginning of several investigations against his also politician sons and increasing pledges for moderation from Centrao, the informal and yet powerful centrist coalition that has historically shaped Brazilian politics. Moreover, criticism from external markets and foreign powers regarding Brazil’s mishandling of environmental policies has been constant, while Bolsonaro’s campaign promises of economic liberalization remained largely unfulfilled. Quite puzzling though, domestic businessmen approval of the president increased over the year, as I show through the analyses of survey data. What explains this group’s persistent support for Bolsonaro? This article reviews some of the main political events in Brazil in 2020 and it uses in- sights from International Political Economy and Brazilian politics scholarships to advance hypotheses that can explain why those who self-identify as businessmen remain steadfast supporters of the president, even amidst the economic, social, and sanitary turmoil in the country.