Political Liberalization and Economic Crisis

Abstract

ON 15 NOVEMBER 1982, BRAZIL HELD GENERAL ELECTIONS. Despite stiff electoral rules, they were the first conducted in a climate of freedom since 1964, when the military overthrew the civilian Goulart government, which had been struck by instability and paralysis. In December, the authorities requested several very large new loans and ‘roll-overs’ from the IMF and the private financial community, in an attempt to assure the continuing service of the country's massive foreign debt. The two events epitomize underlying processes that had been evolving for several years: political liberalization and adjustment to economic crisis.