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The objective of this test is to look for works of Celso Furtado and Raymundo Faoro, explanations for the delay Brazilian who currently can still be perceived as a function of poverty and social inequalities that affect a large portion of the population. This is a theoretical test and the method is a reinterpretation of these interpreters of Brazil based on a third author (Douglass North) representative of the so-called New Institutional Economics. The main conclusion we emphasize that the three authors, to examine the problems affecting the development of a country have in common the emphasis on institutions, history and the role of elites.