Separating the Militants from the Moderates: Brazilian Industry and the Far-Right Bolsonarista Movement

Why do some capitalists in the Global South come to firmly support far-right movements while others do not? This article explores this question by examining divisions among Brazilian industry leaders over the right-wing government of Jair Bolsonaro, from 2019 to 2023. Drawing on fieldwork and interviews with leaders in Brazil's main industrial association, the Federation of Industries of the State of São Paulo (FIESP), this article argues that distinct relations to the state and varying degrees of economic precarity led FIESP leaders to either remain staunch supporters of Bolsonaro's government or grow critical. Leaders in medium-sized firms from shrinking domestic manufacturing sectors decried their exclusion from policymaking under previous administrations and became some of Bolsonaro's most ardent backers. In contrast, while initially supportive of Bolsonarismo , many leaders from more competitive, internationalized sectors dominated by large firms grew critical of Bolsonaro, particularly following his chaotic response to the COVID-19 pandemic. These moderate leaders recognized the structural power they leverage over state actors, while prioritizing gradual reform and a stable political environment. In this way, different relations to state actors led to a politics of moderation or militance. The article concludes by arguing how the political rationalities tying capital to the state shape intraclass cleavages and business’ response to emergent far-right movements.