Foreign Capital, Economic Elites and the State in Paraguay during the Liberal Republic (1870–1936)

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Abstract
The Paraguayan liberal republic, spanning from the end of the War of the Triple Alliance until the end of the Chaco War, is one of the most under-researched and probably one of the most undervalued periods of Paraguayan history and has only recently elicited some scholarly interest.1During this period capital accumulation developed exclusively in the private domain, economic policies were informed bylaissez–fairedoctrines, and the political arena embodied, if mostly theoretically, the liberal principles of public contestation and elite competition. Those basic and distinctive traits, and in that particular combination, are found in no other period of Paraguayan history. It therefore makes conceptual sense to speak of the liberal republic as a distinct period in Paraguayan history.

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