“…In order to overcome such problems, the paper advances (in the fifth and last section) a narrative of Brazilian transition that overcomes the limits of the bourgeois paradigm. This is done both through a theoretical reassessment of the qualitative change implied by a ‘capitalist transition’ and the meaning of ‘market dependence’ within Political Marxism (Brenner, 2001; Carlson, 2018; Moreno Zacarés, 2018; Wood, 2002b; Zmolek, 2018), and through an empirical study of Brazilian historiography that traces the early days of such form of market dependence within Brazilian social property relations (which leads to a debate with the existing PM argument for the Brazilian transition, presented by Carlson), and how the rise to prominence of such market‐dependent elites within the Brazilian society takes place not through the actions of a revolutionary bourgeoisie but through context‐specific intraelite disputes in the 1920s, which are reflected in the geopolitical disputes between the declining British empire and the rise of US and German industrial and financial capital (Bethell, 2008; Cervo & Bueno, 2008; Dean, 1986, 2006; Doratioto & Vidigal, 2015; Fausto, 1986, 2006b; Gorender, 1978, 1998; Mazzeo, 2015; Saes, 1990; Singer, 2006).…”