On State Capitalism In Brazil
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Reinventing State Capitalism
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Author : Aldo Musacchio
language : en
Publisher: Harvard University Press
Release Date : 2014-04-22
Reinventing State Capitalism written by Aldo Musacchio and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-22 with Business & Economics categories.
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
On State Capitalism In Brazil
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Author : Werner Baer
language : en
Publisher:
Release Date : 1976
On State Capitalism In Brazil written by Werner Baer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Corporations, Government categories.
Governing State Capitalism
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Author : Mariana Pargendler
language : en
Publisher:
Release Date : 2014
Governing State Capitalism written by Mariana Pargendler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Brazil is a main exemplar of contemporary pursuit of state capitalism by a Western economy. Major state-owned enterprises (SOEs) have survived the prior wave of privatizations, but they are by no means the only avenue for state influence over corporate governance in Brazil. As scholars have recently highlighted, the state increasingly acts as a minority, rather than majority, investor in Brazil as elsewhere. The particular variety of state capitalism prevailing in Brazil today reflects a combination of governmental control of traditional SOEs with the conspicuous exercise of shareholder activism by state-controlled institutional investors (SCIIs). This chapter provides a picture of the various instruments for state influence in Brazilian corporate governance, and examines the role of law in enabling and constraining this evolving variety of state capitalism. Despite their economic significance, the role of legal institutions in the governance of state capitalism has only recently begun to receive scholarly attention. With a few notable exceptions, case studies have focused primarily on transition and Asian economies. The influential OECD Guidelines on Corporate Governance of State-Owned Enterprises are, as their name suggests, prescriptive rather than descriptive in nature. Our analytical framework posits that state capitalism entails a significant degree of governmental discretion in guiding economic activity. Consequently, the governance of state capitalism calls for a particularly intricate balance. On the one hand, the very choice for government ownership is premised on the benefits of discretionary state action; otherwise, arm's-length regulation and subsidies could arguably achieve similar results in curing market failures or promoting developmental objectives. On the other hand, excessive state discretion raises the specter of abuse and cronyism, and, if taken to an extreme, may not only undermine performance but also pose a threat to the rule of law itself. The analysis that follows examines how the legal conformation of state capitalism in Brazil strikes this balance.
State Capitalism Under Neoliberalism
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Author : Alessandro Bonanno
language : en
Publisher: Rowman & Littlefield
Release Date : 2019-09-10
State Capitalism Under Neoliberalism written by Alessandro Bonanno and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-10 with Social Science categories.
State Capitalism under Neoliberalism analyzes State capitalism in agri-food under neoliberalism and investigates State-sponsored actions designed to counter the negative consequences of the implementation of free-market policies and strategies. In particular, it probes efforts of the Brazilian State to respond to the neoliberalization and corporatization of agriculture and food. Between 2003 and 2016, the left leaning Workers’ Party (Partido dos Trabalhadores) governed Brazil, which claimed to support landless peasants, family farming, food sovereignty, and State regulation of the unwanted consequences of the evolution of free market capitalism. The contributors analyze these actions of the Brazilian State, stressing its accomplishments and limits, and argue that the emancipatory actions of the Brazilian State engendered a complex and contradictory set of results which show that State capitalism is a problematic solution to the problems generated by the global neoliberal regime.
State Capitalism And Politics In Brazil
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Author : Frances Hagopian
language : en
Publisher:
Release Date : 1986
State Capitalism And Politics In Brazil written by Frances Hagopian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Capitalism categories.
Neodevelopmentalist State Capitalism In Brazil And Argentina Chances Limits And Contradictionsh
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Author : Matthias Ebenau
language : en
Publisher:
Release Date : 2013
Neodevelopmentalist State Capitalism In Brazil And Argentina Chances Limits And Contradictionsh written by Matthias Ebenau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Abstract: This article critically analyses the recent reinvigoration of state capitalist economic strategies, guided by neodevelopmentalist political thought, in Brazil and Argentina. It makes use of analytical tools drawn from materialist state theory and dependency perspectives to show how the chances, limits and contradictions of these projects are shaped by the basic dynamics of peripheral capitalism. Thus, while both the Brazilian and Argentine state capitalist strategies have been relatively successful on many counts, especially compared to the previously dominant neoliberal paradigm, their social and economic balance has remained ambiguous overall. While in the Brazilian case there has been no fundamental break with the historical pattern of exclusionary growth, Argentina has achieved better social results, but at the price of heightened political instability. Neither country has managed to overcome classical problems of dependent development, such as a dependence on primary goods exp
The Unchanging Core Of Brazilian State Capitalism 1985 2015
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Author : Matthew Taylor
language : en
Publisher:
Release Date : 2015
The Unchanging Core Of Brazilian State Capitalism 1985 2015 written by Matthew Taylor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Amidst the current economic crisis in Brazil, it is often forgotten that the structure of the Brazilian economy, and especially the strong role of the state as an economic actor, predates the Workers' Party administrations (2003-present) and has been a fixture of the democratic regime. This paper describes the basic mechanics of state capitalism under democracy in Brazil, and the powerful tools that it offers to policymakers, as well as the equally important constraints that inhibit change. The paper advances two central arguments. The first is that state capitalism in Brazil is much broader than the state's role in business alone. State capitalism is not merely, or even centrally, about the degree to which the state owns firms. Indeed, it is the very breadth of the state's role across multiple dimensions of the economy that has helped to sustain state capitalism against challengers. The second argument is that the interlocking aspects of these dimensions help to explain their continuity overall, even under democracy: linkages and mutually supporting ties between macro level policies, between fiscally oblique instruments in micro policies, and between taxation, labor, pension and social policies.
State Capitalism
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Author : Joshua Kurlantzick
language : en
Publisher: Oxford University Press
Release Date : 2016-03-08
State Capitalism written by Joshua Kurlantzick and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-08 with Political Science categories.
The end of the Cold War ushered in an age of American triumphalism best characterized by the "Washington Consensus:" the idea that free markets, democratic institutions, limitations on government involvement in the economy, and the rule of law were the foundations of prosperity and stability. The last fifteen years, starting with the Asian financial crisis, have seen the gradual erosion of that consensus. Many commentators have pointed to the emergence of a powerful new rival model: state capitalism. In state capitalist regimes, the government typically owns firms in strategic industries. Not beholden to private-sector shareholders, such firms are allowed to operate with razor-thin margins if the state deems them strategically important. China, soon to be the world's largest economy, is the best known state capitalist regime, but it is hardly the only one. In State Capitalism, Joshua Kurlantzick ranges across the world--China, Thailand, Brazil, Russia, South Africa, Turkey, and more--and argues that the increase in state capitalism across the globe has, on balance, contributed to a decline in democracy. He isolates some of the reasons for state capitalism's resurgence: the fact that globalization favors economies of scale in the most critical industries, and the widespread rejection of the Washington Consensus in the face of the problems that have plagued the world economy in recent years. That said, a number of democratic nations have embraced state capitalism, and in those regimes, state-backed firms like Brazil's Embraer have enjoyed considerable success. Kurlantzick highlights the mixed record and the evolving nature of the model, yet he is more concerned about the negative effects of state capitalism. When states control firms, whether in democratic or authoritarian regimes, the government increases its advantage over the rest of society. The combination of new technologies, the perceived failures of liberal economics and democracy in many developing nations, the rise of modern kinds of authoritarians, and the success of some of the best-known state capitalists have created an era ripe for state intervention. State Capitalism offers the sharpest analysis yet of what state capitalism's emergence means for democratic politics around the world.
Comparing Neomercantilism And State Capitalism
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Author : Eul-Soo Pang
language : en
Publisher:
Release Date : 2000
Comparing Neomercantilism And State Capitalism written by Eul-Soo Pang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Capitalism categories.
Brazilian Privatization In International Perspective
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Author : Andrea Goldstein
language : en
Publisher:
Release Date : 2000
Brazilian Privatization In International Perspective written by Andrea Goldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
This paper describes the history, size and scope of the public enterprise sector in Brazil, using a variety of indicators and drawing from different interpretative sources. It shows that at least until the 1970s, state-owned enterprises contributed to the industrialization process and to fiscal results. The paper sets out the political and institutional framework in which privatizations are implemented, compares its main features with those prevailing in some other countries, and provides an updated account of state sell-offs. The consequences of privatization in terms of corporate governance are analyzed. In Brazil, the private sector has been negatively affected by the post-1991 opening of the economy, which has also coincided with generational transition in most family-owned groups. Domestic financial institutions have partly filled the void left after the state retrenchment, but the parallel strengthening of market mechanisms in the allocation of financial resources has trailed behind, posing major policy issues.
