- The Oxford Handbook of the Brazilian Economy
- The Colonial Economy
- The Nineteenth and Early Twentieth Centuries
- Brazilian Structuralism
- Brazil’s Import-Substitution Industrialization
- Experiences of Inflation and Stabilization, 1960–1990
- Leviathan Captured Neoliberalism as Solution and Problem in Brazil
- Growth Volatility and Economic Growth in Brazil
- The Brazilian Development Bank
- The Evolution of Brazil’s Banking System
- Brazil’s Macroeconomic Policy Institutions, Quasi-Stagnation, and the Interest Rate–Exchange Rate Trap
- Evolution and Sectoral Competitiveness of the Brazilian Manufacturing Industry
- The Agricultural Sector
- Traditional Agriculture and Land Distribution in Brazil
- Brazil’s Agricultural Modernization and Embrapa
- Manufacturing, Services, and the Productivity Gap
- Energy in Brazil: Past and Future
- Trade Policy from the 1930s to the Present
- Regional Disparities
- Brazil’s Northeast
- Changes in Income Distribution in Brazil
- The Development of Brazilian Education: A Tale of Lost Opportunities?
- Anti-Poverty Transfers and Poverty Reduction
- South-South Cooperation for Social Development: Brazil and Africa Examined
- Labor Market Development in Brazil: Formalization at Last?
- Environmental Issues
- The Economics of Health in Brazil
- Brazil, the BRICS, and the Changing Landscape of Global Economic Governance
- Brazilian Trade and International Economic Prospects in an Anti-Globalization Era
- The Evolution of Foreign Direct Investment in Brazil
- Multinational Corporations from Brazil
- The Rise and Fall of State Enterprises
- Antitrust and Competition Policy in Brazil
- Corruption Scandals, the Evolution of Anti-Corruption Institutions, and Their Impact on Brazil’s Economy
Abstract and Keywords
We can divide the history of Brazilian state-owned enterprise (SOEs) into two periods. In the first (1930s to late 1970s), SOEs were a policy instrument in state-led industrialization. They produced manufactured goods, supplied cheap inputs to private manufacturing firms, and financed those companies with long-term, subsidized loans. In the second period (1980s to the early 2000s), Brazil privatized several of its main SOEs. Privatization was mainly seen as an answer to macroeconomic problems and did not result from a national ideological about-face; indeed, most Brazilians continued to trust the state to lead development. Thus, the fall of SOEs was relative. Large companies such as Petrobrás and Eletrobrás continue in state hands. Moreover, the Lula and Rousseff administrations created several SOEs and strengthened others. And the state developed new channels to influence private investment, through a network of equity participations in private companies, held by BNDES and SOE pension funds.
Armando Castelar Pinheiro, Coordinator of Applied Economics, IBRE-FGV, Rio de Janeiro and Professor of Economics, Federal University of Rio de Janeiro
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