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The economic role of the state; Origins of public enterprise in Brazil; The control of public enterprise in Brazil; Relationship with economic growth; Sources of growth and rates of return; Policies on pricing; The financing of public enterprise investment.
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.
This publication is a first response of the OECD to the issue of what role is, or can be, assigned to SOEs as part of national development strategies.
This book presents case studies on the human rights performance of state-owned enterprises from four Latin American and three European countries, as well as foreign investments by Chinese state-owned enterprises on these continents. State-owned enterprises are considered among some of the worst perpetrators of contamination and corporate human rights violations around the globe, both domestically and abroad. This volume examines whether companies implement the UN Guiding Principles on Business and Human Rights and how their state owners regulate or incentivize their human rights compliance. Studies cover different sectors ranging from finance to extractives and air transport in Brazil, Chile, China, Ecuador, Finland, France, Germany, and Mexico and allow contrasts between companies from countries with different degrees of human rights regulation, including due diligence and supply chain laws. The work shows that states are rather hesitant to implement the UN Guiding Principles “leading by example.” The book will be essential reading for academics, researchers, and policy-makers working in the areas of international human rights law, comparative administrative law, and corporate social responsibility.
State-owned enterprises make up roughly 10 percent of the world economy, yet they are woefully understudied. This handbook offers the first synthesis of the topic since the 1980s and offers a comprehensive reference for a generation. The authors provide a detailed explanation of the theory that underpins the expansion of state-owned enterprises in the 21st century. Each chapter delivers an overview of current knowledge, as well as identifying issues and relevant debates for future research. The authors explain how state-owned enterprises are used in both developed and developing countries and offer an insight into complex and fascinating organizations such as the German municipal conglomerates or the multinational companies owned by states. New modes of governance and regulation have been invented to make sure they act in the public interest. This handbook brings together a wealth of international scholars, offering multiple theoretical perspectives to help shape a brave new world. It will be of interest to teachers and students of Economics, Public Administration and Business, academics, established researchers and PhD students seeking rigorous literature reviews on specific aspects of SOEs, as well as practitioners and decision makers in international organizations.
'Mining and the State' examines the fundamental economic institutional structure of Brazil through the prism of its mineral endowment.
In order to analyze Brazil's recent accumulation of capital in the light of its continued dependence, Peter Evans focuses on the relationships among multinational corporations, local private entrepreneurs, and state-owned enterprises that have developed in Brazil over the last decade. He argues that while relations among the three kinds of capital continue to be contradictory, a triple alliance has been formed that provides the social structural basis for the pattern of local industrialization that has emerged. The author begins with a review of the theories of imperialism and dependency in the third world. Placing the Brazilian experience of the last twenty years in its historical context, he traces the country's evolution from the period of "classic dependence" at the turn of the century to the current stage of "dependent development." In conclusion, Professor Evans discusses the implications of the Brazilian model for other third world countries. Examining the nature of the triple alliance as it is manifested in such industries as pharmaceuticals, textiles, and petrochemicals, the author reveals the complex differentiation of the groups' roles in industrialization and lays bare the grounds for their collaboration and their conflict. He consequently shows how the differing interests, power, and capabilities of the three groups have combined to produce a system promoting industrialization that benefits the elite partnership but excludes the larger population from the rewards of growth.
Corruption is the antithesis of good governance, and it is a direct threat to the purpose of state ownership. This report brings a comprehensive set of facts and figures to the discussion about the corruption risks facing state-owned enterprises (SOEs).
In Brazil, the confluence of strong global demand for the country's major products, global successes for its major corporations, and steady results from its economic policies is building confidence and even reviving dreams of grandeza—the greatness that has proven elusive in the past. Even as the current economic crisis tempers expectations of the future, the trends identified in this book suggest that Brazil will continue its path toward becoming a leading economic power in the future. Once seen as an economic backwater, Brazil now occupies key niches in energy, agriculture, service industries, and even high technology. Yet Latin America's largest nation still struggles with endemic inequality issues and deep-seated ambivalence toward global economic integration. Scholars and policy practitioners from Brazil, the United States, and Europe recently gathered to investigate the present state and likely future of the Brazilian economy. This important volume is the timely result. In Brazil as an Economic Superpower? international authorities focus on five key topics: agribusiness, energy, trade, social investment, and multinational corporations. Their analyses and expertise provide not only a unique and authoritative picture of the Brazilian economy but also a useful lens through which to view the changing global economy as a whole.
In the 1990s Brazil launched a comprehensive economic liberalization program. It lifted its trade barriers, adopted new market-oriented regulations, opened up its capital market and abandoned earlier efforts to internalize production and to build vertically integrated systems across several sectors of the economy. In spite of the visible gap that separated the top global giants from the large local enterprises, Brazilian companies seemed to be willing to join in an economic liberalization process that was bound to expose them to unprecedented levels of competition, bring about a high degree of uncertainty and, in many cases, ultimately put their own businesses at risk. Big Business and Brazil’s Economic Reforms examines the most emblematic aspect of the Brazilian economic reforms, the support from parts of the local entrepreneurial class for the opening up of the economy. It investigates the reasons why Brazil carried out these economic reforms in the 1990s, the transition process and the impact of the opening up of the economy on some of its most important sectors, such as the aerospace, auto and auto parts, food processing, oil and petrochemicals, ethanol, steel, telecoms and telecom equipment industries. This book offers an in-depth analysis of Brazil’s distinctive development paths, from the Latin American economic thinking of the early stages of its industrialization to the neo-liberal stance of the present day. It sheds new light on one of the main challenges facing all the large developing economies in their move to become more integrated into the world economy, the fostering of large enterprises, and is a great resource for students and researchers interested in global business, development economics, and Latin American economic history.