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Brazilian Privatization in International Perspective: The Rocky Path from State Capitalism to Regulatory Capitalism

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  • Goldstein, Andrea

Abstract

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. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Goldstein, Andrea, 1999. "Brazilian Privatization in International Perspective: The Rocky Path from State Capitalism to Regulatory Capitalism," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 8(4), pages 673-711, December.
    • Handle: RePEc:oup:indcch:v:8:y:1999:i:4:p:673-711
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    Cited by:

    1. Andrea E. Goldstein & Steven M. McGuire, 2004. "The Political Economy of Strategic Trade Policy and the Brazil–Canada Export Subsidies Saga," The World Economy, Wiley Blackwell, vol. 27(4), pages 541-566, April.
    2. Nobuaki Hamaguchi, 2002. "Will The Market Keep Brazil Lit Up? Ownership And Market Structural Changes In The Electric Power Sector," The Developing Economies, Institute of Developing Economies, vol. 40(4), pages 522-552, December.
    3. Andrea Goldstein & José Claudio Linhares Pires, 2006. "Brazilian Regulatory Agencies: Early Appraisal and Looming Challenges," Chapters, in: Edmund Amann (ed.), Regulating Development, chapter 6, Edward Elgar Publishing.
    4. Mota, R.L., 2003. "The Restructuring and Privatisation of Electricity Distribution and Supply Business in Brazil: A Social Cost-Benefit Analysis," Cambridge Working Papers in Economics 0309, Faculty of Economics, University of Cambridge.

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