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Dangers of Residual Dependency in State-permeated Capitalism: The Case of Brazil during Labor Party Rule
[Les dangers d’une dépendance résiduelle du capitalisme d’État : le cas du Brésil sous le gouvernement du Parti des travailleurs]

Author

Listed:
  • May, Christian
  • Nölke, Andreas

Abstract

In contrast to China and India, Brazil shows some marked deviations from the model of a state-permeated economy. While it shares a focus on a large domestic market, crucial institutional complementarities and a substantial ability for coordination between state and business, it still suffers from the remaining residual dependency on Western capitalism. From this perspective, Brazil moved into a promising direction during the rule of the Labour Party. However, the Labour Party governments were unable to fully unfold the institutional complementarities in state-permeated capitalism in order to make the Brazilian economy more independent from external pressures. They suffered from a limited ability to use the large domestic market for the support of domestic Brazilian companies, from negative consequences of financialization, and from numerous frictions for domestic economic coordination due to the forceful presence of foreign multinationals in economic sectors that are key for productivity development.

Suggested Citation

  • May, Christian & Nölke, Andreas, 2018. "Dangers of Residual Dependency in State-permeated Capitalism: The Case of Brazil during Labor Party Rule [Les dangers d’une dépendance résiduelle du capitalisme d’État : le cas du Brésil sous le go," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 24.
  • Handle: RePEc:rvr:journl:2018:13481
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    More about this item

    Keywords

    Brazil; Dependency; Comparative Capitalism; State Capitalism; Financialization;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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