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Strengthening business groups and state intervention: the new developmentalism in Brazil

Fernanda Salles
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Fernanda Salles: Cedeplar-UFMG

No 550, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The paper addresses the interaction between business groups and state intervention in Brazil under the New Developmentalism, inquiring to what extent the new role played by the state in the hallmark of the “new developmentalism agenda” is complementary to the strategy and practices adopted by Brazilian business groups. The paper suggests that the concentration of governance control in the hands of a tiny elite pushes for champion-promoting strategies, generating a complementarity between the institutional domain of corporate governance and the industrial policies promoted by the state. The unforeseen consequence of these “on-the-ground” strategies is that, in Brazil, hierarchical capitalism and state developmentalism are mutually reinforcing each other.

Keywords: New Developmentalism; Business Groups; Hierarchical Capitalism (search for similar items in EconPapers)
JEL-codes: O1 P1 P48 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme
Date: 2017-03
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