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

Christian May and Andreas Nölke

Revue de la Régulation - Capitalisme, institutions, pouvoirs, 2018, vol. 24

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.

Keywords: Brazil; Dependency; Comparative Capitalism; State Capitalism; Financialization; Brésil; dépendance; comparaison des capitalismes; capitalisme d’État; financiarisation (search for similar items in EconPapers)
JEL-codes: B52 F23 O54 P16 P51 P52 (search for similar items in EconPapers)
Date: 2018
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