Brazil is a latecomer in the world sys-tem,having started its industrialization under the guiding philosophy of"national developmentism".This model emphasized state leadership,and the Brazilian National Development Bank(BNDES)played a key role in the development of its industrialization and achieved some success.Subsequent economic reforms aimed at opening up the country to the outside world continued the"national developmentalism",and the volume of loans from the Brazilian Development Bank increased signifi-cantly after the economic reforms.However,Brazil began to"de-industrialize"and the strong development banks did not become a driving force for the continuation of industrialization.This paper examines the role of the Brazilian National Development Bank in its industriali-zation process from two perspectives:the funding model of development banks and the relationship between for-eign and domestic capital.It is argued that the"crowding out"of domestic capital by foreign capital after the opening of the economy and the ability of the state to control the investment of foreign capital were important factors that affected the role of development banks in the industrialization process.
NETL
NSTL
万方数据
