A Study of State-owned Enterprises in Brazil:A Policy Tool
As an emerging economy,Brazil has a tradition of state intervention in economic activities.Through five historical stages of development,Brazil's state-owned enterprises have played an important role in national economic development and become a policy tool to safeguard public interests and national security.On the basis of historical empirical research and case study,this paper finds that in the process of economic development and modernisation in Brazil,state-owned enterprises play different role in different historical stages.For example,in the early stage of development,state-owned enterprises are mainly the bailout and rescue tools of the Brazilian government,and the enterprises mainly focus on public interest and national security.Large state-owned enterprises(SOEs),such as the Brazilian National Development Bank and Vale of Brazil,embody these characteristics well.These enterprises play a key role during the period of import substitution industrialization and Brazil's economic development miracle.This paper argues that SOEs are the product of Brazil's historical development,and the Brazilian government has accumulated rich national experience in the holding mode of SOEs,policy banks,policy instrument application,reform of corporate governance,and the maintenance of public interests and national security.In Brazilian development practice,state-owned enterprises are not directly linked to social system and ideology,but rather reflect the political intentions of the government:a powerful tool to intervene in economy,to achieve specific social goals and economic development,and to play an active role in mobilising funds,accumulating capital and concentrating resources to develop"backward"industries.This is not a phenomenon unique to Brazil.State-owned enterprises,like private companies,have a market-oriented and competitive goal besides political one.They are the most important participants in the market economy.This provides us with important country cases and insights on how to make state-owned enterprises bigger and stronger in the process of Chinese-style modernisation,on how to deal with theoretical and practical issues such as economic centralisation and decentralisation,economic governance and regulation,and the relationship between the state and the market.Most of the world's major economies have state-owned enterprises.The relationship between SOEs and private enterprises,like that between the plan and the market,is a means of economic development,a way of allocating resources and a tool for the government to implement macroeconomic policies.
万方数据
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