Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond PDF
Preview Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond
Reinventing State Capitalism Reinventing State Capitalism Leviathan in Business, Brazil and Beyond Aldo Musacchio and Sergio G. Lazzarini Cambridge, Massachusetts London, En gland 2014 Copyright © 2014 by the President and Fellows of Harvard College All rights reserved Printed in the United States of America Library of Congress Cataloging- in- Publication Data Musacchio, Aldo. Reinventing state capitalism : Leviathan in business, Brazil and beyond / Aldo Musacchio and Sergio G. Lazzarini. pages cm Includes bibliographical references and index. ISBN 978- 0- 674- 72968- 1 (alk. paper) 1. Government own ership. 2. Government ownership— Brazil. 3. Capitalism. I. Lazzarini, Sérgio G. II. Title. HD3850.M86 2014 338.6'2—dc23 2013035204 To Ximena and Valentina and To Edite and Juliana Contents 1 Introduction: New Varieties of State Capitalism 1 part i Th e Reinvention of State Capitalism around the World 2 Th e Rise and Fall of Leviathan as an Entrepreneur 23 3 Views on State Capitalism 57 part ii Leviathan as an Entrepreneur and Majority Investor 4 Th e Evolution of State Capitalism in Brazil 81 5 Leviathan as a Manager: Do CEOs of SOEs Matter? 120 6 Th e Fall of Leviathan as an Entrepreneur in Brazil 144 7 Taming Leviathan? Corporate Governance in National Oil Companies 165 part iii Leviathan as a Minority Investor 8 Leviathan as a Minority Shareholder 197 9 Leviathan’s Temptation: Th e Case of Vale 218 10 Leviathan as a Lender: Development Banks and State Capitalism 233 viii Contents 11 Leviathan as a Lender: Industrial Policy versus Politics 259 12 Conclusions and Lessons 281 Notes 297 Bibliography 311 Ac know ledg ments 335 Index 339 Reinventing State Capitalism
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