Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

358 Pages·2014·3.08 MB·English

by  Aldo Musacchio, Sergio G. Lazzarini

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