By Thomas J. Trebat
This e-book presents a scientific research of the functionality of Brazil's huge state-owned companies. The Brazilian economic climate encourages deepest firm, however the govt itself owns and operates such serious industries as petrochemicals, metal, electrical energy and telecommunications. The Brazilian nation has assumed the function of an entrepreneur now not for ideological purposes, yet as a practical technique of dashing up the method of monetary progress. the writer examines the commercial and fiscal functionality of those state-owned firms by way of their contribution to financial progress. He concludes that during Brazil they've been powerful substitutes for personal funding in a few strategic industries and that their skill to collect quite a lot of capital, to draw expert managers, and to earn moderate earnings accepted the Brazilian financial system to develop extra speedily in the course of the Nineteen Sixties and Seventies than may were the case of their absence.
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Extra info for Brazil’s State-Owned Enterprises: A Case Study of the State as Entrepreneur
Example text
From the protection offered by frequent exchange-rate devaluation, and from the indiscriminate levying of tariffs on consumer goods, raw materials, and capital goods. 17 The early impetus to the construction of basic transportation and utilities in Brazil was provided by foreign capital, although the intervention of the state was essential. For example, the railroads were constructed with heavy inflows of British capital, but investors were guaranteed by the state a minimum rate of return on their investment.
Obviously, this hypothesis does overlap somewhat with the preceding one. 4. Dynamic public managers hypothesis. It is reasonable to assume that public enterprise managers, as a class, are characterized by approximately the same distributions of energy, ambition, and entrepreneurial talent as those applying to managers of private sector firms. 6 Thus, public enterprise managers might be expected to mirror private sector behavior by taking advantage of opportunities for profitable growth in the scale, complexity, or diversity of the firm's operations.
Historical and statistical description of Brazilian public enterprises may provide facts that support or contradict a number of general hypotheses regarding the extent and pattern of public ownership in an economy. 2 It should be emphasized that these hypotheses are not the only ones that could be suggested, nor are they mutually exclusive. Further, the hypotheses purport to explain the reasons for public ownership in general rather than for a form of ownership such as the public enterprise in particular.