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Regulating the Visible Hand?The Institutional Implications of Chinese State Capitalism$
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Benjamin L. Liebman and Curtis J. Milhaupt

Print publication date: 2015

Print ISBN-13: 9780190250256

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780190250256.001.0001

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Governing State Capitalism

Governing State Capitalism

The Case of Brazil

(p.377) 16 Governing State Capitalism
Regulating the Visible Hand?

Mariana Pargendler

Oxford University Press

Brazil is a main exemplar of contemporary pursuit of state capitalism by a Western economy. Major SOEs have survived the prior wave of privatizations, but they are by no means the only avenue for state influence over corporate governance in Brazil. The state increasingly acts as a minority, rather than majority, investor in Brazil as elsewhere. The particular variety of state capitalism prevailing in Brazil today reflects a combination of governmental control of traditional SOEs with the conspicuous exercise of shareholder activism by SCIIs. This chapter provides a picture of the various instruments for state influence in Brazilian corporate governance, and examines the role of law in enabling and constraining this evolving variety of state capitalism. The chapter’s analytical framework posits that state capitalism entails a significant degree of governmental discretion in guiding economic activity. Consequently, the governance of state capitalism calls for a particularly intricate balance.

Keywords:   Brazil, shareholder activism, state capitalism, discretion

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