Abstract
This paper traces the role of the National Bank of Economic and Social Development ―BNDES― at two distinct moments in Brazil’s economic development trajectory. The first corresponds to the implementing of economic policies based on developmental ideals, when the Bank establishes itself as a funding institution and long-term credit offerer, thus becoming the main financer of State-coordinated infrastructure and industrial sectors of the Brazilian economy. The second one, when the Bank, following liberal inspired economic policy strategies which guide governmental actions, redirects its efforts towards establishing itself as the coordinator and financer of the Brazilian asset restructure by means of mergers and acquisitions promoted by privatizations. The ownership change, more than just a change in control from state-owned to private capital, also leads to a productive diversification of industrial groups, thus, empowering the production of commodities and the civil construction sector. In such scenario, the Bank redefines its relationships with national and foreign private capital, and its presence within South America as a financer of Brazilian exports.
Highlights
In Brazil, the accumulation and expansion of capital rely on the National Bank of Economic and Social Development ―BNDES1―
This paper addresses some aspects of Brazilian geopolitics, using the BNDES’ trajectory as a guideline
The BNDES is an integral part of the institutions that sustain Brazilian economic development, being the main long-term credit supplier
Summary
In Brazil, the accumulation and expansion of capital rely on the National Bank of Economic and Social Development ―BNDES1―. While in the first phase, the economic coordination primarily focused on the dynamics of industrial development and of the internal market, in the second one, the developmental strategies gave way to microeconomic adjustment policies and structural reforms In this last phase, marked by the liberalization of the market, the Brazilian government defines new geopolitical strategies, which will result in important redirections regarding the institution’s action plans. The process of capital accumulation and value increase, as discussed by Marx (1991), puts an end to structural contradictions that permanently demand the expansion of its range of action Such expansion is carried out by disseminating the capitalist modus operandi over various dimensions of social relations and over many diverse spatial contexts, as explained by Fernand Braudel, incorporating these aspects into what this author calls “capitalist world-economy” (Braudel, 1998, v.3: 12): a space that is intersubjectively articulated, contradictory and hierarchic (through influence and authority), which transcends physical barriers and cultural limits. The credit system is one of the dynamic foundations upon which the capitalist space is built, being the guiding element in the development of regional spaces based on the notion of integration, relevant to the international division of labour
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
