Abstract
Prior to the mid-1960s, there was little concern in Brazil for the relative size of different ownership sectors—state, domestic private and multinational (Baer et al., 1973; Baer et al., 1977). The main policy objective had been the promotion of import-substitution-industrialization (ISI). Because the Brazilian domestic private sector did not have the technological and financial means to create new industries with a high technology content or to help expand public utilities, multinational firms and state enterprises were relied upon to carry out those tasks. The National Bank for Economic Development (BNDE) was created in order to finance the state's direct participation in Brazil's economy.
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