Abstract
This study examines how Brazil operationalised a renewed developmentalist project during the democratic period, and especially during the presidency of Lula da Silva. We use an original data set of 2,115 loans made by the Brazilian National Development Bank (BNDES) between 2002 and 2011 to show elements of both change and continuity with Brazil’s developmentalist past. Large loans continued to flow to many of Brazil’s historic large firms and industrial sectors – as reported widely – but the data also show significant numbers of smaller loans to firms in all sectors, as well as renewed support for internationalisation and innovation. We conclude that BNDES’s lending reflects less a wholly new model of developmentalism than it does a developmentalist strategy that has been renewed and updated for the challenges and opportunities of a more market-oriented economy.
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