By Thomas J. Trebat
This e-book presents a scientific research of the functionality of Brazil's huge state-owned companies. The Brazilian financial system encourages inner most company, however the executive itself owns and operates such severe industries as petrochemicals, metal, electrical energy and telecommunications. The Brazilian kingdom has assumed the function of an entrepreneur now not for ideological purposes, yet as a realistic technique of dashing up the method of monetary progress. the writer examines the industrial and monetary functionality of those state-owned organisations when it comes to their contribution to fiscal progress. He concludes that during Brazil they've been potent substitutes for personal funding in a couple of strategic industries and that their skill to gather quite a lot of capital, to draw expert managers, and to earn moderate earnings approved the Brazilian economic climate to develop extra swiftly throughout the Nineteen Sixties and Seventies than might were the case of their absence.
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Extra resources for Brazil’s State-Owned Enterprises: A Case Study of the State as Entrepreneur
This last hypothesis argues that public enterprise stems from political and historical factors that have little to do with economics. Therefore, it is difficult to predict a pattern of public ownership, because it will occur randomly across economic sectors. An example of political motivation for public enterprise is, of course, a societal preference for public rather than private ownership, leading to the creation of public enterprises by decree in different sectors of the economy. In such cases, economic explanations of the rise of public enterprise are likely to be of little value.
3 Source: Margareth Hanson Costa, "A discutida ampliac,ao da intervenqao estatal," Conjuntura Economica 33 (December 1979):90. 14 A more accurate gauge of resources available for general government spending is obtained by netting-out transfers and subsidies to the private sector from the gross tax burden. 5) shows a clear, but comparatively more modest long-term increase in the tax base from 12% in 1949 to 16% in the late 1970s. 15 These funds were created to serve various social and redistributive purposes, but their importance in the present context is that they have allowed the federal government to tap the incomes of firms and the individuals (including public sector employees) for resources that, while credited to time deposit accounts set up in the name of contributing employees, can be allocated by the government for housing construction and other development purposes.
Typical criteria would include the project's potential contribution to import substitution or export promotion, its degree of domestic entrepreneurial control, existing installed capacity in the industry in question, and so on. The relevance here is that the CDI's approval amounts to the government's blessing, and, as such, opens the door to a wide range of fiscal incentives, including tariff exemptions, and subsidized lines of credit administered by public sector agencies. Given the importance of these subsidies in Brazil, CDI approval - or lack thereof — is often the crucial factor in a decision to construct or scrap a private company project.
Brazil’s State-Owned Enterprises: A Case Study of the State as Entrepreneur by Thomas J. Trebat