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Reinventing State Capitalism : Leviathan in Business, Brazil and Beyond / Aldo Musacchio.

By: Material type: TextTextPublisher: Cambridge, MA : Harvard University Press, [2014]Copyright date: ©2014Description: 1 online resource (357 p.) : 2 line illustrations, 31 graphs, 42 tablesContent type:
Media type:
Carrier type:
ISBN:
  • 9780674729681
  • 9780674419582
Subject(s): DDC classification:
  • 338.6/2
LOC classification:
  • HD3850
Other classification:
  • online - DeGruyter
Online resources: Available additional physical forms:
  • Issued also in print.
Contents:
Frontmatter -- Contents -- Introduction -- Part I. The Reinvention of State Capitalism around the World -- 2. The Rise and Fall of Leviathan as an Entrepreneur -- 3. Views on State Capitalism -- Part II. Leviathan as an Entrepreneur and Majority Investor -- 4. The Evolution of State Capitalism in Brazil -- 5. Leviathan as a Manager: Do CEOs of SOEs Matter? -- 6. The Fall of Leviathan as an Entrepreneur in Brazil -- 7. Taming Leviathan? Corporate Governance in National Oil Companies -- Part III Leviathan as a Minority Investor -- 8. Leviathan as a Minority Shareholder -- 9. Leviathan's Temptation: The Case of Vale -- 10. Leviathan as a Lender: Development Banks and State Capitalism -- 11. Leviathan as a Lender: Industrial Policy versus Politics -- 12. Conclusions and Lessons -- Notes -- Bibliography -- Acknowledgments -- Index
Summary: The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called "national champions"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780674419582

Frontmatter -- Contents -- Introduction -- Part I. The Reinvention of State Capitalism around the World -- 2. The Rise and Fall of Leviathan as an Entrepreneur -- 3. Views on State Capitalism -- Part II. Leviathan as an Entrepreneur and Majority Investor -- 4. The Evolution of State Capitalism in Brazil -- 5. Leviathan as a Manager: Do CEOs of SOEs Matter? -- 6. The Fall of Leviathan as an Entrepreneur in Brazil -- 7. Taming Leviathan? Corporate Governance in National Oil Companies -- Part III Leviathan as a Minority Investor -- 8. Leviathan as a Minority Shareholder -- 9. Leviathan's Temptation: The Case of Vale -- 10. Leviathan as a Lender: Development Banks and State Capitalism -- 11. Leviathan as a Lender: Industrial Policy versus Politics -- 12. Conclusions and Lessons -- Notes -- Bibliography -- Acknowledgments -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called "national champions"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.

Issued also in print.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)