State Enterprise in a Liberal Regime
1980 ◽
Vol 22
(4)
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pp. 401-422
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Keyword(s):
The growth of public enterprise is generally viewed as a product of the post-World War II developmentalist state. In late-developing capitalist countries, however, many important firms already came under state control during preceding liberal regimes. Because of the liberal context in which they operated, such companies frequently adopted policies that differed in important ways from those followed under the developmentalist state. The purpose of this study is to focus on the Banco do Brasil—the single most important publicly controlled firm of Brazil's First Republic (1889-1930) and today the seventh largest bank in the world—in order to examine the nature of state enterprise in a liberal regime.