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STATE, CLASS AND INTERNATIONAL CAPITAL 1: BACKGROUND TO THE BRASILIAN STEEL INDUSTRY
Author(s) -
FOOT S.P.H.,
WEBBER MICHAEL
Publication year - 1990
Publication title -
antipode
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.177
H-Index - 98
eISSN - 1467-8330
pISSN - 0066-4812
DOI - 10.1111/j.1467-8330.1990.tb00202.x
Subject(s) - foreign direct investment , foreign capital , state (computer science) , investment (military) , capital (architecture) , capital investment , balance (ability) , nationalism , economics , market economy , economic system , business , economy , political science , macroeconomics , geography , finance , law , medicine , archaeology , algorithm , politics , computer science , physical medicine and rehabilitation
By 1980, the Brasilian steel industry had grown to be the eighth largest among the market economies. It is a largely state‐owned industry, much of the expansion of which has been funded by international capital. The pattern of development has not been externally imposed, however, but rather reflects the changing balance of class forces within Brasil as policies oscillate between nationalist, populist limits on foreign investment and open, pro‐development strategies that rely on foreign investment. Both policies develop their own contradictions, that are reflected in frequent military interventions.