Estrutura de propriedade e de controle das empresas de capital aberto no Brasil

This paper has as its main objective to measure the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights of limited liability companies in Brazil. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 602 companies that in 2001 complied with the mandatory requirement of filing to the CVM.

O efeito da liberalização da conta de capital sobre a política fiscal: uma avaliação do caso brasileiro recente

In recent years there has been some agreement that capital account liberalization have provided restriction on economic policies. This paper provides some evidence for Brazil. I find evidence that capital account liberalization provided limits to fiscal policy in Brazil and its effects can depend on exchange rate policy.

Cooperation, social capital and economic performance

The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional variables can affect growth. Secondly, after analyzing several definitions of social capital, I will point out the benefits and problems of each one and will define social capital as social infrastructure, aiming to introduce this variable into an economic growth model. Finally, I will try to open the way for subsequent empirical studies, both in the area of measuring the stock of social infrastructure as well as those comparing economies, with the idea of showing the impact of social infrastructure on economic growth.

Capital intangível e direitos de propriedade intelectual: uma análise institucionalista

This paper deals with the main evolutions that explain the emergence of new institutional arrangements that characterize the post-fordism. (i) Hence, I will show that the property rights modifications bring forth new forms of competition;(ii) Also, I will make explicit the concrete expressions of this new competition, as well as how it translates itself in a sub-optimum allocation in the framework of the market game; (iii) I will study the modifications of externalities nature produced by technical progress; (iv) Finally, I will analyze the macroeconomic implications in regard to growth mechanisms and to capital nature.

Rethinking the economics of capital mobility and capital controls

This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

A relação capital-trabalho na economia do conhecimento

Capital-labor relations in the knowledge economy. The knowledge economy arises by the promotion of abstract and cooperative labor. This social labor is a product of intellectual and linguistic energy, which leads to mutations about capital accumulation and capital labor relations.

Harrod sob análise: path-dependence, tempo histórico e mudança estrutural endógena

Harrod under analysis: path-dependence, historic time and endogenous structural change. The article aims to demonstrate how the Harrod's approach (1937, 1938, 1948) can offer theoretical elements to form a complex, historicists and non-determinist view of the economic system. The relaxation of the constant warranty rate hypothesis make possible the system suffers endogenous qualitative change. It results in the notion of path-dependence and historic time. By the endogenization of the expectations and the existence of turn-points mechanisms, this approach allows a synthesis between non-convergency and economic regulation.

Karl Popper versus Theodor Adorno: lições de um confronto histórico

Karl Popper versus Theodor Adorno: Lessons from a historical confrontation. In 1961, during the Congress of the German Society of Sociology, two great theoretical references of the XX century faced in a historical debate about the logic of the social sciences. In addition to methodological issues strict sense, the confrontation became known as a debate between positivism and dialectic. The article first deals with the theoretical trajectories of Popper and Adorno and the relation of their theories with their political and ideological certainties. On one hand, the trajectory of the Popperian epistemology is examined, its contributions and vigorous attacks on Marx in what he called 'poverty of historicism" and false predictive Marxist world, and, on the other hand, the role of Adorno in the Frankfurt School, his criticism of totalitarianism and the defense of a critical emancipatory reason. The article also deals with the confrontation itself, the exposure of Popper's twenty-seven theses that culminate with the situation logic and the method of the economy as exemplary for the social sciences and Adorno's critical perspective of sociology and society as non-separable objects. In conclusion we show how the articulation of theory with the weltanschauung of each author helps to clarify the terms of the debate and how the confrontation contributed unequivocally to the dynamics of scientific progress and for the critical history of the ideas.

Keynes e o conceito de capital: reflexões epistemológicas a respeito das premissas sraffianas da teoria geral

Keynes and the concept of capital: some epistemological observations in regard to the Sraffian premises of the General Theory. This article aims to examine the conception of the nature of capital used by Keynes in the General Theory, to show to what extent this concept is similar to Sraffa's conception, and to highlight the implications related to this concept, in terms of structural instability. So I will study the mechanisms that explain the investment decision in an environment with strong uncertainty, the modalities of aggregation of different generations of capital and the instability of equilibrium. The convergence between the keynesian and the Sraffian approaches comes from this common conception of capital. Finally, i will examine the implications in regard to the structure of the aggregate models.

Política industrial e desenvolvimento econômico: a reatualização de um debate histórico

Industrial policy and economic development: a review of the contemporary debate. This paper discusses the importance of the industrial policy for the Brazilian economic development. It presents the theoretical foundations and the main international experiences about this theme. Besides it examines the main industrial policies adopted in Brazil, especially in recent years. Based on this discussion, it is possible to note that despite the criticisms against this policy, they were widely used by many developed countries in the past and also played an important role, contributing to increase the industrial growth in Brazil. However, the recent Brazilian industrial policies were not so efficient, especially when compared with those adopted during most of the 20th century.

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

Dr Brasilia and Mr. Nacala: the apparent duality behind the Brazilian state-capital nexus

In August 2010 Brazil decided to limit foreign direct investments (FDIs) in land, and attracted the attention of politicians as much as the fears of businessmen. However, few months before, in September 2009, it had concluded a trilateral agreement with Japan and Mozambique to implement agribusiness and contract farming on an area of ten million hectares in the Mozambican region of Nacala. In light of that, the paper analyses the apparent duality of the Brazilian politics, and concludes that, exactly like in the case of the novel by Robert Louis Stevenson, it is not a matter of pathology, but a voluntarily induced double personality which is strategic in positioning Brazil at the core of the global capitalist system.

A força das coisas: "etapas do desenvolvimento histórico" - notas de pesquisa

Este texto veio a constituir, modificado, o primeiro capítulo de nossa tese de mestrado - A Fênix tropical: nota crítica sobre o dualismo e a teoria da dependência, Faculdade de Filosofia, Letras e Ciências Humanas, Universidade de São Paulo. Trata dos seguintes temas: I - A "filosofia da história", o marxismo e a "objetividade"; II - O pensamento social brasileiro: as teorias do/sobre o desenvolvimento e o marxismo apologético: 1.º Werner Baer: a "objetividade" conservadora contra as "paixões" reformistas; 2.º Carlos Lessa: Industrialização como "decisão"; 3.º ISEB: objetividade reformista contra paixões socialistas; 4.º Maturidade política contra aventuras socialistas; III - Os pressupostos comuns.

Os tesouros de Crateto: sobre a validade do estudo histórico da filosofia

Em relação ao nosso presente, o passado é ao mesmo tempo próximo e distante, semelhante e distinto. Geralmente estudamos a história da filosofia para encontrar semelhanças ou afinidades com nossa atitude filosófica. Mas o pensamento do passado é freqüentemente diferente do nosso e nos leva a rever nossas respeitáveis opiniões. A abertura ao "outro", em sentido diacrônico, é hoje o valor formativo essencial (e não só informativo!) da história da filosofia.