Page 592 - Economia Azul - versão: inglês

2. Financing the Brazilian Economy condition, accumulated sufficient capital structure and technology it can represent
for their projects, as well as allowing ex- a significant chance for capital accumula-
The Brazilian economy has experienced structure. Finally, the economy can become port of this capital to other nations. tion. However, once the established colonial
different phases throughout its economic productive enough to finance its own proj- There is a sixth, recent example: the Chi- structure is considered, the Brazilian econ-
history, some favorable and others unfa- ects and, spreading its techniques, eco- nese evolution. Since the implementation omy did not have access to its own capital
vorable from a perspective of economic nomic power and influence, finance proj- of Deng Xiaoping’s political and econom- and the strategic decision on how to use it.
growth and wealth generation. If the dif- ects in foreign economies, exporting not ic strategy, after the passing of Mao Tse This took place over a long period of Bra-
ferent economic cycles were remarkable necessarily products but, above all, capital. Tung, in the late 1970s, China has passed zilian history, involving the economic cycles
and frequent in the history of the Brazil- This schematization was reflected by these stages. From an impoverished and of pau-brasil, sugarcane and mining. This is
ian economy, with few transitions demar- some theorists such as ROSTOW (1959), in traditional society, it accumulated capital the first moment of financing, or ineffec-
cated in the financing model of projects a broader sense, in economic development with a surplus trade balance, as a result of tiveness, of the Brazilian economic struc-
in the Brazilian economy. The sequence as a whole. In addition, it was perceived a devalued exchange rate, and in this sec- ture and it lasted about 300 years, until the
of this chapter intends to place the read- in the economic evolution of numerous ond decade of the 21st century, after forty opening of the ports in 1808.
er in these historical phases, so that the nations: (1) England, which before the In- years of continuous evolution, it became The second moment of financing, there-
current difficulties and challenges that dustrial Revolution accumulated consider- an important exporter of capital. fore, begins with the opening of ports and
have compromised the performance of able shares of capital through trade and Indeed, when listing successful examples their perspective. For some time, isolated
the Brazilian economy in recent decades reinvested them in industrial technologies, of productive transitions and capital accu- regions such as Maranhão and its cotton cy-
can be put into perspective. in the 18th century, transforming itself mulation, we cite all the main world actors cle were able to raise capital, but in a tenta-
Naturally, the financing of a nation goes until the middle of the beginning of the with capital availability in the present context. tive way. But with the viability of the coffee
through phases, which the economic liter- 20th century into the largest exporter of Apart from England and the United States, all culture in the territory of the Center South
ature maps onto the evolution and indica- capital in the world, being then overtaken others maintain a leading position in the ex- of Brazil, the perspective came true: coffee
tors of the balance of payments. It is quite by the USA; (2) The United States, from port of capital for the developed and devel- began an acceleration of exports, within a
logical and reflected in the accounting a capital importing country in the 18th oping world, occuring through financing in commercial structure accessible to the whole
technique of national accounts. century to the largest capital exporter in public or corporate bonds, project financing world and with independence from the use
Initially, a national economy will proba- the 20th century, initially anchored in an or direct acquisition of companies and pro- of capital, parallel to a strengthening of the
bly need to develop infrastructure and pub- industrial economy, shortly afterwards in a ductive capital. Some have priorities focused credit and banking system in general. It is
lic services, however, as it does not obtain service economy and high technology; (2) on the neighborhood – the case of Germa- also at this stage that England became the
income, it will depend on initial flows to (3) the countries called Asian Tigers: Ja- ny – others have not yet created a strategy main financier of Brazilian projects, invest-
make production and services viable, in- pan, South Korea, Singapore and Taiwan, abroad – the case of the Arabs, Norway, and ed in the consolidation of the national state
debted. In a second phase, as its produc- which through an aggressive export policy the Asian Tigers – and others still do so in a and in some infrastructure.
tion processes mature, the economy is able accumulated significant capital and later political way – the case of China. This second phase reached its maturity
to obtain revenue, increase productivity reinvested it in other countries during the This illustration allows us to now move in the first twenty years of the 20th cen-
and count on production available to pay 20th century; (4) the Arab countries and on to the case in focus: Brazil. As a colonized tury, when the banking structure, allied to
the first loans made in the previous phase. Norway, after the oil shock, invested in territory in its beginnings and endowed with the growth of urban life, endowed with the
In a third phase, when the initial indebt- changing the productive profile of their a significant number of natural resources, capital accumulated by the farmers, estab-
edness is extinguished or considerably re- economies and became capital exporters the Brazilian economy for approximately lished a loan program destined to an indus-
duced, the economy becomes mature. Its in parallel; (5) Germany, for the strength of 450 years has specialized in the export of trial infrastructure (BAER; KERSTENETZKY;
production structure has the capacity to its industrial products in the 19th and 20th commodity products. Ultimately, it is not an VILLELA, 1973). Industrialization accelerated
accumulate its own capital, destined to century. These are all examples of coun- impediment to capital accumulation, rath- in basic and complex sectors in the main ur-
internal projects and advancement of the tries that, from an initial disadvantaged er, on the contrary, due to a simpler cost ban centers, especially in São Paulo, a coffee

590 BLUE ECONOMIY Financing Alternative for the Brazilian Blue Economy 591