Page 594 - Economia Azul - versão: inglês

exporting hub, with England as the main models, only 2 of which were in their in- (DINIZ, 1978). It was understood that the compromises currencies, compromises
customer in world markets (DRAIBE, 1985). dependent phase. These models reflected dynamics of the public sector could create monetary stability and slows down eco-
A third phase began in the 1930s, as a the privilege of relations with Portugal, En- compensation for the economic strata that nomic growth, generating unemployment
result of significant changes in the world gland, and the United States, respectively, were harmed during the development pro- and stagnation. The rapid change in condi-
context, in Brazilian social life and to which in which each nation at its time mirrored cess (DRAIBE, 1985). tions, moreover, creates traumas and pres-
the economy was not alienated, in particu- its world position in the affinity with the Cooperation and the arrival of interna- sures in a context of mass society, politically
lar. In addition to changing the main partner, Brazilian economy. The third phase stands tional resources also took place through mul- volatile (CARVALHO; LIMA, 2009).
with the United States taking a leading role out for equating the Brazilian economy tilateral institutions, such as the IMF, and cu- It is these facts that, in our interpreta-
in the world conflicts, it opted for consolidat- with the main economies of the world, ei- riously accelerated during the oil crisis; with tion, although distant, condition the pres-
ed financing and strategy in the public sector ther in profile or in importance (BAER; KER- the liquidity generated by Arab investments ent in terms of economic performance. At
(BAER, KERSTENETZKY; VILLELA, 1973). The STENETZKY; VILLELA, 1973). in European and American banks, these re- the same time, the public sector’s capacity
global trend in this direction cannot go unno- This last phase is important to under- sources needed profitable investments, and to maintain operational projects and ex-
ticed, reflecting the need for military actions stand the current process. International Latin American countries borrowed for their pand them is exhausted, and new external
and state organization to face economic cri- funds in continuous flow, however, did development projects. No wonder they be- contributions become unfeasible due to the
ses. The creation of state-owned companies not have Brazil as a priority: as a refrac- came at the time the most indebted countries growing external debt, which in some cases
and regulatory bodies increased, in addition tory area of the Cold War, Brazil was less in the world, both in absolute terms and in is not paid as planned. With the exhaustion
to providing a planning structure to identify important than East Asia, Western Europe per capita terms. The strategy of developing of the source of financing, the capacity to
bottlenecks and possible directions (MALAN; and the Middle East. The arrival of multina- countries, however, seemed adequate, since make projects is exhausted. What was an
BONELLI; ABREU; PEREIRA, 1977). tionals, transferring their technology, was lacking capital and facing low interest rates, economic growth of around 3-4% per year,
For 50 years, or until 1980, this third remarkable in the period and, finally, the the potential of any project was encourag- in a decade, becomes a growth of 1-2.5%
phase was able to generate significant eco- assistance in planning the economy cannot ing, and the social return was politically re- per year (CARVALHO; LIMA, 2009).
nomic growth, in the so-called “national-de- be neglected, as it collaborates in the diag- warding (DINIZ, 1978). It is true that in some periods econom-
velopmentalism”, a combination of capital nosis of key sectors of the economy. But the same oil crisis that made capi- ic growth accelerated and then gave way;
provided by the public sector, via increasing An alternative to this funding was the tal available and reduced interest rates was these periods correspond to some dyna-
taxation, and international capital, notably public structure. The increase in taxes can be also responsible for changing the interest mism in the external sector. In the 1980s,
American and European in articulation. The made possible by the increasing complexity rate trend further ahead: with the acceler- this was as a result of the devaluation of
public sector was responsible for planning, of the economic structure, with taxes being ated inflationary process in the main econ- the cruzeiro and the increase in exports.
encouraging, and building policies to make imposed on income (in the 1940s) and on omies, central banks chose to contain infla- In the 1990s, this was as a result of the
capital effective, such as the import substitu- consumption (ICMS, in the late 1960s). In tion through monetary policy, via interest. flexibilization in the world market and the
tion policy (ISP) (MALAN; BONELLI; ABREU; addition to the tax channel, the government In fact, what used to be affordable financ- stabilization and attraction of capital for
PEREIRA, 1977). The economic growth of realized the financing capacity embedded in ing, with product feasibility rates, soon be- speculative and direct investment. Finally,
this third financing phase was characterized fiat currency and state monopoly: monetary comes a burden for countries that accel- in the first decade of the 21st century, this
by rapid urbanization, consolidation of the printing allowed the government to increase erated the hiring of these resources. The was as a consequence of the emergence of
Brazilian territory towards the Amazon and purchasing power and even though it gen- so-called external debt crisis, in the early China and India and the associated appre-
a significant increase in energy and trans- erated inflationary pressures, with changes 1980s, made local political conformations ciation of commodities in global markets.
port infrastructure. in the monetary standard already from of politically unstable, as well as preventing Therefore, it seems clear to us that it is
Therefore, for the benefit of a pause the second half of the 1960s, allowed the the financial balance of nations (DRAIBE, crucial to resume a continuous source of
to summarize, despite experiencing nu- creation of a housing, energy, and transport 1985). The need for increasing and pro- financing in order to obtain medium and
merous economic cycles, with regional infrastructure, at the cost of impoverishment hibitive interest payments makes the exter- long-term economic growth. And it is rele-
characteristics, Brazil had only 3 financing of the poorest sections of the population nal sector of these economies unfeasible, vant to discuss the alternatives.

592 BLUE ECONOMIY Financing Alternative for the Brazilian Blue Economy 593