Industrialization, trade and market failures: the role of government intervention in Brazil

Abstract

Thc rcsults of Brazil's industrialization are mixed and controversial. Neoclassica1s crcdit lhe good rcsu1ts to lhe export-oriented, bands-ofJ pcriods of lhe govemment's policy, and lhe bad oncs to those whm import substitution (IS) and intervention prevailed. Structura1ists, in tum, emphasizc lhe role of IS in oven:oming supply inelasticities, and attribute lhe bad rcsu1ts to macroeconomic failurcs. This papcr seeks to show that even Ihough trade orientation, excessive govermnent intervcntion and macroeconOmic mismanagement seemed to have mattercd, lhe kcy to lhe mixed rcsu1ts lies on lhe govemmcnt's inept policies towards kcy markct failurcs.

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