Financiamento do desenvolvimento: experiência comparada Brasil-Coreia (1950-1980)

Abstract

The central hypothesis of this article is that the Korean and Brazilian financial structure offers us an important key to understand their swift to industrialization during the period 1950-1980. Numerous comparisons have been made involving Brazil and Korea, most of them stressing the differences and similarities of the industrial development (catch up). Few analyses emphasizes (and compare) the evolution of fi nancial systems. Also, most treatments of fi nance are static, missing the Gerschenkronian developmental perspective which would tell us that a credit system based in equity and securities markets is an artifact of early industrialization (as it is the case of England and U.S. industrialization), and that the model of state or bank-infl uenced industrialization is a consequence of "lateness" vis-à-vis the absence of abundant capital in the private sector.