Aumento, caída y ascenso de la propiedad estatal en la minería y el petróleo de América Latina: Codelco y Petrobras

Amsterdam : CEDLA

26 de abril de 2019 15h30-17h00

The Rise, Fall and Rise Again of State Ownership in Latin America’s Mining and Oil: Codelco and Petrobras

Jewellord T. Nem Singh, Universiteit Leiden

Why do states decide to keep their state-owned enterprises (SOEs) despite their perceived inefficiency and lack of productivity? The established literature often posits state ownership as a cause of rent-seeking, market inefficiency, and source of extraordinary corruption. Despite neoliberal reforms, SOEs have only been partially privatized or subjected to market competition. States instead implemented corporate governance reforms to resolve some of the problems. By focusing on the natural resource sector, this lecture examines the strengths and limitations of a state-driven industrial strategy. Based on a comparative study of Brazil’s Petrobras (oil and gas) and Chile’s Codelco (copper mining), the lecture presents comparative and historical evidence regarding the role of SOEs in promoting industrial policy and sectoral innovation. Dr. Nem Singh discusses the SOE-driven growth model as a nuanced framework to conceptualize contemporary political economy in Latin America and analyses the governance challenges in light of the Lava Jato Scandal in Brazil.

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