Exports financing policy in Brazil: democratization, liberal and state capitalism

In the last forty years, Brazil underwent many critical changes: it went from a difficult dictatorial power to a democratic regime marked by economic recession, followed by major political-economic-institutional reforms during the transition from a developmentalist to a more liberal capitalist system and, finally, another transition to a more state capitalist system. During the same period, Brazil became an important exporter of goods and services to the world. This study traces the path that Brazil's exports financing policies took during the periods of democratization, liberal and state capitalism. This study applies historical institutionalism method, and classical economics, state capitalism and trade policy theories to understand the role that political and economic transformations had over exports financing policies and political institutions.