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Accepted Paper:
The consolidation of a 'national champion': elite capitalists, the state, and social inequality in Brazil
Raisa Pina
(University of Brasília)
This paper answers whether a Brazilian state project to create a giant corporation has changed the local development reality by contrasting social indicators and private documents. This study presents public-private power dynamics, cross-border relations, and implications in a social context.
Paper Abstract:
A Brazilian multinational company, JBS became a global market leader in the meat sector and the world’s largest food company in income in the last decade (2013-2023). This is a result of a state project from the 2000s to create a ‘national champion’, rolled out in coalition with a family shareholder, foreign states, and the global financial market. In 2024, the Brazilian government owns 20% of the company, mainly via assets controlled by its Development Bank (BNDES). As this public institution is a member of the corporation’s board of directors, it therefore participates in the company’s decision-making. This research method was built on three primary data sources: corporate documents, government data systems, and interviews. This paper draws upon corporate ownership, profits, and executives’ wages to map governance, income distribution, and social development. The evidence shows increased hunger and poverty in Brazil in the last decade, whilst the company’s administrators’ wages increased by 2,000%. Additionally, the evidence reveals a significant social disparity within the company. The low quality of JBS’ jobs reflects a broader social picture of Brazil’s income inequality and capital concentration. This study highlights disparities that represent challenges for effective national development and presents empirical data about a complex state-corporation relationship.