This paper will identify the socio-economic factors that have impeded Brazilian government (state) attempts to privatize its banking sector in a privatizing global economy. I will argue that the persistence of sub-national claims ("regionalismo"), an ambiguous regulatory policy and a global oriented financial market embeds patrimonial capitalism and the state as a financial entrepreneur. The paper is based on a systematic survey and case studies of Brazilian private and public financial conglomerates, archival and statistical reports.

Harry Makler