History of the Contemporary Regulatory State: Origins, Context, Practices, Philosophical Bases, Instruments and Repercussions

Abstract

This article analyzes the relationships between the Regulatory State, the financial system and national development. Methodologically, with a literature review and documentary research, a historical and political approach is made – the dynamics of the power to conduct economic policies in the country from the 1960s to the present day. The results indicate that regulatory agencies are liberalizing instruments created after the negotiated transition from military dictatorship to democracy, with a notable influence from foreign intelligence services (the US Central Intelligence Agency) and foreign private banking institutions, having the external public debt (assumed by the military and internalized by civilians) as a bridge. This, used as an argument for pressure, forced privatizations, legitimized by the creation of the agencies. It is concluded that the inclusion of regulatory theories in microeconomics, considering government, users and sectoral companies, ends up hiding the power of the foreign financial system as a decision-maker, whose willingness to invest derives from macroeconomic and international conditions.