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During the 1990s and the 2000s, large inflections in the policies conducted by the Brazilian National Economic and Social Development Bank (BNDES) took place. Administrations went back and forth between a neoliberal perspective that recommended privatization and reduction of the state interference in the economy (1990-2002 and 2016-2017), and a model in which planning and governmental investment were welcomed (1993 and 2003-2016). Following an introduction into the Bank's history, its policiesdoi:10.12759/hsr.43.2018.3.274-302 fatcat:q2qpvnzjqzb7rfoa5eix5yudau