O futuro da sociedade: reflexões sobre o bem comum

Abstract

The articles in this issue present studies on the financial market; sustainability; and insertion of minorities at work. As for the insertion of minorities at work, Cadernos EBAPE.BR has already dedicated articles to a forgotten minority: heterosexual women, mothers, in employment, who face difficulties to balance work responsibilities with raising a family. It is harder for them to be promoted (compared to male peers) regardless of the help they receive from their spouse at home or if they are raising their children alone (because they are divorced, single, or widowed). There are several scientific articles written and published reflecting on this subject and the articles in this issue present the struggles of other minorities, based on research adopting a consistent methodology. Regarding the topic of financial market featured in this issue, the article of Professor Istvan Karoly Kasnar and his student Ivandro de Almeida Oliveira (who completed his master's degree in business administration from FGV EBAPE) present an in-depth study of the Brazilian financial market. They demonstrate that it is crucial for the future of the country that companies also aim for profit in the long term, developing innovations and technology. The authors question the participation of financial companies in non-financial companies, considering that the financial sector primarily aims at short-term profits and the country needs companies with a long term vision to grow and develop, as well as interest rates that favor this growth. In the quest to understand the future of society, the digital economy, and issues such as environment and economy, we strongly suggest reading the book by Jean Tirole, "Economics for the Common Good." The author, who was awarded the Nobel Prize in Economics in 2014, and his co-author Steven Rendall, translates into accessible and clear language their reflections on the future of our society and the world. These are, therefore, the topics highlighted in this editorial. Article 1, "The effect of the participation of financial companies in non-financial companies in Brazil," by Istvan Karoly Kasnar and Ivandro de Almeida Oliveira, presents the main results of a master's research that analyzed the effect of direct or indirect participation of banks in non-financial companies in Brazil. The authors discuss the regulatory environment for this kind of participation, comparing with that of the US, which is one of the most developed financial markets in the world, hosting the stock exchanges with the highest volume traded. The parallel with the American market is particularly interesting since the country pioneered the creation of sophisticated financial instruments, and developed throughout history a specific regulatory framework for this kind of participation kin companies. Article 2, "BNDES 'impact on steel industry efficiency: two-stage Malmquist model usage," by Ricardo Kalil Moraes and Peter Fernandes Wanke, uses the two-stage Malmquist Data Envelopment Analysis (DEA) model, to evaluate how the Brazilian Develo...