Direcionamento de crédito e inovação: uma análise à luz do Direito Econômico e da Constituição Federal de 1988

Abstract

This article analyzes the importance of long-term financing in promoting innovation, highlighting the historical role of the National Bank for Economic and Social Development (BNDES) as a public policy tool focused on national development. Established in 1952, the bank evolved from an autonomous agency to a public company, expanding its autonomy and strategic role, particularly in sectors neglected by the private sector. From the 2000s onwards, BNDES began to prioritize support for innovation, implementing programs such as “BNDES Mais Inovação” and National Fund for Technical and Scientific Development (FUNTEC). The allocation of credit, primarily operated by public banks, is one form of state intervention in the economic domain, as outlined by the Federal Constitution. Embedded within the framework of the “Dirigente Constitution”, BNDES must act in a planned manner, aligned with constitutional objectives such as reducing inequalities and promoting scientific and technological development. Despite the importance of state planning in this scenario, there is a trend toward reducing the emphasis on planning, which limits the state’s ability to coordinate effective policies. This article seeks to examine some of the current criticisms regarding the inadequate use of legal instruments aimed at promoting innovation and development, as determined by the Constitution.