The thesis aims to investigate the internationalization of Brazilian companies and public policies related to this process , questioning the relationship between capital and state in the context of Brazil s international relations during the Lula administration. Multinational companies play an important role in capitalist development, contributing to the historical transformation of states in hegemonic powers. States, in their turn, structure and finance the legal and political framework – both domesticaly and internationally - inside which companies act. In Brazil, in recent years, support for companies capable of competing globally has been central to the development strategy, as well to the its role as an emerging country in the world order. The so-called national interest is often mixed with private interests of Brazilian multinationals operating abroad. Negative impacts on local communities, workers and on the environment have shown, however, that the internationalization of Brazilian companies is not only about consensus (regarding the country s increasing competitiveness in the international arena), but also about conflict, both inside and outside Brazil. Social, environmental and labor aspects have systematically been excluded from chief analysis and reflections on the role of the State in supporting the internationalization of Brazilian companies. This thesis starts by presenting different perspectives on the current trends and changes in the world order, situating the debate about the rise of the BRICS in theory of International Relations. Then, we present some of the main studies on multinational enterprises of developing countries, analysing their reflections on the discussion about the internationalization of Brazilian companies. The thesis argues that the internationalization of these companies is closely related to the Brazil s search for diversification of its political and commercial relations and to the more general process of broadening and deepening of South-South relations. There one may find the basis over which Brazil has sought for greater participation and influence inside multilateral institutions and forums. The thesis point out that the current phase of internationalization of Brazilian companies follows both the formation of monopolies in the domestic market and proactive public policies aiming to achieve better positions for the country in global capitalist competition. Considering the main public and institutional policies, the thesis highlights the role played by foreign and credit policies, reinforced by changes in BNDES since 2003. It is demonstrated, therefore, that the economic project (on the internationalization of Brazilian multinationals) is integrated to the political project (of expanding Brazilian power in the world system) . Based on empirical analysis, the thesis finishes with a theoretical reflection, going further in some readings concerning the concepts of imperialism and hegemony and in the debate on the capital-state relationship. Going from the empirics to theory, the thesis investigates whether the present literature on hegemony and imperialism are suitable or need to be adapted and renewed, in a way to reflect on the new dynamics of the current phase of capitalism. In sum, the thesis intend to problematize the place and role of Brazil (as well as by other emerging countries) in the overall structure of the expanded reproduction of capital.