This book explains how and why major developing countries like Brazil, China, and India globalized state-led development by creating homegrown multinational corporations. It explores how this strategy allows national firms to access new sources of profits, knowledge, and technology by producing and innovating across the globe. Drawing on an in-depth study of Brazil, alongside comparative analyses of China and India, the book demonstrates how development banks enable governments to influence business strategies and navigate political contestation. Moving beyond accounts that portray globalization and democracy as constraints on industrial policy, the book shows that late developers have changed the strategies for, but not renounced the ambition of, the structural transformation of their economies. This title is part of the Flip it Open Programme and may also be available Open Access. Check our website Cambridge Core for details.