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The article discusses the role of the Real Plan in the reconstruction of the Brazilian state. The main thesis is that there was then a state of sociopolitical crisis (crisis of hegemony of the pact of domination) and not just a crisis of governance, in evaluating the prevailing thought in the literature of the Brazilian political science at the time. The Real Plan's success is explained by his having been the flagship of a change program that was conducted in a process of renegotiation sociopolitical liberal state power. The involvement of the ball politician/institutional this process of change has succeeded in overcoming the crisis of governability in existence until 1993. In the historical period opened by the Real Plan, until the main leftist party, the PT was induced to join in her way, since the 2002 election campaign, the liberal macroeconomic policy, although the coalition government of Lula is running too counter-hegemonic policies. The analysis identifies the origin and the determinants of the crisis and some junctures of his process, with emphasis on the Franco administration. The argument shows the importance of political leadership of Fernando Henrique Cardoso in the process of the Real Plan, but does not adhere to a voluntary explanation or indeterministic, as part the actions of subjects in the structural constraints. Adapted from the source document.