 During his first term, several government-owned enterprises in areas such as steel milling, telecommunications and mining, such as "Telebras" and "Companhia Vale do Rio Doce" were sold to the private sector, the deepest denationalisation in Brazilian history, amidst a polarized political debate between "neoliberals" and "developmentalists".Ironically, this time Cardoso was against the latter group, generating uproar among former academic colleagues and political allies who accused him of reneging his previous intellectual work.Economists still contend over its long-term effects; some research suggests that companies sold by the government achieved better profitability as a result of their disengagement from the state.