Debt-led exploitation in Brazil, Marxist Sociology Blog, fev. 2020.
The financial expansion of the Brazilian economy began in this global context of substitution of neoliberal for developmentalist ideology. This expansion in Brazil came in the mid 1990s, a bit later than the rise of finance at the center of world economy. The process involved a reorganization of economic relations, in which the role of the Brazilian state was fundamental, despite neoliberal discourse.
The politics of public debt (Brill, 2020)
The book analyzes how fiscal and monetary policies and the administration of public debt related to class, labor, and democracy during the period of neoliberal financialization in Brazil. Sustained by state action, the politico-economic context allowed the establishment of a macroeconomic framework that favored finance capital. It was characterized by the expropriation of workers’ incomes through a system involving public debt and taxation, capable of deepening labor exploitation. Decisions about public debt and related policies are analyzed in terms of their implications for economic democracy. The book raises the hypothesis that the 2016 coup within the Brazilian capitalist state sought to overthrow the political forces that were no longer able to administer this model.