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The Brazilian deindustrialization: financialization is not guilty

Author

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  • Mylène Gaulard

Abstract

The financialization of the Brazilian economy is often criticized as being responsible of the slowdown of capital accumulation in this country. Indeed, very high interest rates are maintained in order to finance the public debt, and this fosters capitalists to get more Treasury bonds rather than to invest in the productive area. Nevertheless, the evolution of the profit rate in this area also explains the particular relation existing between capitalists, finance and productive investment, as Marx showed it more than a century ago. JEL Classification: E11; E22; N16.

Suggested Citation

  • Mylène Gaulard, 2015. "The Brazilian deindustrialization: financialization is not guilty," Brazilian Journal of Political Economy, Center of Political Economy, vol. 35(2), pages 227-246.
    • Handle: RePEc:ekm:repojs:v:35:y:2015:i:2:p:227-246:id:222
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    Keywords

    investment; finance; profit; deindustrialization; Brazil;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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