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Hegemonía del capital financiero y estructura productiva: determinantes de la trayectoria de la economía brasileña en el siglo XXI

Author

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  • Dathein, Ricardo

    (Universidad Federal de Río Grande del Sur)

  • Dutra Fonseca, Pedro Cezar

    (Universidad Federal de Río Grande del Sur)

Abstract

The consistent underperformance of the Brazilian economy in the 21st century, despite some years of higher gross domestic product (GDP) growth in the 2000s, has coincided with positive outcomes in its financial system. This contradiction is examined in the article through the concepts of hegemony and financialization. The aim is to establish a connection between financial hegemony, economic structure, and aggregate profitability, to identify how the former affects negatively the latter. The weight of the financial sector and its ability to influence economic policies and sustain its gains in different contexts are evaluated. Additionally, the determinants of the profit rate and its relationship with structural factors are examined. The evidence points to a significant influence of financial capital, which, through adverse structural changes, affects long-term profit rate trends, and consequently affects the industry and foreign trade, while also allowing the financial sector to maintain its gains over time.

Suggested Citation

  • Dathein, Ricardo & Dutra Fonseca, Pedro Cezar, 2024. "Hegemonía del capital financiero y estructura productiva: determinantes de la trayectoria de la economía brasileña en el siglo XXI," El Trimestre Económico, Fondo de Cultura Económica, vol. 91(362), pages 341-369, abril-jun.
    • Handle: RePEc:elt:journl:v:91:y:2024:i:362:p:341-369
    DOI: https://doi.org/110.20430/ete.v91i362.2134
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    More about this item

    Keywords

    Hegemony; financial capital; Brazilian economy.;
    All these keywords.

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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