Financiarisation et accumulation du capital productif au Brésil les obstacles macro-économiques à une croissance soutenue

Miguel Bruno

Revue Tiers-Monde, 2007, vol. n° 189, issue 1, 65-92

Abstract: Three trends of today?s Brazilian economic developments reveal major structural problems unresolved by the current growth model : the continuous erosion of net productive capital in the stock of total capital ; the high share of financial revenue in the total product ; and, a weak and unstable economic growth. To explain the reasons behind this, the analysis focuses on the determining factors of the rate of productive capital accumulation, of firms? net average profit and that of financial revenues. A process of the economy?s financialisation subordinates economic policy and national interests to the accumulation of income-generating assets. Thus, in the case of Brazil, a macroeconomic analysis suggests that the main factor contributing to the decrease in productive investment is to be sought after in the financial expenses rather than in taxation, infrastructure or even the labour market...

Date: 2007
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