The Brazilian deindustrialization: financialization is not guilty

Mylène Gaulard

Brazilian Journal of Political Economy, 2015, vol. 35, issue 2, 227-246

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.

Keywords: investment; finance; profit; deindustrialization; Brazil (search for similar items in EconPapers)
Date: 2015
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