Análise dos procedimentos de financeirização do endividamento público brasileiro a partir dos ciclos de ajuste neoliberal (1990-2020)

Abstract

This academic work aims to analyze the processes of financialization of Brazilian public debt. To analyze the object, with the connection of economic policies to the political and partisan bias of the presidents of the Republic, a time cut was delimited from the neoliberal adjustment cycles of 1990 to the first half of 2020. The basis of the work is a bibliographical research, with literature reviews in the field of economics, sociology and politics. To understand the process of financialization it is necessary to understand classical concepts such as capital circulation, surplus value, competitive capitalism, financial capital, imperialism, capital globalization, public indebtedness and unproductive capital. The question of public indebtedness to the Brazilian economy has been linked to problems of external dependence since the beginning of republican Brazil. In relation to the political and partisan bias, the concepts of neoliberalism, social neoliberalism, neodesenvolvimentism and neoconservatism are discussed. Within the time frame, we have five cycles of neoliberal adjustments, ranging from the Collor government in 1990 to the Bolsonaro government, elected in 2018. Thus, neoliberalism was the basic structure of governments in adopting economic policies, with a certain inflection to neodesenvolutism in the analyzed time frame. Financial and speculative capital demands a favorable environment for the financing of public debt and its payment, in order to obtain greater volumes of profit. What changes from one government to another are the policies that bring social impacts linked to the process of debt financialization.