América Latina e dependência: subordinação no contexto de financeirização do capital

Abstract

This work seeks to understand how the capitalism advance to a new phase, the capital financialization, spread in Latin America, bringing to the latin-american states socioeconomic consequences from its new practices, and how this new phase brought to the region more subordination in relation to the capitalist centers, now in the finance area. In order to comprehend this, it is necessary to understand how the capitalism has changed during the end of the 20th century: due to the fall of the Bretton-Woods system, the oil crises and the neoliberalism ascension, the capitalism enters into a new stage, irreversible, of acumuluation with financial predominance, in which the modern economies suffered estructural and systemic transformations, jumping to the finances and its new practices involving, more than ever, the fictitious capital. Inside these dynamics, which occur first in the centers, the latin-american periphery that was trying to unsuccessfully atenuate its dependency in relation to them suffered, in our interpretation using as theoretical instrumental the Dependency Theory, an intensification of its subordinate condition in which finances are the new expression of dependency, essencially due to the external debt. The states became indebted in an attempt to sustain their economic models against external shocks and the domestic transition towards industrialization that the major part of them were, however, they were actually deepening their economic vulnerability, turning their macroeconomic model and prosperity entirely subordinated to the international financial conditions. Analysing how Brazil and Argentina entered in this new phase, we realized that even if there are diferences in the moment and gradualism of the capitalist and neoliberal new practices absorption between them, and different ways that they sought to get rido f this condition, in the end of the century both of the States were characterized by extremely high external debt rates and, consequently, political-economic vulnerability to international shocks.