Os limites da política econômica brasileira frente à crise de 2008

Abstract

This dissertation analyzes the limitations of Brazilian economic policy in the face of the 2008 international financial crisis, considering Brazil's structurally dependent insertion in the world economy. It starts from the hypothesis that, in peripheral economies, the effects of systemic crises of capitalism are amplified by historical mechanisms of productive, technological, financial, and political subordination, or that restrict the scope and effectiveness of macroeconomic policies. The central theoretical framework mobilized is Celso Furtado's interpretation of underdevelopment and dependency, according to which Latin American economies are characterized by a specific form of capital reproduction, conditioned by asymmetrical relations with hegemonic centers.Empirically, the 2008 crisis is examined as an expression of the contradictions of financed capitalism, highlighting the mechanisms of international transmission of shocks and their differentiated impacts on central and dependent economies. In particular, the Brazilian response to the crisis is analyzed, marked by the adoption of anticyclical fiscal and credit policies, the actions of public banks, and the use of international reserves, which allowed for a relatively rapid recovery in the short term. However, it is argued that this strategy encountered structural limits, evidenced by the restriction of the external sector, the re-primarization of exports, persistent financial dependence, and the fragility of the productive structure. It is concluded that the obstacles faced by Brazil in the post-crisis period were not merely conjunctural, but an expression of a subordinate international insertion that continues to restrict the autonomy of the State and the sustainability of a national development project.