Profitability and Distribution: The Origin of the Brazilian Economic and Political Crisis. (January 2020)

• Record Type: Journal Article
• Authors: Marquetti, Adalmir Antonio; Hoff, Cecilia; Miebach, Alessandro
• Other Names: Saad-Filho Alfredo guest-editor.; Grigera Juan guest-editor.; Colombi Ana Paula guest-editor.
• Is Part Of: Latin American perspectives. Volume 47:Number 1(2020:Jan.)
• Page Start: 115
• Page End: 133
• Publication Date: 2020-01
• Subjects: Brazilian economy -- Profit rate -- Wage share -- Developmentalism -- Neoliberalism; Latin America -- Economic policy -- Periodicals; Latin America -- Politics and government -- Periodicals; Latin America -- Economic conditions -- Periodicals; Latin America -- Social conditions -- Periodicals; 320.98
• DOI: 10.1177/0094582X19887751
• Languages: English
• ISSNs: 0094-582X

Abstract

The PT governments combined elements of developmentalism and neoliberalism in a contradictory construction, organizing a large political coalition of workers and capitalists that allowed expanding the real wage and reducing poverty and inequality while maintaining the gains of productive and financing capitals. The decline of profitability after the 2008 crisis broke the class coalition constructed during Lula's administration. The Dilma Rousseff government adopted a series of fiscal stimuli for private capital accumulation with meager economic growth. After her reelection, the government implemented an austerity program that resulted in negative growth rates. With the deepening economic crisis and without political support, Rousseff was removed from power. Os governos do PT combinaram elementos de desenvolvimentismo e neoliberalismo em uma construção contraditória, organizando uma grande coalizão política de trabalhadores e capitalistas que permitiu expandir o salário real e reduzir a pobreza e a desigualdade, mantendo os ganhos dos capitais produtivos e financeiros. O declínio da lucratividade após a crise de 2008 quebrou a coalizão de classes construída durante o governo Lula. O governo Dilma Rousseff adotou uma série de estímulos fiscais para a acumulação de capital privado com escasso crescimento econômico. Após sua reeleição, o governo implementou um programa de austeridade que resultou em taxas de crescimento negativas. Com o aprofundamento da crise econômica e sem apoio político, Dilma foi afastada do poder.