Abstract

DATHEIN, Ricardo  and  DUTRA FONSECA, Pedro Cezar. Hegemony of financial capital and productive structure: Determinants of the trajectory of the Brazilian economy in the 21^st century. El trimestre econ [online]. 2024, vol.91, n.362, pp.341-369.  Epub June 21, 2024. ISSN 2448-718X.  https://doi.org/10.20430/ete.v91i362.2134.

The consistent underperformance of the Brazilian economy in the 21st century, despite some years of higher gross domestic product (GDP) growth in the 2000s, has coincided with positive outcomes in its financial system. This contradiction is examined in the article through the concepts of hegemony and financialization. The aim is to establish a connection between financial hegemony, economic structure, and aggregate profitability, to identify how the former affects negatively the latter. The weight of the financial sector and its ability to influence economic policies and sustain its gains in different contexts are evaluated. Additionally, the determinants of the profit rate and its relationship with structural factors are examined. The evidence points to a significant influence of financial capital, which, through adverse structural changes, affects long-term profit rate trends, and consequently affects the industry and foreign trade, while also allowing the financial sector to maintain its gains over time.

Keywords : Hegemony; financial capital; Brazilian economy; L16; O11; O16.