A financeirização no Brasil: fundos de investimentos, intermediários e inovações financeiras

Abstract

The financialization of capitalism has led to changes in the accumulation patterns and power structures of economies. This transformation is largely driven by the increased economic power of institutional investors. This strengthening of the primacy of finance over other economic and social dimensions has greatly increased interest in studies of financialization. The main objective of this thesis is to investigate the financialization of the Brazilian economy. This study emphasizes the cooperative relationships between the state and other economic actors in shaping a financialized economic environment, and is supported by the strategic action field theory and the sociology of finance. Given the multifaceted nature of financialization, this thesis investigates three economic contexts. The first part investigates financialization in Brazil through the expansion of the Brazilian investment fund market. Based on an exploratory and descriptive analysis of historical data, this part highlights the fundamental role of the state in shaping an economic environment favorable to the growth of the economic power of these financial actors. The second part investigates the investment strategies of the "Big Three" as blockholders in the ownership of companies operating in Brazil. Based on an exploratory and descriptive analysis of the data, this part emphasizes the financialization of corporate control by highlighting the increased influence of actors and financial markets on the control of large companies. The third part investigates the financialization of Brazilian agribusiness through the emergence of Fiagros as financial innovations, problematizing land concentration and foreignization as consequences of this phenomenon. Based on an exploratory and descriptive analysis of historical data and social network analysis, this part highlights the fundamental role of the state in shaping Brazilian agribusiness as a space for rentier financial accumulation and the reproduction of financial actors. The results support the thesis of the financialization of the Brazilian economy. Institutional investors turned out to be the main actors in this process of transformation of the Brazilian economy. The deliberate actions of the state have allowed the Brazilian investment fund market to grow substantially and have increased the power of these investors in the Brazilian economy. The "Big Three" hold significant shareholdings in most of the large companies operating in Brazil and in all sectors of activity, indicating a possible investment strategy focused on "horizontal ownership". The significant growth of the Fiagros funds is indicative of the increasing dependence of Brazilian agribusiness on the financial market. Land has emerged as an important asset for investment by large agribusiness companies and international financial asset managers. Through deliberate government action, these investors have broadened their accumulation base for the activities of this important component of the Brazilian economy.