Orientador: Angelita Matos Souza / Resumo: A presente dissertação analisa a inserção subalterna do Brasil no período da financeirização, cuja base de estudo foca-se nos aspectos internos e externos da estrutura e das relações do capitalismo dependente brasileiro. Para isso, antes da interpretação do paradigma da dependência atual, buscamos identificar as relações políticas e econômicas entre os países hegemônicos e os periféricos. Assim, primeiramente, procuramos analisar a ascensão, consolidação e materialização do imperialismo, desde a análise do fenômeno realizada pelos autores clássicos até o debate contemporâneo. Em segundo lugar, procuramos conceituar a questão histórica da dependência e como ela aparece nas relações domésticas e estrangeiras do Brasil com os países de capitalismo avançado, sobretudo os Estados Unidos. Por último, penetramos nos estudos da estrutura da inserção subordinada do país às finanças globalizadas, principalmente no que tange as questões da abertura comercial, da liberalização financeira, das políticas econômicas de viés liberal – tripé macroeconômico – e das modificações no marco civil regulatório do país, o que, por sua vez, ratificou a metamorfose brasileira na direção da especialização da valorização internacional de capital financeiro. / Abstract: This dissertation analyzes the subordinate insertion of Brazil in the period of financialization, whose basis of study focuses on the internal and external aspects of the structure and relations of Brazilian dependent capitalism. Therefore, before interpreting the current dependency paradigm, we seek to identify the political and economic relations between hegemonic and peripheral countries. Thus, firstly, we seek to analyze the rise, consolidation and materialization of imperialism, from the analysis of the phenomenon performed by the classical authors to the contemporary debate. Secondly, we seek to conceptualize the historical issue of dependence and how it appears in Brazil's domestic and foreign relations with advanced capitalist countries, especially the United States. Finally, we have studied the structure of the country's subordinate insertion to globalized finance, especially with regard to trade liberalization, financial liberalization, economic policies of liberal bias and changes in the country's regulatory civil framework. / Mestre

Esta tese é resultado do desdobramento de reflexões iniciadas em trabalho anterior, quando se buscou compreender o conceito de financeirização e discutir algumas das questões que ele envolve. Dada a importância desse fenômeno para a compreensão do capitalismo contemporâneo, bem como da necessidade de se levarem em conta as especificidades de países e regiões, trata-se agora de compreender como se deu a evolução desse processo no Brasil recente, mais precisamente durante o período de Luiz Inácio Lula da Silva na Presidência da República (2003-2010), por três motivos principais. Primeiro, a década de 1990 momento de penetração do neoliberalismo no país e de integração deste à mundialização financeira já foi devidamente estudada. Segundo, a importância de se investigarem os desdobramentos do capitalismo brasileiro no pós-liberalização sob a égide das finanças. Terceiro, o interesse em compreender as contradições que perpassavam, nesse contexto, um governo do campo da esquerda, bem como as consequências que elas tiveram. Assim, visando contribuir para o debate sobre os governos Lula, um dos objetivos centrais desta pesquisa é fornecer um panorama mais integrado de diferentes elementos do processo de financeirização no Brasil e de seus impactos, já que a maior parte dos trabalhos sobre o assunto foca-se em um ou outro aspecto. Busca-se, a partir disso, dialogar com diferentes análises sobre o período. Outro objetivo central é realizar uma reflexão que se beneficie da distância dos anos e do conhecimento dos desdobramentos posteriores a 2010 a fim de (re)interpretar alguns aspectos do período Lula e avançar alguns comentários sobre o governo Dilma. A principal conclusão é a de que, apesar de o receituário neoliberal stricto sensu ter sido revertido em alguns pontos, o processo de financeirização continuou avançando e se aprofundando no Brasil, tanto em razão de medidas implementadas pelo governo quanto por fatores para além delas. Os bancos continuaram dominantes no país e, apesar da melhora da situação de outros setores econômicos, pode-se dizer que a fração bancário-financeira da grande burguesia (incluindo o capital de aplicação financeira internacional) conservou sua hegemonia. As consequências políticas dessa situação foram sentidas mais tarde, quando o fim do bom momento econômico que permitia a conciliação de objetivos e o enfrentamento mais direto dos interesses financeiros por parte do governo contribuíram para a crise política que levou à remoção de Dilma Rousseff da Presidência. / This thesis is a development of the reflection, made in previous work, on the concept of \"financialization\" and some of the issues it involves. Given the importance of this phenomenon to the understanding of contemporary capitalism, as well as the need to take into account the specificities of countries and regions, it is now a question of understanding how the evolution of this process occurred in recent Brazil, more precisely during the period of Luiz Inácio Lula da Silva in the Presidency of the Republic (2003-2010), for three main reasons. First, the 1990s the moment of the penetration of neoliberalism in the country, and the integration of the latter into financial globalization has already been duly studied. Second, the importance itself of investigating how the Brazilian capitalism unfold in \"post-liberalization\" under the aegis of finance. Thirdly, the interest in understanding the contradictions that permeated, in this context, a left-wing government, as well as the consequences they had. Thus, in order to contribute to the debate on the Lula governments, one of the main objectives of this research is to provide a more integrated picture of the financialization process in Brazil and its impacts, since most of the work on the subject focuses in one aspect or another. Based on this, we seek to dialogue with different analyzes about the period. Another important objective is to carry out a reflection that benefits from the distance of the years and from the knowledge of the developments after 2010 in order to (re)interpret some aspects of Lulas period and to make some comments about Dilmas government. The main conclusion is that, although the neoliberal \"recipe\" stricto sensu was reversed in some points, the process of financialization continued to evolve and deepen in Brazil, both due to measures implemented by the government and by factors beyond them. Banks kept their dominance over the country and, despite the improvement in the situation of other economic sectors, it can be said that the banking-financial fraction of the big bourgeoisie (including international financial capital) retained its hegemony. The political consequences of this situation came to light later, when the end of the good economic moment which allowed the reconciliation of objectives and the more direct confrontation of financial interests by the government contributed to the political crisis which led to the removal of Dilma Rousseff from Presidency.

A dissertação procura compreender o fenômeno da financeirização no âmbito do capitalismo contemporâneo. Uma série de transformações iniciadas nos anos 1970 assinalou o declínio do regime de acumulação fordista e a provável emergência de uma nova fase do capitalismo. Sua característica fundamental consiste em um movimento de financeirização, decorrente em parte de mudanças desenvolvidas na esfera financeira. Seus traços mais destacados são o aumento exponencial das transações, tanto em termos absolutos como em relação às atividades produtivas; a liberalização e desregulamentação de mercados e das atividades financeiras em todo o mundo; o surgimento de novos agentes e instituições ligados às finanças. Processo este que desembocou no aumento da importância do capital financeiro nos circuitos de valorização. O caráter recente deste fenômeno ainda não permitiu que fossem estabelecidos consensos teóricos sobre a questão. Por conta disso, a dissertação debruça-se sobre as obras de dois pensadores marxistas, François Chesnais e David Harvey, buscando estabelecer semelhanças, diferenças e, sobretudo, as complementaridades de suas contribuições. A escolha de Chesnais se impõe pelo papel destacado que o assunto ocupa em sua obra. Harvey, por sua vez, concede primazia à discussão das relações das finanças com os demais aspectos que caracterizam o capitalismo na atualidade. / The dissertation seeks to understand the phenomenon of \"financialization\" under contemporary capitalism. A series of transformations started in the 1970s which began out the decline of the \"Fordist\" regime of accumulation and the possible emergence of a new phase of capitalism. Its key feature is a movement of \"financialization\", which results in part from changes in the financial sphere. Its distinctive aspects are the exponential increase in transactions, both in absolute terms and in comparison to productive activities; liberalization and deregulation of financial markets and activities around the world; the emergence of new actors and institutions related to finance. This process led to an increased importance of financial capital in the circuits of valorization. This new moment has not yet allowed to establish a theoretical consensus on the issue. For this reason, the dissertation focuses on the works of two Marxist thinkers, François Chesnais and David Harvey, seeking to establish similarities, differences and, above all, complementarities of their contributions. Choosing Chesnais is imposed due to the prominent role the subject occupies in his work. Harvey, in turn, prioritizes the discussion of relations between finance and other aspects of capitalism today.

As transformações na produção do espaço urbano carioca a partir da primeira década do século XXI, protagonizada pela produção das grandes incorporadora do setor imobiloiário sob domínio do capital financeiro, conformam o objeto de análise desta dissertação. O que se observa no período estudado é que o urbano tem sido levado às últimas consequências enquanto lócus privilegiado de reprodução ampliada do capital. Portanto, lançar olhar sobre essas transformações nos permite compreender como o imbricamento entre o capital financeiro e o imobiliário, expandindo suas fronteiras de acumulação, engendrou uma verdadeira \"explosão\" de novos empreendimentos de mercado, reconfigurando o espaço das metrópoles a partir da atuação privilegiada do setor. O resultado desse processo, como mostraremos, foi o encarecimento insano do preço das propriedades imobiliárias e, com isso, a intensificação dos processos de espoliação. Pretende-se analisar como o Estado atua nessas transformações articulado às frações financeira e imobiliária do capital, seja pela alteração de marcos regulatórios, na promoção de políticas públicas ou na construção de grandes infraestruturas, desempenhando a função de viabilizar as condições gerais de produção e garantir a ampliação da acumulação do setor. Neste cenário, o subúrbio da Zona Norte carioca despontou como foco de todos esses investimentos que reforçam as transformações em curso, onde a produção de seu espaço torna-se a manifestação mais acabada desse processo. / The transformations in the production of the urban space of Rio de Janeiro since the first decade of the XXI century, led by the production of great developers of the real estate sector, under the domain of the financial capital, make up the object of analysis of this dissertation. What has been observed in the studied period is that the urban space has been taken to ultimate consequences as a privileged locus of expanded reproduction of capital. Therefore, look up at these transformations allows us to understand how the imbrication between financial capital and real estate, expanding its accumulation boundaries, engendered a real \"explosion\" of new ventures for the market sector, reconfiguring the metropolitan space from the privileged performance of the sector. The result of this process, as will be shown, was the outrageous increase in the price of real estate properties, and with this, the reinforcement of spoliation processes. It is intended to analyse how the State operates in these transformations, associated with financial and real estate fractions pof capital, either by changing regulatory frameworks, promoting public policies or building large infrastructures, fulfilling the role that sets up the general conditions of production and ensures the expansion of the sector\'s accumulation. In this scenario, the suburb of the Northern Zone of Rio de Janeiro emerged as the focus of all these investments that enhance the ongoing transformations, where the production of its space becomes the most complete manifestation of this process.

This thesis questions the connection between knowledge and finance and advances an account that links both in a two-folded way. The first level departs from what separates the two opposite views or alternative explanations about the value of knowledge. The source and essence of the extra profits in information goods or commodities, such as digital media contents and software, featuring increasing returns to scale owing to their peculiar cost structure manifested by a high fixed cost and very low constant marginal cost, is what separates the two views about the value of knowledge. In light of the near-decomposability/modularity hypothesis, the extra profits in information commodities should arise from &#039 / information hiding,&#039 / which is intrinsic to nearly-decomposable systems or modular architecture because they are built on an ignorance on the parts in regard to the other parts and the whole of system. Such (hidden) design information that gives rise to parts or modules creates, at the same time, the future paths of action or (real) options, according to real-options perspective. When the two perspectives are combined, knowledge production, as distinct from subsequent knowledge commodity production, basically becomes an option creation process. Then, it becomes possible to argue that the concurrence of knowledge and finance is not a coincidence at all because the logics of accumulation is no different but almost identical, which is the second level of the two-folded account attempted in this study. The main contribution of this thesis is to build an account that links financialization to knowledge via the notion of modularity. Such an account sees financialization as a reflection and consequence of a value-driven permanent innovation economy developed under the &#039 / IT paradigm&#039 / in order to exploit a surplus peculiar and intrinsic to the modular structure that makes &#039 / information hiding&#039 / an integral part of such architectures since they are by definition built on an ignorance on the parts in regard to the other parts and the whole of system.

This thesis questions the connection between knowledge and finance and advances an account that links both in a two-folded way. The first level departs from what separates the two opposite views or alternative explanations about the value of knowledge. The source and essence of the extra profits in information goods or commodities, such as digital media contents and software, featuring increasing returns to scale owing to their peculiar cost structure manifested by a high fixed cost and very low constant marginal cost, is what separates the two views about the value of knowledge. In light of the near-decomposability/modularity hypothesis, the extra profits in information commodities should arise from &#039 / information hiding,&#039 / which is intrinsic to nearly-decomposable systems or modular architecture because they are built on an ignorance on the parts in regard to the other parts and the whole of system. Such (hidden) design information that gives rise to parts or modules creates, at the same time, the future paths of action or (real) options, according to real-options perspective. When the two perspectives are combined, knowledge production, as distinct from subsequent knowledge commodity production, basically becomes an option creation process. Then, it becomes possible to argue that the concurrence of knowledge and finance is not a coincidence at all because the logics of accumulation is no different but almost identical, which is the second level of the two-folded account attempted in this study. The main contribution of this thesis is to build an account that links financialization to knowledge via the notion of modularity. Such an account sees financialization as a reflection and consequence of a value-driven permanent innovation economy developed under the &#039 / IT paradigm&#039 / in order to exploit a surplus peculiar and intrinsic to the modular structure that makes &#039 / information hiding&#039 / an integral part of such architectures since they are by definition built on an ignorance on the parts in regard to the other parts and the whole of system.

Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to explain this phenomenon. Financialization, the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities, leading to a reduction in the desired growth rate. In the second part the link between accumulation and financialization is tested econometrically by means of a time series analysis of aggregate business investment for USA, UK, France, and Germany. Extensive test of robustness are performed. For the first three countries evidence that confirms the negative effect of financialization on accumulation is found. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

Since 2006 California has been pursuing the most ambitious climate change policy in the United States, implementing a suite of greenhouse gas reduction measures ranging from automobile refrigerant disposal rules to clean energy standards for electric power utilities. The most significant of these measures is the creation of a cap‐and‐trade program. Through this program, regulators seek to create a knowable price‐signal to incentivize emissions reductions among polluters. Using a suite of ethnographic methods, this dissertation looks at the people, ideas, and institutions that have been mobilized in the creation of California’s cap‐and‐ trade program. Substantively, the dissertation engages with three key aspects of the program. First, the way that economic theory is deployed in the creation of the rules of exchange, and how that theory is made to take a compromised but still structuring role in light of the political pressures on regulators in writing the rules of exchange in financial representations of greenhouse gases. Second, the dissertation examines the diverse values, economic and non‐economic, in play during the creation of financial representations of greenhouse gases; and third, the environmental and social justice ramifications of structuring an emissions reduction program around the motivation of doing so at the lowest possible cost to polluters. Theoretically, this dissertation is informed by political ecology on the commodification of nature, commodity theory drawn from economic geography and political economy, and sociological theories of economic practice primarily originating from the social studies of finance. The conclusion of the dissertation is that the result of countless hours of work by regulators and their interlocutors is a suite of market‐like mechanisms that ultimately function more like the administrative tool that environmental markets’ early advocates envisioned rather than the full‐blown financialization of the atmosphere, though with potentially detrimental environmental impacts for vulnerable communities.

The study of money and banking is largely considered the purview of economics. Nevertheless, money theme cannot be neglected by social analysis for money is a social construct, embedded in social interactions. Financial system, money&rsquo / s highest level of institutionalization, also cannot be abstracted from social and political sub-structure. In this thesis we tried to look at the way in which Turkish financial transformation in early 1980&rsquo / s has found its reflections on social sphere / in terms of changing social relations and institutions. We first presented a short history of Turkish financial system, then we focused on the essential features of 1980 Transformation, covering its political background. The emphasis is made on power relations between bureaucracy, political will and financial market participants. We also combined the main features of mainstream theoretical approaches to money and finance from the fields of sociology and we put current debates on Turkish financial liberalization into the context of sociology. As we considered the ways financial relations shape societal developments and political processes, we tried to identify how debt-money system had permeated further in the social relations through financialization of society

La hausse des prix des matières premières observée pendant les années 2000 étant concomitante avec une présence plus accrue des agents financiers sur ces marchés a suscité entre l'intérêt des chercheurs. Cette hausse des prix a eu lieu avec une transformation des marchés de matières premières que cela soit dû à la présence de nouveaux instruments financiers ou à des investissements plus importants dans ces marchés. Les deux premiers chapitres de cette thèse étudient l'impact sur les matières premières de la présence d'Exchange-Traded Products dont le but est d'offrir aux investisseurs financiers une exposition passive aux matières premières. Au cours de ces études, il est démontré que le mécanisme (dit de création/rédemption) utilisé pour délivrer la performance de la matière première sous-jacente aux investisseurs a un impact sur le prix du sous-jacent, sur sa volatilité et sa corrélation au marché des actions. Enfin, ces mêmes instruments sont devenus les principaux contributeurs à la fonction de découverte des prix alors que traditionnellement cette fonction était assurée par les marchés à terme. Le dernier chapitre de ce manuscrit de thèse étudie la saisonnalité à la fois des prix et des positions des différents types d'agents présents sur le marché à terme des matières premières agricoles. Les résultats montrent que la saisonnalité des positions sur le marché à terme a été modifiée par la présence accrue des agents financiers. Cette thèse quantifie et démontre que les nouveaux supports d'investissement et les positions plus nombreuses de ces mêmes investisseurs sur le marché à terme ont modifié les caractéristiques financières et fondamentales des matières premières. / Commodity prices rise observed during the 2000s being concomitant with the increasing presence of financial agents has sparked the researchers’ interest. This price increase occurred while commodity markets have been transformed by new financial instruments or larger investments in these markets. The first chapter of this thesis are studying the impact on commodities of Exchange-Traded Products (ETPs) whose purpose is to provide investors a passive exposure to commodities. During this study, it is shown that the mechanism (called creation / redemption) used to deliver the performance of the underlying commodity to the investors has an impact on the price of the underlying asset, its volatility and its correlation with the stock market. The second chapter demonstrates that ETPs have become major contributors to the price discovery process whereas traditionally this function was performed by the futures market. The final chapter of this PhD thesis is studying seasonality in both the prices and positions of different types of agents on the futures market for agricultural commodities. The results show that seasonal positions in the futures market have been changed by the increased presence of financial agents. This thesis quantifies and demonstrates that new investment vehicles and an increasing number of positions of financial investors in the futures market have changed the financial and fundamental characteristics of commodity markets.