Abstract EN:

For three decades, the dynamics of accumulation of capital of the Brazilian economy has evolved in the long run driving by cycles of growth and is modulated by the increased financialization of the distribution of income. This macrodynamic led us to analyze the Brazilian economy from the miracle and its crisis extended by forced march until the present (1967-2001). These events raise the importance of the thesis of the Latin-American stagnation developed by the ECLAC school and the classics structuralists. One examines initially the theoretical relation between the macrodynamic of the financialization (cycles of growth) and the structuralist analyses. In this view, by mobilizing empirical tools, our analysis can proceed to examine the persistence of the nonlinear phenomena related to the Latin-American cycles of growth. Determined by the tendency to stagnation, the financialized cycle of growth is built-in in a Furtado-Goodwin model where the nonparametric character evolves according to the conflicts of distribution of income. This type of model thus makes it possible to conceptualize the financialized cycle of growth. Lastly, the description of cycles which ties growth and financialization of accumulation is used for the analysis of the economy of Brazil.