Capitalist State and Class Character of Macroeconomic Policies in the Brazil Post-Real.

For the last three decades global capitalism has been marked by the financial logic of accumulation. From developmentalist liberal ideology, it moved to neoliberal monetarist ideology, with important consequences for relations between society and state. However, it was not at this time that the old liberal ideals of the minimal state were realized. Paradoxically, the new liberalizing order was not a project that could renounce the state; instead the state would move strongly on the macroeconomic level. This paper discusses ways in which fiscal and monetary policies implemented in Brazil after the Real Plan interfered in class relations and how they reveal a financial class character of the state. The fiscal policies analyzed are the release of federal government resource entitlements, the so-called fiscal responsibility and the figures of the primary and nominal fiscal results. In the context of monetary policy, I analyze the priority given to inflation control and the inflation targeting system as its means of control. The results show a picture of favoritism to the financial fraction of capital through such policies, which form, in whole, an institutional apparatus for the protection of credit and income which the finance respectively provides to and obtains from the state. [ABSTRACT FROM AUTHOR]