It has become common sense to argue that the reforms of social policies after the 1988 Constitution were somehow instrumental in explaining social progress, and that Lula’s policies mark a break with the 1988 Constitution. We suggest that both propositions are misleading. We argue that the financialization of government expenditures has led to worsening income distribution, and by limiting the ability of the state to increase social spending it has limited the ability of the state to reduce social inequalities. We argue that a recovery of Keynesian ideas about full employment and the euthanasia of the rentier are central for the development of a more just and civilized society in Brazil.
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Find related papers by JEL classification: E25 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution H50 - Public Economics - - National Government Expenditures and Related Policies - - - General O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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