Macroeconomic policies and economic democracy in neoliberal Brazil

Resumen

This paper aims at questing for the macroeconomic policing relating its decision making process to a conception of democracy that is characterized by popular participation in decisions that affect the welfare of entire society. Special attention is given to the decisions on Brazilian public indebtedness over the years following the launching of the Real Plan. Empirical evidences show a limited democracy, which is revealed by the material inequality that reproduces political inequality and restricts real freedom. It must be added the selective bureaucratic insulation of decisions on economic policy, and the parliament’s omission to deal with the macroeconomic agenda. The later is thus left to control by the economic apparatus of the executive branch, which on one hand submits itself to substantial political influence from finance and, on the other hand, restricts the popular participation in the fiscal and monetary decisions.