Investimento estrangeiro direto no contexto das cadeias globais de valor e da financeirização subordinada
a experiência brasileira
DOI:
https://doi.org/10.23925/1806-9029.37in.2(68)74187Palavras-chave:
Cadeias globais de valor, Financeirização subordinada, Fluxos de IED, Experiência brasileiraResumo
O objetivo do artigo é discutir o caráter dual dos fluxos de Investimento Direto Externo (IDE) em economias emergentes e em desenvolvimento, mais especificamente na economia brasileira. Da perspectiva do desenvolvimento econômico dessas economias, a integração econômica internacional é crucial. Nas últimas décadas, tem havido uma expansão das cadeias globais de valor (CGV) liderada pelas grandes multinacionais. Essas cadeias têm sido fundamentais em moldar a integração econômica de países emergentes. Nesse mesmo período, fluxos de IDE têm sido o principal direcionador para o desenvolvimento em economias emergentes e para configuração das cadeias de valor ao redor da economia global. Por outro lado, os fluxos de capital internacional têm sido cruciais no formato da integração financeira e para definição das condições financeiras domésticas em economias emergentes. Este processo de integração financeira dessas economias pode ser denominado de Financeirização Subordinada. Em primeiro lugar, baseado na Economia Política Marxista, o artigo analisa criticamente as CGV da perspectiva da integração econômica de economias emergentes e mostra que a integração ao sistema monetário internacional tem assumido um caráter subordinado. Baseado na experiência brasileira, o artigo mostra a natureza especulativa dos fluxos de IDE, liderados pelas companhias multinacionais, no contexto das CGVs e Financeirização subordinada. É demonstrado que esses fluxos de IDE tem apresentado comportamento similar aos fluxos de capitais de CP e que os influxos de IDE tem sido crescentemente dependente de paraísos fiscais. Por fim, o artigo mostra que essa dinâmica brasileira tem acontecido em outras economias emergentes.
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