The Takeover of Social Policy by Financialization

"This book offers an outstanding critical account of the trajectory of social policy under Presidents Lula and Rousseff, charting how it has succumbed in form and content to the imperatives of 'financialization'. This is an exemplary work of scholarship, integrating deep theoretical understanding with close analysis of empirical developments and policymaking." (Ben Fine, School of Oriental and African Studies (SOAS), University of London, UK) "A powerful explanation for the ascension and dramatic implosion of the Brazilian model of growth and social inclusion. This book provides a unique and theoretically well-informed blending of macroeconomic, fiscal, and social policy analysis." (Barbara Fritz, Free University of Berlin, Germany) "Lavinas illuminates the paradox of a country where an emerging mass-consumer society coexists with persisting limits for the consolidation of permanent mechanisms for redistribution. This is a must-read book for anyone interested in Brazil." (Ruben Lo Vuolo, CIEPP, Argentina) "In this book Lavinas makes a deep and broad analysis of how financialization has reshaped market societies and social protection schemes with the advance of the commodification of social services, with special focus on the recent 'social developmentalism' Brazilian experience. Anybody who wishes to acquire full understanding of the process of the takeover of social policy by financialization should read this book." (Luiz Fernando de Paula, Rio de Janeiro State University, Brazil)

This book critically addresses the model of social inclusion that prevailed in Brazil under the rule of the Workers Party from the early 2000s until 2015.This book critically addresses the model of social inclusion that prevailed in Brazil under the rule of the Workers Party from the early 2000s until 2015. It examines how the emergence of a mass consumer society proved insufficient, not only to overcome underdevelopment, but also to consolidate the comprehensive social protection system inherited from Brazil’s 1988 Constitution. By juxtaposing different theoretical frameworks, this book scrutinizes how the current finance-dominated capitalism has reshaped the role of social policy, away from rights-based decommodified benefits and towards further commodification. This constitutes the Brazilian paradox: how a center-left government has promoted and boosted financialization through a market incorporation strategy using credit as a lever for expanding financial inclusion. In so doing, it has pushed the subjection of social policy further into the logic of financial markets.