Subordinated Development: Transnational Capital in the Process of Accumulation of Latin America and Brazil


Focusing on the processes of accumulation, concentration and centralisation of capital, this book explains the transnationalisation of capital and its impact on Latin America and Brazil. The first chapter addresses the logic of these processes from a Marxian perspective. The second chapter shows how this movement of capital expands into some Latin American countries, and how it subsequently retracts in the 1990s process of global centralisation. The third chapter evaluates Latin American strategies to attract capital by taking a subordinate position to capital’s global movement. The last two chapters focus on Brazil's development strategy in the face of the alternating expansion and contraction of capital, and point out the vulnerability of Latin American countries when their development is subordinate to transnational capital. First published in Portuguese as Subordinação consentida: capital multinacional no processo de acumulação da América Latina e Brasil by Annablume Editora/Fapesp in 2006.
Restricted Access


EUR €111.00USD $133.00

Biographical Note

Rubens R. Sawaya, professor in the Department of Economics and coordinator of the Postgraduate Program in Political Economy at the Pontifical Catholic University of São Paulo (PUCSP), Brazil, has an MA in economics and a Ph.D. in political science from that same university.

Table of contents


1. Capital accumulation, concentration and centralisation
1.1 Introduction
1.2 The commodity as a process cell
1.3 The process of capital accumulation
1.4 Productivity and the concentration of capital
1.5 Realisation of value, the condition for accumulation, concentration and centralisation
1.6 The centralisation of capital

2. Capital accumulation, transnational capital and the exclusion of the periphery
2.1 Introduction
2.2 The question of space for accumulation
2.3 Globalisation: accumulation and concentration
2.4 Concentration
2.5 Accumulation and concentration: the question of political-geographic space
2.6 Internationalisation as the realisation of value
2.7 Realisation, internationalisation and the political-geographic space
2.8 Capital centralisation
2.9 The centralisation of space: the exclusion of the periphery

3. The inclusion of the periphery in the process of global accumulation
3.1 Introduction
3.2 The logic of development through import substitution
3.3 State participation
3.4 The participation of transnational capital
3.5 Transnational capital as dynamic centre
3.6 Materialisation of the new dependency
3.7 The development of submission to the movement of globalised capital

4. Brazil in capital’s globalisation
4.1 Introduction
4.2 Vargas - the institutional apparatus for development
4.3 National associated development – the Targets Plan (Plano de Metas)
4.4 The attempt to recreate a national policy and the resumption of associated development – 1960-64
4.5 The strengthening of transnational capital – the ‘Economic Miracle’
4.6 Brazil as a power – II PND
4.7 Scrapping the National State – the 1980s
4.8 The 1990s – Growing subordination to globalised capital
4.9 The Lula Government facing the power structure: conciliation or confrontation?

5. The possibility of a forced disconnection
5.1 Accumulation, subordination and disconnection
5.2 The question of centralisation
5.3 The centralisation of the 1980s and 1990s
5.4 Centralisation between countries
5.5 Centralisation and financial flows
5.6 Centralisation and the periphery
5.7 The forced disconnection
5.8 Final considerations




Subordinated Development will interest scholars analysing the complex relationship of Latin American dependency and the subordination of the region to transnational capital instructive.