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BRAZIL Favelas: Financialization 2.0 - in(fra)vestments

"Three challenges facing Brazil in the global economic transition: Financialization 2.0, in(fra)vestments, favelas"

Professor Gary Dymski - Leeds University Business School Discussant: Dr Barbara Hogenboom (CEDLA)

22 March 2011

Activity: Globe Lecture Series

Developing nations face huge challenges in the post-2008 global economy, as they attempt to not only sustain growth but to cope with the strategic adjustments being made by the US and the EU and their corporate leaderships. Brazil’s situation is especially precarious because of its population’s heightened expectations (“O Novo Brazil”), because of its growing export ties to the US, EU, and to China, and because its successes in reducing extreme poverty have now led to the challenge of invigorating its informal, lower-income communities. After tracing out the main lines and implications of the still-unfolding crisis in the US and the EU, we focus on three specific challenges for Brazil. The first involves contending with the post-crisis developments in financialization, both domestically and abroad; the second is how to manage investment so as to permit continued growth and also address the nation’s infrastructure deficit; and the third is to work out sustainable futures for Brazilian cities’ favelas and the people who live there. Of course, these three challenges are all the harder because they tied up in an interconnected series of knots.


Gary Dymski is professor of economics at the University of California, Riverside. He received his B.A. in urban studies from the University of Pennsylvania in 1975, and an MPA from Syracuse University in 1977. After a year at the Brookings Institution in 1985-86, he taught economics at the University of Southern California before joining the UCR faculty in 1991. He served as associate dean in the College of Humanities, Arts, and Social Sciences in 2001-02 and was founding director of the Center for Sustainable Suburban Development in 2002-03. From 2003 to 2009, Gary was the founding Executive Director of the University of California Center, Sacramento, a UC-wide center that introduced UC students to public service and connected UC researchers with California’s policy-making community. Gary has been a visiting scholar in universities and research centers in Brazil, Bangladesh, Japan, Korea, Great Britain, Greece, and India. His most recent books are Capture and Exclude: Developing Nations and the Poor in Global Finance (Tulika Books, New Delhi, 2007), co-edited with Amiya Bagchi, and Reimagining Growth: Toward a Renewal of the Idea of Development, co-edited with Silvana DePaula (Zed, London, 2005). Gary has published articles, chapters, and studies on banking, financial fragility, urban development, credit-market discrimination, the Latin American and Asian subprime financial crises, exploitation, housing finance, the subprime lending crisis, financial regulation, and economic policy. He is a member of the editorial boards of the International Review of Applied Economics, Geoforum, and Econômica (Brazil).

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