Da austeridade ao Estado de redução de riscos?

Presente e futuro da política fiscal

Abstract

Abstract

The last three decades have seen the increasing imposition of fiscal rules to reduce public spending. These political measures are theoretically supported by the "New Macroeconomic Consensus," which synthesizes the contributions of monetarism, new classical economics, and new Keynesian economics. With the establishment of a permanent restrictive fiscal policy, public investment was replaced by new financing models, primarily in the form of Public-Private Partnerships (PPP). The current resurgence of industrial policy is often understood as the end of the austerity era. This article argues otherwise. By comparing the trajectories of fiscal policy between the EU, a pioneer in adopting fiscal rules, and Brazil, where these rules have been more stringent, it is asserted that we are currently witnessing a new model of selective fiscal austerity, willing to spend in sectors deemed strategic, from energy to defense. The state reinforces its role in derisking capital, whether through subsidies and financial guarantees in the EU, or through more robust risk reduction measures via a renewed commitment to Public-Private Partnerships, in Brazil. Despite its contradictions, neoliberal fiscal policy succeeded in reinventing itself.