Between Subimperialism and Globalization: The Internationalization of Brazilian Capital

A synthesis of the thesis of subimperialism developed by the Brazilian economist Ruy Mauro Marini with more dynamic theories of global capitalism sheds light on the international relations of South America's largest country. Shifts in Brazil's foreign economic relations may be seen as structured more by the changes wrought by globalization than by institutional changes or conjunctural policies enacted by the Partidos dos Trabalhadores (Workers' party—PT). Instead of representing a new form of social justice—based internationalism resulting from a shift in the internal balance of class power in favor of the working classes and other progressive forces, the country's foreign policy initiatives are structured more by the regional orientation of Brazilian elites interested in reproducing their class position in a globalized capitalist economy.