In its five centuries the history of capitalism encompasses different stages. Along this route, distinct roles were played by the system's periphery. From its initial function as a territory of spoliation in the context of primitive accumulation, Brazil reaches the beginning of the XXI century as an international platform for financial valorization in the context of the financialized capitalism now under way. The neoliberal discourse that ideologically sustains the financialization argues that the country is not at risk by basing the functioning of its economy in the use of external savings. The paper will try to demonstrate that this model is another chapter in this long history, producing regression in our role in the international division of labor and contributing to the growth of international rentism. The paper will also try to show how relevant are the approaches that show, for example, the cyclical tendency to the overvaluation of the exchange rate (Bresser-Pereira, 2008 e 2009), pointing out the fallacy of the rentist discourse, as well as the maintenance of the secular subordinate position of the country if this model is maintained.
External savings; Capital accumulation; Financialization; Dependency; Brazilian economy; Overvalution of the exchange rate
