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Anti-Discriminatory Capitalism? Stock Market and the Governance of Diversity

Abstract

This article aims to discuss the role of anti-discrimination law in the private sector, particularly in the financial market. For this, we use the case of B3 (Brazil's Stock Exchange Market) and its proposal for a “Practice or Explain” regulation for compliance with ESG standards. The article is divided into two parts, which are based on the possibilities of the case study strategy. In this sense, we first elaborate hypotheses about the regulation of anti-discrimination law based on an analysis of the policy proposed by B3 and its risks. In the second moment, we tested the hypothesis that the “governance of diversity” is characteristic of the neoliberalism moment, using, in this part, aspects of the critical theory of law. In the end, the text is an emerging attempt to bring anti-discrimination law to the center of the debate in private law studies, emphasizing how the governance of diversity is placed on a pendulum between democracy and the authoritarian advances of neoliberalism.

Keywords:
Anti-Discrimination Law; diversity governance; Neoliberalism; democratic constitutionalism

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