Brazil's Pension Fund Developmentalism

Lula's government in Brazil fostered an engagement with local pension funds that have become key state levers for long-term investment, particularly in large and politically salient infrastructure projects. This process, here called pension fund developmentalism, describes more than specific investment choices; it grounds Brazil's current growth strategy on relationships between the government and a particular set of prominent players, shedding light on the state's more forceful re-engagement as a promoter of development at a time when aspirations for global economic integration have been matched by the commitment to growth through the expansion of local sources of funding.