Pension Funds in Brazil: Principles for a Marxist Criticism

Abstract This article uses the Marxist theoretical-methodological framework to propose critical elements to the dynamics of the operation of pension funds in Brazil. This study consisted of a literature review and the use of empirical data. The text is divided into two sections, the first provides an overview of the role of such funds in central and peripheral countries, with a view to their structural place in the capitalist context of globalization, structural crisis, and neoliberal offensive. The second section presents the structuring steps that provided the material basis for the expansion of pension fund assets in the country, with emphasis on funds intended for civil servants. The article reveals the massive financial power of these funds and suggests the validity of the hypothesis that they are designed to serve the financial markets, to the detriment of social security protection.