8/ El nuevo modelo de desarrollo

y el papel asignado a la relación salarial

-XOLR&pVDU1HIID1

1. Introducción

OFRQWHQLGRGHHVWHWUDEDMRHVDQDOL]DUODVLQWHUUHODFLRQHVHQWUHHOUpJLPHQ

E GHDFXPXODFLyQ\ODUHODFLyQVDODULDOTXHFRQ¿JXUDQHOPRGRGHGHVDUUROOR
DUJHQWLQR3DUDHOORUHFXUULUHPRVDOD7HRUtDGHOD5HJXODFLyQGHVDUUROOD-
GDSRU5REHUW%R\HU1XHVWURDQiOLVLVOOHJDGHVGHODFULVLVGH
KDVWDOD¿UPDGHODFXHUGRFRQHO)0,HQMXQLRGH(OREMHWLYRHVWDPELpQ
EULQGDULQIRUPDFLyQSDUDORVGHPiVDXWRUHVTXHYDQDSRQHUVXDWHQFLyQVREUH
ODVGLPHQVLRQHVPRQHWDULDV\¿QDQFLHUDVTXHMXJDURQHQHVWHSHULRGRXQSDSHO
GHWHUPLQDQWH$QWHULRUPHQWHGHVGHHO¿QGHOD6HJXQGD*XHUUD0XQGLDO\KDVWD
PHGLDGRVGHORVDxRVODUHODFLyQVDODULDORFXSDEDXQDSRVLFLyQGRPLQDQWH
VREUHODVGHPiVIRUPDVLQVWLWXFLRQDOHV'HVGHHQWRQFHVODPLVPDKDTXHGDGR
VXERUGLQDGDDORVSURFHVRVGHPXQGLDOL]DFLyQ\GH¿QDQFLHUL]DFLyQ&UHHPRV
TXHHOQXHYRPRGRGHGHVDUUROORTXHVHHVWiLPSODQWDQGRVHKD\DIXHUWHPHQWH
FRQGLFLRQDGRDXQDWUDQVIRUPDFLyQGHODUHODFLyQVDODULDOTXHLPSOLFDXQDUH-
GXFFLyQGHOVDODULRUHDO\ORVFRVWRVODERUDOHVD¿QGHKDFHUPiVFRPSHWLWLYD
ODHFRQRPtDDUJHQWLQD3HURGDGDODH[WUDRUGLQDULDGLQiPLFDFR\XQWXUDOGHO
VLVWHPDSURGXFWLYRDUJHQWLQRHVDYHQWXUDGRVDFDUFRQFOXVLRQHVGH¿QLWLYDV
(VWDVUHÀH[LRQHVVRORVHSURSRQHQPRVWUDUORVKHFKRVSDUDHVWLPXODUHOGHEDWH

 /D 7HRUtD GH OD 5HJXODFLyQ

(VXQDWHRUtDHFRQyPLFDDOWHUQDWLYDKHWHURGR[DTXHVHDXWRGH¿QHFRPRLQV-
WLWXFLRQDOLVWDVHQXWUHGHOSHQVDPLHQWRNH\QHVLDQRPDU[LVWD\VFKXPSHWHULDQR
SHURORVUHIRUPXOD(VWiDELHUWDDRWUDVGLVFLSOLQDVUHFKD]DORVGHWHUPLQLVPRV

1 ,QYHVWLJDGRU6XSHULRUGHO&21,&(7HQHO&(,/3URIGH81/38%$811(810
MXOLRFQHIID#JPDLOFRP

181
DVLJQDLPSRUWDQFLDDORVDFWRUHVVRFLDOHVTXHWLHQHQVXSURSLDHVWUDWHJLD\
UHFRQRFHODKHWHURJHQHLGDGHVWUXFWXUDO/DDUWLFXODFLyQDPHQXGRGLDOpFWLFD
GHOPRGRGHUHJXODFLyQ05\GHOUpJLPHQGHDFXPXODFLyQ5$VHGHQRPLQD
³PRGRGHGHVDUUROOR´
(OPRGRGHUHJXODFLyQ05HVHOUHVXOWDQWHGHODFRQ¿JXUDFLyQGHYDULDV
formas institucionales:
ODUHODFLyQVDODULDO
ODVIRUPDVGHODFRPSHWHQFLDHQORVPHUFDGRV
ODLQVHUFLyQGHOVLVWHPDSURGXFWLYRQDFLRQDOHQHOUpJLPHQLQWHUQDFLRQDO
HO(VWDGRTXHFRGL¿FDORVFRPSURPLVRVLQVWLWXFLRQDOHVHQWUHORVDFWRUHV
VRFLDOHV
5. la forma monetaria.
/DUHJXODFLyQSXHGHVHUFRPSHWLWLYDPRQRSyOLFDRDGPLQLVWUDGDSRUHO(VWDGR
\FRQFUHWDUVHGHPDQHUDDXWRULWDULDRFRQHOFRQVHQVRGHORVDFWRUHVVRFLDOHV
$GLIHUHQFLDGHOPDU[LVPRRUWRGR[RODVIRUPDVLQVWLWXFLRQDOHVFRQGLFLRQDQ
\RULHQWDQHOUpJLPHQGHDFXPXODFLyQ5$TXHWLHQHVXSURSLDOyJLFDGHSUR-
GXFFLyQ\DFXPXODFLyQHOFXDOQRREHGHFHDQLQJ~QGHWHUPLQLVPR(OUpJLPHQ
GHDFXPXODFLyQHVXQFRQMXQWRGHUHJXODULGDGHVTXHJDUDQWL]DQXQDSURJUHVLyQ
JHQHUDO\UHODWLYDPHQWHFRKHUHQWHGHODDFXPXODFLyQGHOFDSLWDOVHJ~QODHYR-
OXFLyQGHORVSURFHVRVGHWUDEDMRODUHODFLyQGHORVDVDODULDGRVFRQORVPHGLRV
GHSURGXFFLyQHOFRPHUFLRLQWHUQDFLRQDOHOKRUL]RQWHWHPSRUDO¿MDGRSDUDOD
YDORUL]DFLyQGHOFDSLWDOODGLVWULEXFLyQGHOYDORUJHQHUDGRODFRPSRVLFLyQGHOD
GHPDQGDVRFLDO\ODDUWLFXODFLyQFRQODVIRUPDVQRFDSLWDOLVWDVGHRUJDQL]DFLyQ
GHODSURGXFFLyQ/DDFXPXODFLyQSXHGHVHUH[WHQVLYDRLQWHQVLYDFRQRVLQ
FRQVXPRPDVLYRPiVLJXDOLWDULDRJHQHUDUGHVLJXDOGDGHV
(OPRGRGHGHVDUUROORDFWXDOHVWiPXQGLDOL]DGR\GRPLQDGRSRUODV¿QDQ]DV
GHELOLWDQGRODHFRQRPtDUHDO/D¿QDQFLHUL]DFLyQGHVHVWDELOL]DHOHTXLOLEULR
PDFURHFRQyPLFR³NH\QHVLDQRIRUGLVWD´SUHFHGHQWHGDQGROXJDUDXQUpJLPHQ
GHDFXPXODFLyQKHWHURJpQHRTXHQRHVVXVWHQWDEOHHQHOODUJRSOD]R
6HKDYHUL¿FDGRKLVWyULFDPHQWHODIUHFXHQFLDGHODVFULVLV\ODFDSDFLGDG
demostrada por el modo de producción capitalista durante cuatro siglos para
DEVRUEHUODV\UHHVWUXFWXUDUVHDSHVDUGHVXVFRQWUDGLFFLRQHV(VHVSHFt¿FDPHQWH
VREUHODDUWLFXODFLyQGHODUHODFLyQVDODULDOFRQHOUpJLPHQGHDFXPXODFLyQTXH
VHFHQWUDUiHVWHWUDEDMR

 (O PRGR GH UHJXODFLyQ \ OD ³UHODFLyQ VDODULDO´

(QHOFDSLWDOLVPRGRPLQDXQUpJLPHQEDVDGRHQODSURSLHGDGSULYDGDGRQGH
VHLQVWDXUDXQDUHODFLyQVRFLDOGHSURGXFFLyQODUHODFLyQVDODULDOORVHPSUH-

182 EL IMPERIO DE LAS FINANZAS

VDULRVFRQWUDWDQDWUDEDMDGRUHVTXHDFDPELRGHOSDJRGHXQVDODULRTXHGDQ
VXERUGLQDGRVDQWHTXLHQHVVHRFXSDQGHODJHVWLyQHPSUHVDULDOSDUDSURGXFLU
ELHQHVRVHUYLFLRV(VXQDUHODFLyQGHSRGHUYHUWLFDOTXHQRVHGDHQWUHLJXDOHV
\KD\XQDVXPLVLyQTXHSXHGHVHU³YROXQWDULDPHQWHFRQVHQWLGD´RQR(OWUDEDMR
JHQHUDHOHTXLYDOHQWHGHVXFRVWRGHUHSURGXFFLyQ\XQH[FHGHQWHGHOTXHVH
DSURSLDHOHPSUHVDULRHQYLUWXGGHODUHODFLyQVDODULDO\HVORTXHSHUPLWHOD
reproducción ampliada del capital. La dirección de la empresa impone a los
WUDEDMDGRUHVDVDODULDGRVXQSURFHVRGHWUDEDMRGHGRQGHVXUJHREMHWLYDPHQWH
XQFRQÀLFWRREMHWLYRGHLQWHUHVHVVREUHYDULRVDVSHFWRVODGLYLVLyQVRFLDO
\WpFQLFDGHOWUDEDMRLPSXHVWDODGXUDFLyQGHOWLHPSRGHWUDEDMR\VLHVGH
QRFKHRHQWXUQRVURWDWLYRVHOFRQWURO\ODGLVFLSOLQDODERUDOODLQWHQVLGDGGHO
WUDEDMRORVULHVJRVHQHOWUDEDMRSDUDODVDOXGODUHPXQHUDFLyQ\HODFFHVRDOD
protección social.
&XDQGRSUHGRPLQDODLGHRORJtDQHROLEHUDOORVYHQFHGRUHVHQHOFDPSR
HFRQyPLFRSXHGHQFDPELDUODVUHJODVGHMXHJRUHIRUPDUODVLQVWLWXFLRQHVHQ
SDUWLFXODUODUHODFLyQVDODULDOHQVXIDYRUFDPELDUHOUpJLPHQGHDFXPXODFLyQ
\HMHUFHUODKHJHPRQtDSROtWLFDGHPDQHUDFDVLH[FOXVLYD&XDQGRVHGHVDWD
XQDFULVLVpVWDHVH[SOLFDGDSRUODULJLGH]GHODVLQVWLWXFLRQHVKHUHGDGDVGHO
SDVDGRODIDOWDGHFRPSHWLWLYLGDGHOHOHYDGRGp¿FLW¿VFDOJHQHUDGRSRUXQ
(VWDGRVREUHGLPHQVLRQDGR\ORVHOHYDGRVFRVWRVVDODULDOHV\ODERUDOHV/DV
PHGLGDVSDUDFRQWURODUODFULVLVVHLQVSLUDURQLQLFLDOPHQWHHQHO³&RQVHQVR
GH:DVKLQJWRQ´ODÀH[LELOL]DFLyQODERUDOODVSULYDWL]DFLRQHVODDSHUWXUDGHO
FRPHUFLRH[WHULRUODGHVUHJXODFLyQGHORVPHUFDGRVHOHQGHXGDPLHQWRH[WHUQR
ODPXQGLDOL]DFLyQ\OD¿QDQFLHUL]DFLyQ
'DGRTXHORVGHPiVWUDEDMRVGHHVWDSXEOLFDFLyQDQDOL]DQHOUpJLPHQGH
DFXPXODFLyQ\RWUDVIRUPDVLQVWLWXFLRQDOHVQRVYDPRVDFRQFHQWUDUHVSHFt¿FD-
PHQWHHQORVDYDWDUHVGHODUHODFLyQVDODULDOGHVGHODFULVLVGHODFRQYHUWLELOLGDG

 /D UHODFLyQ VDODULDO HQ$UJHQWLQD

 DYDQFHV \ SUREOHPDV SHQGLHQWHV HQ FXDQWR DO XVR \
UHSURGXFFLyQ GH OD IXHU]D GH WUDEDMR 

/DFULVLVHFRQyPLFDTXHVHGHVDWDHQIXHODPiVJUDYHTXHVRSRUWy
ODHFRQRPtDDUJHQWLQDGHVHQFDGHQyXQDFULVLVSROtWLFD\XQDVLWXDFLyQVRFLDO
FDyWLFDSURYRFDGDSRUODPHJDGHYDOXDFLyQ
'XUDQWHODSRVFRQYHUWLELOLGDGVHSXHGHQLGHQWL¿FDUYDULDVHWDSDVHQFXDQWR
DODUHODFLyQVDODULDO8QDSULPHUDHWDSDSUHVLGHQFLDVGH('XKDOGH\1
.LUFKQHUKDVWDFDUDFWHUL]DGDSRUODUHSDUDFLyQGHODOHJLVODFLyQODERUDO
YXOQHUDGDGXUDQWHHOUpJLPHQGHODFRQYHUWLELOLGDG'XUDQWHHVWHSHUtRGRHO
3,%FUHFLyDWDVDVHOHYDGDVVLQLQWHUUXSFLyQJUDFLDVDORVDOWRVSUHFLRV\DODV

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 183

retenciones sobre las commoditiesH[SRUWDGDVGLVPLQX\yUiSLGDPHQWHHOGHV-
HPSOHR\DXPHQWDURQODVWDVDVGHDFWLYLGDG\GHHPSOHR$VLPLVPRGLVPLQX\y
HOWUDEDMRQRUHJLVWUDGR\DXPHQWDURQORVVDODULRVUHDOHVHVSHFLDOPHQWHORVGHO
VHFWRUSULYDGRUHJLVWUDGR(OGHIDXOWSHUPLWLyUHWUDVDUHOSDJRGHLQWHUHVHV\
FDSLWDOGHODGHXGDFX\RSDJRHQSHUPLWLyPD\RUHVPiUJHQHVGHOLEHUWDG
SDUDHOPDQHMR¿QDQFLHUR\GHOWLSRGHFDPELR(OPRGHORPDFURHFRQyPLFR
VHVXVWHQWyHQXQDSROtWLFDGHWLSRGHFDPELRDOWRVDOGRVSRVLWLYRVGHEDODQ]D
FRPHUFLDOH[FHGHQWH¿VFDO\XQDSROtWLFDGHGHVHQGHXGDPLHQWRIDYRUHFLGRSRU
XQFRQWH[WRH[WHUQRIDYRUDEOH$WUDYpVGHODSROtWLFDFDPELDULDODDSOLFDFLyQ
GHUHWHQFLRQHVVREUHODH[SRUWDFLyQORVVXEVLGLRVDODSURYLVLyQGHHQHUJtD\
ORVUHGXFLGRVFRVWRVODERUDOHVVHSURWHJLyDODLQGXVWULDGHODFRPSHWHQFLD
LQWHUQDFLRQDO/RVDXPHQWRVGHVDODULRV\ODVSROtWLFDVVRFLDOHVLPSXOVDURQOD
demanda interna.
(QODVHJXQGDHWDSDSULPHUJRELHUQRGH&ULVWLQD)HUQiQGH]GH.LUFKQHU
HOLPSDFWRGHODFULVLV¿QDQFLHUDPXQGLDO/HKPDQ%URWKHUV\ORV
FRQÀLFWRVFRQODVJUDQGHVHPSUHVDVGHOVHFWRUDJURSHFXDULRSUHVLRQDURQKDFLD
DEDMRHODQWHULRUFUHFLPLHQWRGHO3%,$SDUWLUGHODxRFRPRUHVXOWDGRGH
ODFULVLVLQWHUQDFLRQDOVHYHUL¿FDXQDIXHUWHGHVDFHOHUDFLyQGHOFUHFLPLHQWRTXH
UHSHUFXWLyVREUHORVLQGLFDGRUHVODERUDOHVHOFRQVXPR\ODLQYHUVLyQ(OHPSOHR
UHJLVWUDGRFUHFLySRFRHQHVWDHWDSDEiVLFDPHQWHGHQWURGHOVHFWRUS~EOLFR/D
WDVDGHHPSOHRQRUHJLVWUDGRVHPDQWXYRGHVGHHQWRQFHVDOUHGHGRUGHXQWHUFLR
del total de asalariados.
*UDFLDVDODVPRUDWRULDVSUHYLVLRQDOHV\SHQVLRQHVQRFRQWULEXWLYDVVHDYDQ]y
HQHOSURFHVRGHXQLYHUVDOL]DFLyQGHORVEHQH¿FLRVMXELODWRULRV\GHSHQVLRQHV
FX\DFREHUWXUDDOFDQ]DDFWXDOPHQWHSRFRPiVGHO/DVWUHVFXDUWDVSDUWHV
GHOWRWDOTXHDQWHVHVWDEDQGHVSURWHJLGRVSHUFLEHQGHVGHHQWRQFHVMXELODFLR-
QHVPtQLPDVRSHQVLRQHVTXHHVWiQSRUGHEDMRGHOVDODULRPtQLPR\QRFXEUHQ
WRGDYtDOD&DQDVWD%iVLFD7RWDO/DHVWDWL]DFLyQGHOVLVWHPDSUHYLVLRQDOIXH
VLQOXJDUDGXGDVXQKLWRUHOHYDQWHHQUHODFLyQFRQODUHFXSHUDFLyQGHUHFXUVRV
¿VFDOHV&RPRUHVXOWDGROD$16(6DGPLQLVWUDEDHQFDVLHOGHO
SUHVXSXHVWRQDFLRQDOWRWDOGHOFXDODSUR[LPDGDPHQWHXQVHGLVWULEX\H
en planes sociales.
'XUDQWHODWHUFHUDHWDSDODHFRQRPtDHYROXFLRQyGHPDQHUD
LUUHJXODU6HLQLFLDXQSHUtRGRGHUHGXFFLyQGHOH[FHGHQWHGHOFRPHUFLRH[WHULRU
DXPHQWRGHOGp¿FLW¿VFDO\GLVPLQXFLyQGHODVWDVDVGHDFWLYLGDG\HPSOHR(O
WUDEDMRQRUHJLVWUDGRPDQWXYRVXSURSRUFLyQGHXQWHUFLRGHORVDVDODULDGRV(O
HPSOHRUHJLVWUDGRHQHOVHFWRUSULYDGRDXPHQWyHQWUH\HQ
SHUVRQDVVREUHXQWRWDOGHFDVLVHLVPLOORQHV\PHGLRGHSHUVRQDVPLHQWUDV
TXHHQHOVHFWRUS~EOLFRHOLQFUHPHQWRIXHGHVREUHXQWRWDOGHPiV

184 EL IMPERIO DE LAS FINANZAS

GHWUHVPLOORQHVGHWUDEDMDGRUHVHVWDWDOHVHQORVWUHVQLYHOHVGHJRELHUQR'H
HVWDPDQHUDHOHPSOHRVLJXLyFUHFLHQGRSRUGHEDMRGHODWDVDGHFUHFLPLHQWR
GHOD3($
/DVSROtWLFDVDFWLYDVGHHPSOHRGLULJLGDVDORVVHFWRUHVPiVYXOQHUDEOHV
HVSHFLDOPHQWHORVMyYHQHVFRQWULEX\HURQDIUHQDUHOGHVHPSOHRSHURQRD
GLVPLQXLUORVXVWDQFLDOPHQWH$SHVDUGHOHVIXHU]RUHDOL]DGRSHUPDQHFLHURQ
YLJHQWHVYDULRVGHORVSUREOHPDVUHODWLYRVDODVFRQGLFLRQHVJHQHUDOHVGHYLGD
YLYLHQGDDFFHVRDORVVHUYLFLRVS~EOLFRVVDOXGHGXFDFLyQWUDQVSRUWH\VHJX-
ULGDG\SHUVLVWLHURQODVGHVLJXDOGDGHVVLJQL¿FDWLYDVH[LVWHQWHVHQWUHJUXSRV
VRFLDOHV\SURYLQFLDV
(OEORTXHGHSRGHUHFRQyPLFRHVWXYRHQIUHQWDGRFRQODVIXHU]DVVRFLDOHVTXH
DSR\DEDQDOJRELHUQR(QWUHODVUHVWULFFLRQHV\OtPLWHVFRQORVFXDOHVVHOOHJyD
GLFLHPEUHVHSXHGHQGHVWDFDUHOSURFHVRLQÀDFLRQDULRTXHVHLQWHQVL¿Fy
GHVGHXQEDMRHLUUHJXODUHOFUHFLPLHQWRGHO3,%GHVGHHQWRQFHVODIXJD
GHGLYLVDV\ODVDOLGDGHGLYLVDVSRUWXULVPRDFWLYLGDGHVFXOWXUDOHV\FRPSUDV
HQHOH[WHULRU(OVDOGRGHODEDODQ]DFRPHUFLDOTXHKDEtDVLGRSRVLWLYRGHVGHOD
FULVLVGHOGLVPLQX\yGHVGH\SDVDDVHUVLVWHPiWLFDPHQWHQHJDWLYR
GHVGH
/DVGHYDOXDFLRQHVODDSUHFLDFLyQFDPELDULDODFRQFHQWUDFLyQHFRQyPLFD
GHELGRDOSRGHUGHORVROLJRSROLRV\HOFUHFLHQWHGp¿FLW¿VFDOLPSXOVDURQOD
LQÀDFLyQ(OPHUFDGRGHWUDEDMRHVWXYRHVWDQFDGR\GHVGHHQWRQFHVVRORFUHFLy
GHPDQHUDVXVWDQFLDOHQHOVHFWRUS~EOLFRPDQWHQLHQGRHQHOVHFWRUSULYDGRXQ
HOHYDGRSRUFHQWDMHGHWUDEDMRQRUHJLVWUDGRGHSREUH]DHLQGLJHQFLDDSHVDU
GHTXHVHUHGXMHUDQUHVSHFWRGH
(OPRGHORHFRQyPLFRYLJHQWHHQWUH\HVWXYREDVDGRHQOD
LQGXVWULDOL]DFLyQVXVWLWXWLYDGHLPSRUWDFLRQHVSHURTXHPDQWXYRVXGHSHQGHQFLD
GHODLQGXVWULDGHELHQHVGHFDSLWDO\GHODVQXHYDVWHFQRORJtDVODFDSWDFLyQGH
XQSRUFHQWDMHGHODUHQWDDJUDULDH[WUDRUGLQDULD\GHOVHFWRUPLQHUR\SHVTXHUR
SRUPHGLRGHODVUHWHQFLRQHVODSUHVHQFLDDFWLYDGHO(VWDGRHQHOPHUFDGR
FRPRSURGXFWRU\UHJXODGRUHOLQFUHPHQWRGHOJDVWRS~EOLFRSDUDJHQHUDU
HPSOHR\IRUPXODUSROtWLFDVSDUDODLQFOXVLyQVRFLDO\FRPRHVWtPXORDOFRQVXPR
XQWLSRGHFDPELRDGPLQLVWUDGR\DSUHFLDGRSDUDWUDWDUGHIUHQDUODLQÀDFLyQ
$SDUWLUGHHOLQFUHPHQWRHQORVVDODULRVUHDOHVSHUPLWLyODPHMRUD
GHOELHQHVWDUGHORVWUDEDMDGRUHVHVWLPXOyODGHPDQGDLQWHUQDGHSURGXFWRV
WUDEDMRLQWHQVLYRV\HPSXMyHOLQFUHPHQWRGHORVFRVWRVXQLWDULRV0LHQWUDV
KXERXQWLSRGHFDPELRHOHYDGRKDVWDPHMRUyODFRPSHWLWLYLGDGH[WHUQD
YtDSUHFLRVSHURQRKXERPRGL¿FDFLRQHVGHOVLVWHPDSURGXFWLYRSUHYLRDOD
PHJDGHYDOXDFLyQQLVHUHGXMRODKHWHURJHQHLGDGHVWUXFWXUDODGRSWDQGRSROtWLFDV
LQGXVWULDOHVVHJ~QXQPRGHORGHGHVDUUROORHVWUDWpJLFR

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 185

 /DVSROtWLFDVGHLQFOXVLyQVRFLDO\GHUHGXFFLyQGHODVGHVLJXDOGDGHVTXH
SHUPLWLHURQDFFHGHUSURJUHVLYDPHQWHDQXPHURVDVIDPLOLDVTXHQRJR]DEDQGH
HPSOHRUHJLVWUDGRDPD\RUHVQLYHOHVGHFRQVXPRVHEDVDURQHQODVWUDQVIHUHQFLDV
GHLQJUHVRVGHELGRDODVSROtWLFDVVRFLDOHV\GHVHJXULGDGVRFLDO\HOLQFUHPHQWR
GHOHPSOHR%DMDURQORVHOHYDGRVtQGLFHVGHSREUH]D\GHLQGLJHQFLDUHVSHFWR
GHSHURVHPDQWXYLHURQHVWDQFDGRVGHVGH/DVFLIUDVR¿FLDOHVVREUH
LQÀDFLyQ\SREUH]DGHO,1'(&GHVGHVRQFXHVWLRQDGDV\GL¿FXOWDURQ
VHJXLUODHYROXFLyQKDVWDVXQRUPDOL]DFLyQ
(QPDWHULDGHUHODFLRQHVGHWUDEDMRVHJDUDQWL]yXQSLVRGHGHUHFKRVVH
PRGHUQL]yODHVWUXFWXUDGHO0LQLVWHULRGH7UDEDMRTXHDFWXySDUDFRPSHQVDUORV
GHVHTXLOLEULRVHQWUHFDSLWDO\WUDEDMR\HQFXDQWRDOGHUHFKRODERUDOVHORJUy
FRPSHQVDUODVFRQVHFXHQFLDVGHODÀH[LELOL]DFLyQLPSXHVWDSRUHO³PHQHPLVPR´
+DFLDHO¿QDOGHOSHULRGRVHDGRSWDURQSROtWLFDVODERUDOHVSDUDWUHVVHFWRUHV
SRVWHUJDGRVHOWUDEDMRGRPpVWLFRHQFDVDVSDUWLFXODUHVHOWUDEDMRUXUDO\ODV
SHTXHxDV\PHGLDQDVHPSUHVDV
8QSUREOHPDFHQWUDOTXHVHDJUDYyGHVGHIXHODLQÀDFLyQSUREOHPD
HVWUXFWXUDOGHODHFRQRPtDDUJHQWLQDGHVGHODVHJXQGDSRVJXHUUD(VWiIXHUD
GHGLVFXVLyQTXHODLQÀDFLyQQRVHSURGXFHSRUH[FHVLYRVDXPHQWRVVDODULDOHV
SRUTXHHQWpUPLQRVUHDOHVHVWRVIXHURQUHGXFLGRVRQXORV\ORVDXPHQWRVVH
DGRSWDURQVLHPSUHFRQUHWUDVRUHVSHFWRGHO,3&GHODxRSUHFHGHQWH/DLQÀD-
FLyQWLHQHP~OWLSOHVFDXVDVVHUHODFLRQDGLUHFWDPHQWHFRQHOHOHYDGRJUDGRGH
FRQFHQWUDFLyQROLJRSROL]DFLyQ\H[WUDQMHUL]DFLyQGHODHFRQRPLDGRQGHODV
JUDQGHVHPSUHVDV¿MDQORVSUHFLRVODEDMDSURGXFWLYLGDGTXHDXPHQWDORVFRVWRV
XQLWDULRVHOLPSDFWRGHODVGHYDOXDFLRQHVHOGp¿FLW¿VFDO\ODSXMDGLVWULEXWLYD
GHELGRDODFDSDFLGDGRUJDQL]DWLYD\GHSUHVLyQSRUSDUWHGHODVRUJDQL]DFLRQHV
VLQGLFDOHV\HPSUHVDULDOHV
(OHOHYDGR\FUHFLHQWHGp¿FLW¿VFDOVHH[SOLFyHVHQFLDOPHQWHSRUODIDOWDGH
XQDSROtWLFDLPSRVLWLYDSURJUHVLYDODHYDVLyQ\VXEGHFODUDFLyQGHLPSXHVWRV
\DTXHXQWHUFLRGHORVDVDODULDGRVQRHVWiQUHJLVWUDGRV$VLPLVPRSRUHO
DXPHQWRGHOJDVWRS~EOLFRVRFLDO\ORVVXEVLGLRVHFRQyPLFRVDODVHPSUHVDV
GHVHUYLFLRVODVWDULIDVGHJDVHOHFWULFLGDGDJXD\WUDQVSRUWHTXHGDURQSUiF-
WLFDPHQWHFRQJHODGDVGHVGHEHQH¿FLDQGRPiVDODVHPSUHVDV\IDPLOLDV
UDGLFDGDVHQHO*%$
+DFLDODWHUFHUDHWDSDODLQGXVWULDFUHFLyPX\SRFR\GHPDQHUDKHWHURJpQHD
DQWHODGLVPLQXFLyQGHODGHPDQGD\GHODVLQYHUVLRQHVHQSDUWHUHVWULQJLGDVSRU
ODVOLPLWDFLRQHVSDUDLPSRUWDUELHQHVGHFDSLWDO(ODxRHOVHFWRULQGXVWULDO
FUHFLyXQSHURDSDUWLUGHHQWRQFHVGLVPLQX\yVLQSDXVD\GHVGHHOFDPELR
GHJRELHUQRODWHQGHQFLDVHDFHOHUySXHVFD\yHQVLHQGRHOVHFWRU
TXHPiVGHVHPSOHRSURGXMR

186 EL IMPERIO DE LAS FINANZAS

 $FDXVDGHOGHIDXOWGHFODUDGRHQVHKDEtDGL¿FXOWDGRHODFFHVRDOFUpGLWR
LQWHUQDFLRQDO\GHVGHFRPHQ]yDIRUPDUVHXQPHUFDGRSDUDOHORGHGLYLVDV
DSURYHFKDQGRODDSUHFLDFLyQFDPELDULD/DSDUWHGHODGHXGDH[WHUQDTXHKDEtD
permanecido en GHIDXOWQRORJUyVHUUHHVWUXFWXUDGD\DTXHORV³IRQGRVEXLWUHV´
JDQDURQORVMXLFLRVHQORVWULEXQDOHVGH1XHYD<RUNFRQHOHYDGRVLQWHUHVHV
SXQLWRULRVSUHVLRQDQGRSDUDFREUDUODGHXGDFRQHODSR\RGHODMXVWLFLDQRUWHD-
PHULFDQD\EORTXHDQGRHODFFHVRDORVPHUFDGRV¿QDQFLHURVLQWHUQDFLRQDOHV
6HWUDWyGHFRQWHQHUODUHVWULFFLyQH[WHUQDFRQODVUHWHQFLRQHVDODVH[SRU-
WDFLRQHVDJURSHFXDULDV\PLQHUDVFRQXQGyODUPiVFDURSDUDHOWXULVPRDO
H[WHULRUFRQHQFDMHV\SOD]RVGHSHUPDQHQFLDSDUDORVFDSLWDOHVHVSHFXODWLYRV
FRQWURODQGRODUHPLVLyQGHXWLOLGDGHVGHODVHPSUHVDVPXOWLQDFLRQDOHV\IRU-
]iQGRODVDUHLQYHUWLUFRQWUDEDVDUDQFHODULDV\EXURFUiWLFDVDODDXWRUL]DFLyQ
GHLPSRUWDFLRQHV\FRQHOGHQRPLQDGR³FHSRFDPELDULR´
7DOFRPRSXHGHDSUHFLDUVHHQHOJUi¿FR,HOWLSRGHFDPELRUHDOPXOWLODWHUDO
HVWLPDGRHQSRU/HY\<H\DWLFRQVXOWRUD(OLSVLV\FRQVXOWRUGHO%&5$
H[KLEHXQDFDtGDVRVWHQLGDGHVGHVDOYRFXDQGRVHGHYDO~DHQHQHURGH
DEDUDWDQGRODVLPSRUWDFLRQHVGL¿FXOWDQGRODVH[SRUWDFLRQHV\ODFRPSH-
WLWLYLGDGLQWHUQDFLRQDOFUHDQGRODVFRQGLFLRQHVSDUDHODWHVRUDPLHQWRGHGLYLVDV
\HOWXULVPRDOH[WHULRUFRPSRUWDPLHQWRVSHUGXUDEOHVGHODVFODVHVPHGLDV\
DOWDV\HVWLPXODQGRODIXJDDOH[WHULRUFXDQGRQRKXERFRQWUROHVH¿FDFHV

Gráfico N°1: Tipo de cambio real multilateral (1997- abril 2018)

)XHQWH/H\Y<H\DWWLFRQVXOWRUD(O\SVLV

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 187

 'HDFXHUGRFRQ%DVXDOGRD¿QHVGHODPD\RUSDUWHGHO3%,\GHODV
YHQWDVHVWDEDDVHJXUDGDSRUODVJUDQGHVHPSUHVDVGRQGHSUHGRPLQDHOFDSLWDO
H[WUDQMHURPDQLIHVWiQGRVHXQHVFDVRLQFUHPHQWRGHODSURGXFWLYLGDGJOREDO
GHORVIDFWRUHVXQDJUDQKHWHURJHQHLGDGHQWUHVHFWRUHVUDPDVGHDFWLYLGDG\
HPSUHVDVHQIXQFLyQGHODVWDVDVGHLQYHUVLyQ\ODLQFRUSRUDFLyQGHLQQRYDFLRQHV
FLHQWt¿FDV\WHFQROyJLFDV(OGHODVH[SRUWDFLRQHVHVWXYRUHDOL]DGRSRU
HPSUHVDVGHFDSLWDOH[WUDQMHUR/DVHOHYDGDV\SHUVLVWHQWHVWDVDVGHLQÀDFLyQ
OLPLWDURQHOFUHFLPLHQWRGHOVDODULRUHDO\SRUHVWRWDPELpQODGHPDQGDLQWHUQD
IUHQDQGRODWDVDGHLQYHUVLyQ

 (O QXHYR PRGR GH GHVDUUROOR QHROLEHUDOGHVDUUROOLVWD 

3RUSULPHUDYH]GHVGHOD6HJXQGD*XHUUD0XQGLDOXQJUXSRGHSDUWLGRVGH
FHQWURGHUHFKDFRQHOHFWRUHVLQÀXHQFLDGRVSRUODVIXHU]DVHFRQyPLFDVGRPLQDQ-
WHVJDQyODVHOHFFLRQHVGHDXQTXHSRUHVFDVRPDUJHQ(VWRVHORJUyVLQ
SURVFULSFLRQHVQLLQWHUYHQFLyQGHODVIXHU]DVDUPDGDVQLQHFHVLGDGGHKDFHU
IUDXGHVFRPRKDEtDRFXUULGRHQHOVLJORSDVDGR5HÀHMyHOFDPELRGHODHVWUXF-
WXUDVRFLDORFXUULGDGHVGHODFULVLVGHODPHMRUDGHODVLWXDFLyQGH
ORVVHFWRUHVPHGLRV\EDMRV\VXFRPSRUWDPLHQWRHOHFWRUDODGHPiVGHODSRFD
credibilidad de los candidatos del gobierno anterior.
'DGDODWUD\HFWRULDGHOPRGRGHGHVDUUROORODSHUPDQHQFLDGHODHVWUXFWXUD
KHWHURJpQHDGHOVLVWHPDSURGXFWLYR\ODFRQ¿JXUDFLyQGHOVLVWHPDHFRQyPLFR
PXQGLDOHOVHFWRU¿QDQFLHURODIRUPDLQVWLWXFLRQDOPRQHGDHVHOTXHGHVGH
¿QHVGHODGpFDGDSDVDGDKHJHPRQL]DDODVGHPiVIRUPDVLQVWLWXFLRQDOHVTXH-
GDQGRODUHODFLyQVDODULDOHQXQDSRVLFLyQVXERUGLQDGD(QOXJDUGHOD³VRFLHGDG
VDODULDO´VHEXVFDFRQVWUXLUXQD³VRFLHGDGGHPHUFDGR´
6LELHQWLHQHFRQWUDGLFFLRQHVLQWHUQDVHOQXHYREORTXHGHSRGHUHVWiFRQV-
WLWXLGRSRUODVEXUJXHVtDVDJUDULDLQGXVWULDO\¿QDQFLHUDORVJUDQGHVJUXSRV
HFRQyPLFRVQDFLRQDOHVVXVFHQWUDOHVHPSUHVDULDV\ODVSULQFLSDOHVHPSUHVDV
WUDQVQDFLRQDOHVGDQGROXJDUDXQDFRQ¿JXUDFLyQGHFRQMXQWRFRPRQXQFDVH
KDEtDUHJLVWUDGRHQHOSDVDGR2. El gobierno está gestionado por un grupo de
HPSUHVDULRV\SURIHVLRQDOHVTXHDQWHULRUPHQWHWHQtDQDOWRVFDUJRVHQJUDQGHV
HPSUHVDVSULYDGDVFRQXQDLGHRORJtDQHROLEHUDOEXVFDQGRFRORFDUD$UJHQWLQD
HQORVPHUFDGRVPXQGLDOHVFRPRSURGXFWRUDGHPDWHULDVSULPDV\DOLPHQWRV
6XVYDORUHVSURFODPDGRVVRQODUDFLRQDOLGDGODH¿FDFLDODSURGXFWLYLGDGOD
UHGXFFLyQGHORVFRVWRV±SDUWLFXODUPHQWHGHOFRVWRODERUDO±HODXPHQWRGHOD
WUDQVSDUHQFLDODDSHUWXUD³DOPXQGR´\ODFRPSHWLWLYLGDGYtDSUHFLRVUHFKD]DQGR

2 /DFRPSRVLFLyQVRFLRHFRQyPLFDGHOQXHYRJRELHUQRHVPXFKRPiVKRPRJpQHDTXH
ODGHODQWHULRU*UDQSDUWHGHORVIXQFLRQDULRVVRQ&(2VGHJUDQGHVHPSUHVDV

188 EL IMPERIO DE LAS FINANZAS

ORTXHFRQVLGHUDQYDORUHVGHOSDVDGRSRSXOLVWDODLQÀXHQFLDGHODSROtWLFDHQ
HOPHUFDGRHOSRGHUGHORVVLQGLFDWRVODLQH¿FLHQFLDDOWRVFRVWRVVDODULDOHV
\ODERUDOHVHOJDVWRGHVRUGHQDGRSRUHQFLPDGHORVUHFXUVRVODFRUUXSFLyQ
3UHGRPLQDDKRUDHQHO(VWDGRXQHVWLORGHJHVWLyQJHUHQFLDOSURSLRGHODV
JUDQGHVHPSUHVDV&RQUHVSHFWRDODUHODFLyQVDODULDODFHQWXDURQHOFRQWURO
VREUHODDVLVWHQFLDSXQWXDOLGDG\ODGLVFLSOLQDPRGHUQL]DURQODJHVWLyQLQWUR-
GXFLHQGRQXHYDVWHFQRORJtDVVREUHWRGRVRIWZDUHEXVFDQGRUHGXFLUORVFRVWRV
\ORVWLHPSRVGHSURFHVDPLHQWR\DXPHQWDUODSURGXFWLYLGDGSURPRYLHQGRHO
GHVDUUROORGHODIRUPDFLyQFRPRFRQGLFLyQSDUDORVDVFHQVRV\XQDSURPRFLyQ
LQGLYLGXDOEDVDGDHQHOHVIXHU]R\HOPpULWR
Quienes ocupan el gobierno actualmente tienen en común la orientación
HFRQyPLFDQHROLEHUDOSHURHQOXJDUGHUHFXUULUDORVVKRFNV para tratar de
SURYRFDUFDPELRVEUXVFRVDGRSWDURQLQLFLDOPHQWHXQDSROtWLFDTXHDXWRGH¿-
QHQFRPR³JUDGXDOLVWD´FRQXQKRUL]RQWHGHFRUWRSOD]R6HSURSRQHQFRPR
SULRULGDGUHGXFLUHOGp¿FLW¿VFDOFRQVLGHUDGRODSULQFLSDOFDXVDGHODLQÀDFLyQ
\VHRSRQHQDODVSROtWLFDVQDFLRQDOLVWDVLQGXVWULDOLVWDV\³SRSXOLVWDV´HQFDU-
QDGDVHQODVGLYHUVDVYHUVLRQHVKLVWyULFDVGHOSHURQLVPRTXHWHQGUtDQXQ³JHQ
LQÀDFLRQDULR´SHURFX\DVQRUPDVODERUDOHV\HIHFWRVUHGLVWULEXWLYRVLPSLGHQ
o frenan el incremento de las tasas de ganancia.
(QWUHORVREMHWLYRVFHQWUDOHVGHOQXHYRJRELHUQRSXHGHQGHVWDFDUVH
‡ (YLWDUODFDtGDGHODVWDVDVGHJDQDQFLD\SURYRFDUXQ³VKRFN´UHGLVWULEXWLYR
LPSRUWDQWHPHGLDQWHODGHYDOXDFLyQTXHVHWUDQV¿ULyUiSLGDPHQWHDORVSUH-
FLRV\ODUHGXFFLyQRHOLPLQDFLyQGHODVUHWHQFLRQHVVREUHODVH[SRUWDFLRQHV
GHPXFKRVSURGXFWRV
‡ ,QVHUWDUODHFRQRPtDDUJHQWLQDHQODQXHYDGLYLVLyQLQWHUQDFLRQDOGHOWUDEDMR
HQXQDSRVLFLyQVXERUGLQDGDUHVSHFWRDORVSDtVHVGHOD2&'(SURSLFLDQGR
HOLQJUHVRHQOD$OLDQ]DGHO3DFt¿FR\XQWUDWDGRFRQOD8QLyQ(XURSHD
SHUMXGLFLDOSDUDODLQGXVWULDDUJHQWLQD
‡ 5HGXFLUHOGp¿FLW¿VFDO\DFKLFDUHO(VWDGR±FRQVLGHUDGRFRPRFDXVDGHOD
LQÀDFLyQ
‡ 1RDVLJQDUSULRULGDGDODLQGXVWULDGHQWURGHOVLVWHPDSURGXFWLYRGHELGRD
VXVDOWRVFRVWRV\EDMDSURGXFWLYLGDGHVWLPXODQGRHOGHVDUUROORGHORVVHFWRUHV
SULPDULRH[SRUWDGRUHOVHFWRU¿QDQFLHURORVVHUYLFLRVODVWHOHFRPXQLFDFLRQHV
\HOWXULVPR
‡ $WUDHUFDSLWDOHVH[WUDQMHURVOLEHUDOL]DQGRHOPHUFDGR¿QDQFLHURRIUHFLHQGR
VHJXULGDGMXUtGLFDVLQSRQHUOtPLWHVDODSHUPDQHQFLDQLDOPRQWRGHODV
operaciones.
‡ 5HFXUULUDOHQGHXGDPLHQWRH[WHUQRHQGLYLVDVSDUDDVHJXUDUHOIXQFLRQDPLHQWR
del Estado

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 189

‡ 5HXQL¿FDUHOPHUFDGRFDPELDULRDVLJQDQGRDO%&5$ODIXQFLyQGH¿MDU
PHWDVGHLQÀDFLyQSDUDHVWDEOHFHUXQWHFKRDORVLQFUHPHQWRVVDODULDOHV
SDFWDGRVHQORVFRQYHQLRV
‡ )OH[LELOL]DUHOXVRGHODIXHU]DGHWUDEDMRUHIRUPDQGRODOHJLVODFLyQODERUDO
SDUDDXPHQWDUHOFRQWUROUHGXFLUODOLWLJLRVLGDG\GHELOLWDUDOPRYLPLHQWR
sindical.
‡ &RQWHQHUHOLQFUHPHQWRGHORVVDODULRVUHDOHVDGXFLHQGRTXHFXDQGRVRQ
DOWRVH[SOLFDQODSRFDJHQHUDFLyQGHQXHYRVHPSOHRV\HODOWRSRUFHQWDMHGH
WUDEDMRQRUHJLVWUDGR
‡ 5HGXFLUORVFRVWRVODERUDOHVRVDODULRLQGLUHFWRFRQWULEXFLRQHVDODV$57
$16(62EUDV6RFLDOHVEHQH¿FLRVH[WUDVDODULDOHVERQRVFRPSHQVDWRULRV
FXRWDVVROLGDULDVGHORVQRVLQGLFDOL]DGRVHWF
‡ %DMDUORVLPSXHVWRV\GLVPLQXLUODSUHVLyQLPSRVLWLYDVREUHORV%LHQHV3HU-
VRQDOHVH,QJUHVRV%UXWRVHOLPLQDUUHWHQFLRQHVHLPSXHVWRVFRQVLGHUDGRV
GLVWRUVLYRVHWF
‡ 0RGHUQL]DUHO(VWDGRPHGLDQWHODLQWHQVL¿FDFLyQGHOXVRGHQXHYDVWHFQR-
ORJtDVODUHGXFFLyQGHQRUPDV\WUiPLWHVEXURFUiWLFRVODLQIRUPDWL]DFLyQ
GHWUiPLWHV\HODXPHQWRGHORVFRQWUROHV$VLPLVPRVHHVWDEOHFHQSUHPLRV
\FDVWLJRVHQIXQFLyQGHODDVLVWHQFLDWRPDQGRHQFXHQWDHVWHUHJLVWURSDUD
ORVDVFHQVRV\ODUHQRYDFLyQGHORVFRQWUDWRV
‡ 3URPRYHUHOGHVDUUROORGHODVJUDQGHVHPSUHVDVWUDQVQDFLRQDOHV\DOPLVPR
WLHPSRODJHQHUDFLyQGHHPSUHVDVPRQRSHUVRQDOHVGHPRQRWULEXWLVWDV\
DXWyQRPRVVLPSOL¿FDQGR\DJLOL]DQGRORVWUiPLWHVSDUDODFRQVWLWXFLyQGH
XQLGDGHVHFRQyPLFDVFRQSRFRVWUDEDMDGRUHVDVDODULDGRV
‡ 3ROtWLFDHQHUJpWLFDFRQIXHUWHSUHVHQFLDGHHPSUHVDVWUDVQDFLRQDOHVLP-
SRUWDGRUDV\SURPRFLyQGHODVHQHUJtDVUHQRYDEOHVHQOD$UJHQWLQDSDUD
LQVWDODUSDUTXHVHyOLFRV\VRODUHVSODQWDVGHELRPDVD\ELRJiV\FHQWUDOHV
PLQLKLGURHOpFWULFDV
‡ 3RU~OWLPR\FRQFDUiFWHUSULRULWDULRVHEXVFDFDPELDUODUHODFLyQVDODULDO
SDUDORFXDOVHSURSRQHQDPHQD]DUFRQWURODUGLVFLSOLQDU\GHELOLWDUSRU
GLYHUVRVPHGLRVODVRUJDQL]DFLRQHVVLQGLFDOHV\VRFLDOHVDGYHUVDV
'HQWURGHODVSULRULGDGHVGHSROtWLFDVHFRQyPLFDV\VRFLDOHVHQXQFLDGDV
SRUHOJRELHUQRHQTXH¿JXUDQHQHOVLWLRZHEGHOD3UHVLGHQFLDHVWiQ
WRWDOPHQWHDXVHQWHVHODXPHQWRGHOQLYHOGHHPSOHRODUHGXFFLyQGHOWUDEDMRQR
UHJLVWUDGRODHOHYDFLyQGHOVDODULRUHDO\ODPHMRUDGHODGLVWULEXFLyQGHOLQJUHVR3.

3 /DLGHRORJtDTXHLQVSLUDHOPRGRGHGHVDUUROORQHROLEHUDOSHQHWUySURIXQGDPHQWHHQ
ODVFODVHVPHGLDV\VHFWRUHVSRSXODUHVJUDFLDVDORVPHGLRVPDVLYRVGHFRPXQLFDFLyQ
FRQYLUWLHQGRHVDLGHRORJtDHQXQ³VHQWLGRFRP~Q´

190 EL IMPERIO DE LAS FINANZAS

 /DV SROtWLFDV HFRQyPLFDV \ VRFLDOHV \ VXV SULPHURV LPSDFWRV

/DGHYDOXDFLyQGHGLFLHPEUHSURYRFDGDSRUODVDOLGDGHO³FHSRFDP-
ELDULR´GHORUGHQGHO\ODTXLWDVLPXOWiQHDGHUHWHQFLRQHVSURYRFyXQD
JUDQWUDQVIHUHQFLDGHUHFXUVRVHQEHQH¿FLRGHORVVHFWRUHVPiVFRQFHQWUDGRVGH
ODSURGXFFLyQSULPDULDH[SRUWDGRUDLPSDFWDQGRVREUHORVSUHFLRV
El rápido pago de la deuda con los holdoutsFRQOD/H\SRUXQ
PRQWRGHDSUR[LPDGDPHQWH86PLOORQHVIDFLOLWySRGHUFRQWUDHUPiV
GHXGDH[WHUQDSDUDDVHJXUDUHO¿QDQFLDPLHQWRGHO(VWDGRVLQWHQHUTXHHPLWLU
GHPDVLDGR'HHVWDPDQHUDODGHXGDVHLQFUHPHQWyPiVGHOHQUHODFLyQ
DO3%,DODVH[SRUWDFLRQHV\DODVUHVHUYDVGHO%&5$
(ODMXVWHGHORVJDVWRVSURYLQFLDOHVFRPHQ]yPHGLDQWHHO³3DFWR)LVFDO´
XQDFXHUGRHQWUHHOHVWDGRQDFLRQDOODVSURYLQFLDV\ORVPXQLFLSLRVHQFXDQWR
DODJHQHUDFLyQ\ODGLVWULEXFLyQGHORVUHFXUVRVS~EOLFRVEXVFDQGRUHGXFLU
LPSXHVWRVSDUDOOHJDUDOHTXLOLEULR¿VFDODQLYHOGHO(VWDGRQDFLRQDOWUDQV¿ULHQGR
REOLJDFLRQHVKDFLDODVSURYLQFLDV
5HVSHFWRDOVHFWRUH[WHUQRVHUHGXMR\HOLPLQyODV'HFODUDFLRQHV-XUDGDV
$QWLFLSDGDVGH,PSRUWDFLyQ'-$,FUHDGDVHQHO\VHODVUHHPSOD]ySRU
HO6LVWHPD,QWHJUDOGH0RQLWRUHRGH,PSRUWDFLRQHV6,0,EXVFDQGRODOLEHUD-
OL]DFLyQ\DJLOL]DQGRORVWUiPLWHVGHLPSRUWDFLyQ(QHVWHVHQWLGRODDSHUWXUD
VHPDQL¿HVWDFRQIXHU]D5HVSHFWRGHDXPHQWDURQODVLPSRUWDFLRQHV\HO
Gp¿FLWGHOFRPHUFLRH[WHULRU(QFUHFLyODLPSRUWDFLyQGHELHQHVGH
FDSLWDOORVELHQHVLQWHUPHGLRVORVFRPEXVWLEOHV\OXEULFDQWHVODV
SLH]DV\DFFHVRULRVORVELHQHVGHFRQVXPR\ORVYHKtFXORV/DEUXVFD
DSHUWXUDGHOFRPHUFLRH[WHULRUSDUDELHQHVGHFRQVXPRLPSDFWyQHJDWLYDPHQWH
VREUHODSURGXFFLyQLQGXVWULDOQDFLRQDO\ODGHPDQGDLQWHUQDDFDUUHyFLHUUHR
DFKLTXHVGHHPSUHVDVFRQVXVHFXHODGHGHVHPSOHRVXVSHQVLRQHVYDFDFLRQHV
DGHODQWDGDV³UHWLURVYROXQWDULRV´\SURYRFDQGRHODFKLFDPLHQWRRHOFLHUUHGH
SHTXHxDV\PHGLDQDVHPSUHVDVSRFRFRPSHWLWLYDV
/DVHOHYDGDVWDVDVGHLQWHUpV¿MDGDVSRUHO%DQFRFHQWUDOSDUDDWUDHUFDSLWDOHV
H[WUDQMHURVUHGXMHURQODVSRVLELOLGDGHVGHODV3<0(6SDUDDFFHGHUDOFUpGLWR
FRPHQ]DQGRDVXUJLUSUREOHPDVHQOD³FDGHQDGHSDJRV´(ODUWGHOD&DUWD
2UJiQLFDGHO%&5$HVWDEOHFHTXHVXSDSHOSULRULWDULRHVHOGHFRQWURODUOD
LQÀDFLyQ/D¿MDFLyQGH³PHWDVGHLQÀDFLyQ´HVWDEOHFHXQWRSHHVWLPDGRGH
DQWHPDQRTXHVHDMXVWDSHULyGLFDPHQWHGHELHQGRDGRSWDUVHYHUDVPHGLGDVGH
SROtWLFDPRQHWDULD\FDPELDUDSDUDORJUDUOR
(O³6LQFHUDPLHQWR¿VFDO´³EODQTXHR´GHFLGLGRSRUOH\GH
DOFDQ]yORV8PLOORQHV\DSRUWyDO¿VFRPLOORQHVDGLFLRQDOHV
GHUHFDXGDFLyQ)XHHOEODQTXHRPiVH[LWRVRGHODKLVWRULDSHURDGLIHUHQFLD

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 191

GHORVDQWHULRUHVEDVWDEDVyORFRQGHFODUDUORVELHQHV\QRHUDQHFHVDULRLQJUH-
VDUORVDOSDtV4.
6HUHVWDEOHFLHURQHQODVUHODFLRQHVFRQHO)RQGR0RQHWDULR,QWHUQDFLRQDO
DFHSWDQGRODUHYLVLyQGHODVFXHQWDV¿VFDOHV\WRPDQGRVXVUHFRPHQGDFLRQHV
FRPRHMHGHODSROtWLFDHFRQyPLFDSURFHVRTXHVHKDEtDIUHQDGRGHVGH
cuando se pagó la totalidad de la deuda con ese organismo.
(ODXPHQWRHOHYDGR\FRQVHFXWLYRGHODVWDULIDVGHVHUYLFLRVS~EOLFRV\GH
ORVFRPEXVWLEOHVSDUDUHGXFLUHOGp¿FLWDIHFWyDODVIDPLOLDVUHGXFLHQGRVXV
LQJUHVRVUHDOHV\VXQLYHOGHFRQVXPR7DPELpQDIHFWyDODVSHTXHxDVHPSUHVDV
\FRPHUFLRVUHSHUFXWLHQGRVREUHVXVFRVWRVGHSURGXFFLyQTXHVHWUDQV¿ULHURQ
¿QDOPHQWHDORVSUHFLRV
3DUDHVWLPXODUHOFUHFLPLHQWR\JHQHUDUHPSOHRVHLPSOHPHQWyHQ
\XQDPELFLRVRSURJUDPDGHLQYHUVLRQHVHQLQIUDHVWUXFWXUDDXWRUXWDV
IHUURFDUULODJXDSRWDEOH\VDQHDPLHQWRSHUROXHJRVHUHFXUULySRU/H\1ž
GHSDUWLFLSDFLyQS~EOLFRSULYDGDSDUD¿QDQFLDU\UHDOL]DUODREUDS~EOLFD
FREUDQGRSHDMHV\UHFLELHQGRERQRVS~EOLFRVXQDYH]FRQFOXLGDV
6HQHJRFLDURQGRVQXHYRVWUDWDGRVELODWHUDOHVGHLQYHUVLyQFRQ4DWDU\-DSyQ
\VHEXVFyOD¿UPDGHWUDWDGRVGHOLEUHFRPHUFLRGH~OWLPDJHQHUDFLyQFRQOD
8QLyQ(XURSHD&KLOH&DQDGi\0p[LFR6HLQWHQVL¿FyODSUHVHQFLDDUJHQWLQD
HQIRURVLQWHUQDFLRQDOHVGHQHJRFLRVFRPRHO)RUR(FRQyPLFRGH'DYRV\HO
SDtVIXHVHGHGHODUHXQLyQPLQLVWHULDOGHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHU-
FLRHQ\GHO*(QHOUHOHYDPLHQWRGHODVUHFRPHQGDFLRQHVUHDOL]DGDV
SRUHO)RQGR0RQHWDULRD¿QHVGHFXDQGRWXYROXJDUODVXSHUYLVLyQGHO
$UWtFXOR,9VHGHVWDFDHOLQWHUpVSDUDSURIXQGL]DUODUHIRUPDGHOVLVWHPDGH
VHJXULGDGVRFLDOPRGL¿FDUODIyUPXODGHDFWXDOL]DFLyQGHODVMXELODFLRQHV\
KDFHUORVUHDMXVWHVWULPHVWUDOHVHQEDVHDODLQÀDFLyQIXWXUD\QRDODSDVDGD
/DVVXJHUHQFLDVLPSOtFLWDVLQFOX\HURQHODXPHQWRHQODHGDGMXELODWRULDSDUD
ODVPXMHUHVGHDDxRV\UHGXFLUORVDSRUWHVSHUVRQDOHV\FRQWULEXFLRQHV
SDWURQDOHVSDUDUHGXFLUORVFRVWRVODERUDOHVSHURGHV¿QDQFLDQGROD$16(6
/DGLVPLQXFLyQGHLPSXHVWRV\FRQWUROHVDOVHFWRUDJURSHFXDULR\ODGHYD-
OXDFLyQSURGXFLGDHVWLPXODURQXQFUHFLPLHQWRGHODSURGXFFLyQGHJUDQRV\GHO
VWRFNJDQDGHURDSHVDUGHVHTXtDVHLQXQGDFLRQHV3HURODFDSDFLGDGGHOVHFWRU
H[SRUWDGRUDJURSHFXDULRSDUDGLQDPL]DUODHFRQRPtD\JHQHUDUQXHYRVHPSOHRV
DVDODULDGRVVLJXHVLHQGRPX\UHGXFLGRSRUTXHVHKDQLQWURGXFLGRLPSRUWDQWHV
SURJUHVRVHQORVPHGLRVGHWUDEDMRTXHDXPHQWDURQODSURGXFWLYLGDGVXVWLWX\HQGR
mano de obra permanente. Cientos de tambos cerraron sus puertas a causa del

4 Permaneciendo sin declarar ORVFDSLWDOHV³IXJDGRV´KDFLDORVSDUDtVRV¿VFDOHVFX\R

PRQWRHVWLPDGRPXOWLSOLFDYDULDVYHFHVHOPRQWRGHODVUHVHUYDV

192 EL IMPERIO DE LAS FINANZAS

LQFUHPHQWRGHFRVWRVUHGXFLHQGRODSURGXFFLyQ\HOHPSOHRODVH[SRUWDFLRQHV
GHDYHVFD\HURQDXPHQWDURQODVLPSRUWDFLRQHVGHFDUQHSRUFLQDGHVDOHQWDQGRD
ORVSURGXFWRUHVORFDOHVFD\yODSURGXFFLyQH[SRUWDEOHGHSHUDV\PDQ]DQDVGH
SURGXFWRVYLWLYLQtFRODVGHROLYR\\HUEDPDWH\DOPLVPRWLHPSRDXPHQWDURQ
ORVSUHFLRVDOFRQVXPLGRU¿QDO6HUHGXMRHOQ~PHURGHHPSOHRVHVWDEOHVHQHO
VHFWRUDJURSHFXDULRORFXDOHVWLPXOyODPLJUDFLyQUXUDOKDFLDORVVXEXUELRVGH
las grandes ciudades.
/XHJRGHOFDPELRGHJRELHUQRGLFLHPEUHHOSUHGRPLQLRGHOPHU-
FDGRVREUHHO(VWDGRODIXHUWHGHYDOXDFLyQGHVDWDGDDOHOLPLQDUHO³&HSR´OD
DSHUWXUDLPSRUWDGRUDODUHGXFFLyQGHLPSXHVWRVDODVJDQDQFLDV\DORVELHQHV
SHUVRQDOHVODHOLPLQDFLyQRUHGXFFLyQGHODVUHWHQFLRQHVDODH[SRUWDFLyQ\GH
ODVUHVWULFFLRQHVDORVH[SRUWDGRUHVSDUDREOLJDUORVDLQJUHVDUUiSLGDPHQWHODV
GLYLVDVUHGXMHURQIXHUWHPHQWHORVLQJUHVRV¿VFDOHV/DGHVUHJXODFLyQ¿QDQFLHUD
OHYDQWyORVOtPLWHVDODFRPSUDGHGLYLVDV\VXOLEUHWUDQVIHUHQFLDDOH[WHULRU
FRQDXWRUL]DFLyQSDUDTXHHQWUDUDQVLQUHVWULFFLRQHVFDSLWDOHVHVSHFXODWLYRV\
DSURYHFKDUDQODVHOHYDGDVWDVDVHQGyODUHVGHODV/HEDFVFRQOLEHUWDGSDUDHQWUDU
\VDOLUFRQXQWLSRGHFDPELRÀRWDQWH
(OHOHYDGRGp¿FLW¿VFDO\ODSHUVLVWHQFLDGHXQDHOHYDGDWDVDGHLQÀDFLyQHO
DFFHVRDOHQGHXGDPLHQWRH[WHUQRSDUDFXEULUORVJDVWRVGHO(VWDGRVLQIRU]DUOD
HPLVLyQDVtFRPRHOGp¿FLWGHFXHQWDFRUULHQWHFRQWULEX\HURQDODDSUHFLDFLyQ
GHOWLSRGHFDPELR\DQWHODYLJHQFLDGHSROtWLFDVQHROLEHUDOHV\SHUPLVLYDVORV
LQYHUVRUHVH[WUDQMHURVHPSH]DURQDSHUFLELUD¿QHVGHXQPD\RUULHVJR
\GDGDODGHVUHJXODFLyQ¿QDQFLHUDGRODUL]DURQVXVFDUWHUDV\ODVIXJDURQGHO
SDtVSURYRFDQGRXQDFULVLVFDPELDULD
(O*RELHUQRQRDQWLFLSyHOSURFHVRUHDFFLRQyWDUGH\GHPDQHUDLPSURYLVDGD
UHEDMyORVHQFDMHVEDQFDULRVSDUDHVWLPXODUPiVGHPDQGDGH/HEDFVSRUSDUWH
GHORVEDQFRV\DSHVDUGHGHMDUÀRWDUOLEUHPHQWHHOGyODUWXYRTXHLQWHUYHQLU
PDVLYDPHQWHSDUDWUDWDUGHFRQWURODUODFRUULGDPDOJDVWDQGRFDVLPLOOR-
QHVGHODVUHVHUYDV&RQXQDGHYDOXDFLyQGHOHQORVSULPHURVVHLVPHVHV
GHVHSURGXFHXQUHEURWHLQÀDFLRQDULRVHGHVDWDODIXJDGHGLYLVDVVH
DQXQFLDXQDYLROHQWDVXEDGHODWDVDGHLQWHUpVGH/HEDFVTXHVXSHUyHQMXQLR
HO\VHDQXQFLDXQIXHUWHDMXVWHGHOJDVWRS~EOLFR%DMRHVWHHVFHQDULROD
HFRQRPtDUHDOVHSDUDOL]DGHVGHMXQLRGHHVHDxRDQWHODFDtGDGHODSURGXFFLyQ
\GHODGHPDQGD
'HELGRDODLGHRORJtDSUHGRPLQDQWHHQHOJRELHUQRDORVJUXSRVHFRQyPLFRV
TXHORDSR\DQ\SRUODFRPSRVLFLyQVRFLRHFRQyPLFDGHORVJUXSRVGRPLQDQWHV
GHQWURGHOEORTXHGHSRGHUKDVWDMXQLRVHSHQVDEDTXHKDEtDXQDVROD
RULHQWDFLyQSRVLEOHGHODHFRQRPtD³QRKD\XQSODQ%´\QRVHIRUPXODXQD
SROtWLFDDOWHUQDWLYDFRQVLVWHQWHHQXQ3ODQ1DFLRQDOGHGHVDUUROORHFRQyPLFR\

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 193

VRFLDOTXHVHUtDWLOGDGRGHSRSXOLVWDFHQWUDGRHQODLQGXVWULD\HOGHVDUUROOR
FLHQWt¿FR\WHFQROyJLFRFRQWURODU\UHGXFLUHOGp¿FLW\ODLQÀDFLyQIUHQDUVHOHF-
WLYDPHQWHODDSHUWXUDFRPHUFLDO\¿QDQFLHUDQRDXPHQWDUODGHXGDH[WHUQDHQ
GLYLVDVUHVWDEOHFHUSURJUHVLYDPHQWHODVUHWHQFLRQHVDODH[SRUWDFLyQPRGL¿FDU
HOVLVWHPDWULEXWDULRSDUDKDFHUORSURJUHVLYR\HVWLPXODUODHTXLGDGSURPRYHU
ODVH[SRUWDFLRQHV\QRVRORODVGHOVHFWRUSULPDULRFRQWURODUORVSUHFLRVGHORV
SURGXFWRVGHSULPHUDQHFHVLGDGDSOLFDUSROtWLFDVGHIRPHQWRDODSURGXFFLyQ
\GHHTXLGDGGLVWULEXWLYDSURPRYHUODDXWRVX¿FLHQFLDHQHUJpWLFDUHFXUULHQGRD
ODVHQHUJtDVUHQRYDEOHVUHGXFLUODVWDVDVGHLQWHUpV\SURPRYHUHOFUpGLWRSDUD
ODV3\PHVHVWDEOHFHUGLYHUVRVWLSRVGHFDPELRUHJXODUHOPRYLPLHQWRGHODV
GLYLVDV\H[LJLUTXHYXHOYDQDOSDtVODVJHQHUDGDVSRUHOFRPHUFLRH[WHULRUIUHQDU
ODHFRQRPtDGHHVSHFXODFLyQ\HVWLPXODULQYHUVLRQHVHQHOVHFWRUGLUHFWDPHQWH
SURGXFWLYRSDUDJHQHUDUHPSOHRVHVWLPXODUHODXPHQWRGHORVVDODULRVUHDOHV
\GHORVEHQH¿FLRVGHOVLVWHPDGHVHJXULGDGVRFLDOSDUDIRUWDOHFHUODGHPDQGD
(OLQFUHPHQWRGHOHPSOHRGLUHFWDPHQWHSURGXFWLYRSRUWLHPSRLQGHWHUPLQDGR
\FRQJDUDQWtDVGHHVWDELOLGDG\XQPHMRUDPLHQWRGHODVFRQGLFLRQHV\PHGLR
DPELHQWHODERUDOFRQWURODQGRORVULHVJRVSVLFRVRFLDOHVHQHOWUDEDMRFRQWULEXLUtDQ
DDXPHQWDUODFDOLGDGGHYLGDGHODSREODFLyQ

 /D VLWXDFLyQ JHQHUDGD FXDQGR VH GHVHQFDGHQD OD FULVLV FDPELDULD

'HVGH¿QHVGHHOHQGHXGDPLHQWRH[WHUQRHVFRQVLGHUDEOH\FUHFLHQWH
/RV~OWLPRVSDVLYRVFRQHO)0,IXHURQFDQFHODGRVHQFXDQGRHO*RELHUQR
GHFLGLySDJDU86PLOORQHVFRQIRQGRVGHODVUHVHUYDVGHO%&5$$
PHGLDGRVGHHOSHU¿OGHYHQFLPLHQWRVGHGHXGDH[WHUQD\DFRPSURPHWLGRV
SRUHO(VWDGRQDFLRQDOVXSHUDEDORV86PLOORQHVHQPRQHGDORFDO\
H[WUDQMHUD\FRQWLQXDUiSRUHQFLPDGHORV8PLOORQHVDQXDOHVKDVWD
VLQWRGDYtDFRQWDUHOXVRTXHHQHOIXWXURKDJDHO*RELHUQRGHOSUpV-
WDPRSRUPLOORQHVUHFLHQWHPHQWHQHJRFLDGRFRQHO)RQGR0RQHWDULR
,QWHUQDFLRQDO(QHVDIHFKDSDUDORVFRPSURPLVRVGHSDJRGHGHXGD
GHPHGLDQR\ODUJRSOD]R\DDVFLHQGHQD8PLOORQHV\SXHGHQLQFUH-
PHQWDUVH(OURMRFRQRUJDQLVPRVLQWHUQDFLRQDOHV%,'\%0HVGH86
PLOORQHV\HVWHDxRODGHXGDFRQHOORVHQWUHFDSLWDOHLQWHUHVHVHVGH86
PLOORQHV(OSDJRGHLQWHUHVHVHVWHDxRVHUiVXSHULRUDORVPLOORQHV
(QODFRPSDUDFLyQFRQHOSULPHUFXDWULPHVWUHGHHOLQFUHPHQWRQRPLQDO
GHLQWHUHVHVDPHGLDGRVGH\DHVGHO
&RPRUHVXOWDGRGHODVSROtWLFDVPHQFLRQDGDVHQ$UJHQWLQDSHUGLy
DSUR[LPDGDPHQWHSRUDxR86PLOORQHVSRUFRPSUD\DWHVRUDPLHQWR
GHGLYLVDVGHOVHFWRUSULYDGR86PLOORQHVGHGyODUHVSRUHOGp¿FLW

194 EL IMPERIO DE LAS FINANZAS

GHWXULVPR\86PLOORQHVSRUHOURMRGHODVFXHQWDVFRPHUFLDOHV/DV
HPLVLRQHVGHGHXGDWRWDOL]DURQ86PLOORQHV6DOLHURQ86
PLOORQHVGHGLYLVDVHQFRQFHSWRGH)RUPDFLyQGH$FWLYRV([WHUQRVGHO6HFWRU
3ULYDGRQR)LQDQFLHURJLURGH8WLOLGDGHV'LYLGHQGRV\2WUDV5HQWDV\7XULVPR
6LVHVXPDQORV86PLOORQHVSRULQWHUHVHVSDJDGRVDOH[WUDQMHUROD
FLIUDVHHOHYDDPLOORQHVGHGyODUHV3RURWUDSDUWHHOGp¿FLWH[WHUQRVH
LQFUHPHQWyKDVWDOOHJDUDOGHO3%,
/DUHODFLyQHQWUHODFULVLVTXHHVWiYLYLHQGRHOSDtV\HOIUHQWHH[WHUQRGHOD
HFRQRPtDHVGLUHFWD$UJHQWLQDVXIUHGHVGHHOGp¿FLWFRPHUFLDOPiVHOH-
YDGRHVSHFLDOPHQWHSRUHOLQFUHPHQWRGHODVLPSRUWDFLRQHV±LQFOXVRGHELHQHV
GHFRQVXPR±TXHVH¿QDQFLDQFRQGHXGDHLQJUHVRGHFDSLWDOHVHVSHFXODWLYRV
(/%&5$GHVGH\KDVWDMXQLRLPSXVRXQDSROtWLFDHUUiWLFDGH
PHWDVGHLQÀDFLyQ\HOHYDGDVWDVDVGHLQWHUpVSDUDHVWLPXODUTXHTXLHQHVWHQtDQ
GyODUHVORVYHQGLHUDQ\FRPSUDUDQ/HEDFVRWURVLQVWUXPHQWRV¿QDQFLHURV
RKDJDQSOD]RV¿MRV'HHVDPDQHUDDXPHQWDEDHOPRQWRGHUHVHUYDVSDUD
PDQWHQHUDSUHFLDGRHOWLSRGHFDPELRSHURHVWRFRPSOLFyHOGHVHTXLOLEULRGHO
FRPHUFLRH[WHULRU
+DVWDOD¿UPDGHODFXHUGRFRQHO)0,QRKDEtDSODQHVGHGHVSLGRPDVLYRGH
HPSOHDGRVS~EOLFRVGHSODQWDSHUPDQHQWHDXQTXHVLVHSUHYLDODQRUHQRYDFLyQ
GHFRQWUDWRV\ODGLVPLQXFLyQGHSHUVRQDOMHUiUTXLFRSRUXQLQWHQWRDQXQFLDGRGH
UHGXFLUHOQ~PHURGH0LQLVWHULRVLQFUHPHQWDGRDODVXPLUHOQXHYRJRELHUQR6LQ
HPEDUJRDQWHODVGL¿FXOWDGHVRULJLQDGDVSRUODFRUULGDFDPELDULD\ODQHFHVLGDG
GHDFRUGDUFRQHO)RQGR0RQHWDULRHOJRELHUQRDQXQFLyDFRPLHQ]RVGHMXQLR
GHXQDMXVWHSDUD³FRQWURO\UHGXFFLyQGHJDVWRV´HQOD$GPLQLVWUDFLyQ
3~EOLFD1DFLRQDOTXHHVLPSRUWDQWHHQVtPLVPRSHURPX\GpELOHQFXDQWRDO
PRQWRGHOGp¿FLW(VWHLQFOX\y
‡ )UHQRDOLQJUHVRGHSHUVRQDODO(VWDGRGXUDQWHPHVHVVDOYRHQODVXQL-
YHUVLGDGHVHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWt¿FDV\7pFQLFDV
&RQLFHW\HO6HUYLFLR([WHULRU
‡ +DELOLWDUXQUpJLPHQGHUHWLURYROXQWDULRSDUDHOSHUVRQDOGHWRGDOD$GPL-
QLVWUDFLyQ1DFLRQDOTXHFRPSUHQGHDO3RGHU(MHFXWLYRORVPLQLVWHULRV\
ORVRUJDQLVPRVGHVFHQWUDOL]DGRVHLQVWLWXFLRQHVGHODVHJXULGDGVRFLDOTXH
HQJOREDQWDQWRDO3$0,\OD$QVHVFRPRDOD$),3HO6HQDVD,17$H,17,
HQWUHRWURVFRQDOJXQDVH[FHSFLRQHV
‡ 'DUSRU¿QDOL]DGRVDSDUWLUGHOGHGLFLHPEUHORVFRQYHQLRVGHDVLVWHQFLD
WpFQLFDFRQWUDWDGRVFRQXQLYHUVLGDGHVGHVLJQDGRVEiVLFDPHQWHDODFRQWUD-
tación de profesionales como monotributistas o autónomos.

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 195

‡ $QDOL]DUWRGRWLSRGHERQL¿FDFLyQSUHPLRYLJHQWHSDUDHVWDEOHFHUVXSHUWL-
QHQFLDDOFDQFHHLPSDFWRSUHVXSXHVWDULR
‡ 5HYLVLyQGHORV0LQLVWHULRVGHKRUDVH[WUDV\VHUYLFLRVH[WUDRUGLQDULRVFR-
PLGDV\YLiWLFRV
‡ 6HSURKtEHODFRQWUDWDFLyQGHYLDMHVHQ³FODVHHMHFXWLYD´DWRGDSHUVRQDFRQ
UDQJRLQIHULRUDPLQLVWURRHTXLYDOHQWH
‡ 6HUHOHYDUiQORVYHKtFXORVGHXVRR¿FLDOGHIXQFLRQDULRV\ÀRWDVRSHUDWLYDV
\PLHQWUDVWDQWRTXHGDQVXVSHQGLGRVORVSURFHVRVGHDGTXLVLFLyQ
‡ /RVYHKtFXORVR¿FLDOHVSRGUiQ~QLFDPHQWHHVWDUDGLVSRVLFLyQGHOWUDVODGR
de funcionarios con rango superior a secretario.
‡ 6HUHYLVDUiQODVHVWUXFWXUDVGHHQWHVGHVFHQWUDOL]DGRV\GHVFRQFHQWUDGRV
EXVFDQGRXQDKRUURSUHVXSXHVWDULRPD\RUDOHQHOFRQMXQWRGHRUJD-
nismos.
‡ 6HUHGXFLUiHQXQORVIRQGRVGHVWLQDGRVDODVHPSUHVDVS~EOLFDV
6LQHPEDUJRODVSRVLELOLGDGHVGHUHGXFLUIXHUWHPHQWHHOGp¿FLW¿VFDOTXHGDURQ
limitadas por la decisión de reducir impuestos:
‡ (O(VWDGRVH¿QDQFLDFRQHOGHORVLQJUHVRV¿VFDOHVSHURHQVH
UHGXMRHOLPSXHVWRDODVJDQDQFLDVTXHSDVyDUHSUHVHQWDUHOGHQWUR
GHODUHFDXGDFLyQFXDQGRHODxRSDVDGRHUDGHO5
‡ 6HHOLPLQDURQUHWHQFLRQHVDODVH[SRUWDFLRQHVGHODPLQHUtD\ODSHVFDGH
PDt]\WULJR\VHDSOLFyXQSURJUDPDGHUHEDMDSDXODWLQDHQODVRMD
‡ (QOD6HJXULGDG6RFLDOVHHVWDEOHFLyXQPtQLPRQRLPSRQLEOHGHPLO
SHVRVSRUWUDEDMDGRUSRUPHV±DMXVWDEOHSRULQÀDFLyQ±TXHVHGHGXFHGHORV
FRVWRVODERUDOHVTXHSDJDHOHPSUHVDULR
‡ %DMyODDOtFXRWDGHODVFRQWULEXFLRQHVSDWURQDOHVHQODVDFWLYLGDGHVGHVHU-
YLFLRV\VXELyHQODPDQXIDFWXUD
‡ 6XELyHOPtQLPRQRLPSRVLEOHSDUDHOLPSXHVWRDORV%LHQHV3HUVRQDOHV\
VHHOLPLQyHO,PSXHVWRDOD*DQDQFLD0tQLPD3UHVXQWD
‡ /DUHIRUPDSUHYLVLRQDOHVWDEOHFLyXQDUHGXFFLyQGHODDOtFXRWDSDUDODVJD-
QDQFLDVQRGLVWULEXLGDVSRUODVHPSUHVDVGHODFWXDODOHQ
DOLJXDOTXHHQ\KDVWDHOSRUFLHQWRHQ

5 'HVGHODSHUVSHFWLYDGHODUHFDXGDFLyQ¿VFDOXQRGHORVSUREOHPDVTXHJHQHUDPiV
GHVLJXDOGDGHVHOLPSXHVWRDODVJDQDQFLDVTXHHQORVSDtVHVGHVDUUROODGRVVHVLW~D
HQWUHHO\HOGHO3,%\HQ$UJHQWLQDHVWiFHUFDGHOH[SOLFDGRSRUOD
LPSRUWDQFLDGHODHFRQRPtDQRUHJLVWUDGD\ODHYDVLyQ3RURWUDSDUWHHVHOHYDGRHO
SRUFHQWDMHGHO,9$TXHHVHOLPSXHVWRTXHPiVDIHFWDDORVVHFWRUHVGHPHQRVUHFXUVRV
\TXHHOORVORSDJDQFRQFDGDXQDGHVXVFRPSUDV

196 EL IMPERIO DE LAS FINANZAS

 3HURHOSUREOHPDGH³IRQGR´QRHVVRORHOGp¿FLW¿VFDOTXHHVWLPXODOD
LQÀDFLyQVLQRWDPELpQHOGp¿FLWGHFXHQWDFRUULHQWHSURYRFDGDSRUODDSHUWXUD
LPSRUWDGRUD\ODGHVUHJXODFLyQ¿QDQFLHUDTXHSHUPLWHQODHVSHFXODFLyQ\OD
IXJD3DUDKDFHUIUHQWHDODFULVLVFDPELDULDHOSDtVUHFXUULyDO)0,\ORJUyHQ
WLHPSRUHFRUGXQSUpVWDPRSRUXQPRQWRVLJQL¿FDWLYRHLQpGLWR(ODFXHUGR
¿UPDGRHOGHMXQLRFRQHO)0,GDDFFHVRDXQSUpVWDPRFRQVLGHUDEOH
FRQHOTXHVHEXVFDVRUWHDUODFRUULGDFDPELDULD\SURJUDPDUXQDMXVWHHVWUXFWXUDO
FRQODUHGXFFLyQGHOJDVWRS~EOLFRODOLEHUDOL]DFLyQGHOPHUFDGR¿QDQFLHUROD
UHGXFFLyQGHVXEVLGLRVDVRFLDGRDODXPHQWRGHWDULIDVSURPRYLHQGRODDSURED-
FLyQGHUHIRUPDVUHJUHVLYDVHQPDWHULDODERUDO\SUHYLVLRQDO/RVSURQyVWLFRV
GHXQDFRQWUDFFLyQGHOQLYHOGHDFWLYLGDG\HODFXHUGRFRQHO)0,REOLJDQD
XQDPD\RUUHGXFFLyQGHOGp¿FLWHQODREUDS~EOLFDODVLQYHUVLRQHVHQHQHUJtD
WUDQVSRUWHYLYLHQGD\DJXDSRWDEOH\VXUHHPSOD]RSRUORV333UHGXFLHQGRHQ
WpUPLQRVUHDOHVGHODVFRPSUDV\VHUYLFLRVGHO(VWDGRGLVPLQX\HQGRHOHPSOHR
S~EOLFRDOFRQJHODUYDFDQWHVQRUHQRYDUFRQWUDWRVWHPSRUDULRV\SURPRYHUORV
UHWLURVYROXQWDULRV\ODVMXELODFLRQHVDQWLFLSDGDV\HOIUHQRDOFUHFLPLHQWRGH
ORVVDODULRVUHDOHVUHGXFLHQGRORVVXEVLGLRVFRQHOFRQVLJXLHQWHLQFUHPHQWRGH
ODVWDULIDVGLVPLQX\HQGRHQWpUPLQRVUHDOHVHOSUHVXSXHVWRSDUDHGXFDFLyQODV
XQLYHUVLGDGHVHOVLVWHPDFLHQWt¿FR\ODVHPSUHVDVS~EOLFDVFRQHOREMHWLYRGH
DOFDQ]DUXQHTXLOLEULRRSHUDWLYRSDUD
(VWiSUHYLVWRTXHVLODFULVLVQRVHFRQWURODUDHOJRELHUQRSRGUtDOOHJDU
LQFOXVRDIUHQDUHOLQFUHPHQWRGHODVMXELODFLRQHVDVLJQDFLRQHVIDPLOLDUHV
SHQVLRQHVQRFRQWULEXWLYDVXRWURVSURJUDPDVFRPR3URJUHVDU\$UJHQWLQD
7UDEDMD\SURPRYHUXQDUHIRUPDSUHYLVLRQDOSDUDDXPHQWDUODHGDGGHUHWLUR
XWLOL]DUORVUHFXUVRVGHO)*6SDUDKDFHUIUHQWHDODVGHXGDVGH$16(6FRQORV
EHQH¿FLDULRV\UHVWDEOHFHUODFDSLWDOL]DFLyQSULYDGDJHQHUDQGRPiVKHWHURJH-
QHLGDGHQWUHORVEHQH¿FLDULRV6
&RPRUHVXOWDGRGHOHVWDQFDPLHQWR\GHODVSROtWLFDVGHDMXVWHVHHVWLPDTXH
HQODWDVDGHFUHFLPLHQWRGHO3,%VHUiEDMDRQXOD
/DHFRQRPtDTXHGyDVtEDMRODWXWHODJHQHUDOGHO)0,3HURDGHPiVVLOD
WDVDGHLQÀDFLyQGHHVWHDxRVXSHUDHOHQGLFLHPEUHSUy[LPRHODFXHUGR
SXHGHFDHUVHGDGRTXH³ODVSHUVSHFWLYDVGHLQÀDFLyQVHUiQXQDSDUWHFUtWLFDGH
FDGDUHYLVLyQGHQWURGHODFXHUGR´/DVFRQGLFLRQDOLGDGHVGHODFXHUGR¿UPDGR
DFHQWXDUiQODVSROtWLFDVGHDMXVWH\DGLVHxDGDVSRUHOJRELHUQR'HDFXHUGRFRQ
HO0HPRUiQGXPGH(QWHQGLPLHQWRHQGHEHUtDDOFDQ]DUVHHOHTXLOLEULR

6 (OIRQGRSRVHHDFFLRQHVGHO*UXSR&ODUtQ%DQFR0DFUR6LGHUDU7HFKLQW7UDQVSRU-
WDGRUD*DVGHO6XU%%9$%DQFR)UDQFpV7HOHFRP0ROLQRV5tRGHOD3ODWD*DV1D-
WXUDO%DQ(GHQRU&RQVXOWDWLR6DQ0LJXHO*UXSR)LQDQFLHUR*DOLFLD$OXDU+ROFLP
&DPX]]L4XLFNIRRG\&UHVXG

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 197

¿VFDO/DVWDULIDVGHWRGRVORVVHUYLFLRVGHEHQVHJXLUVXELHQGRSDUDKDFHUSRVL-
EOHODUHGXFFLyQGHVXEVLGLRV(QHOVHFWRUS~EOLFRVHFRQJHODUiQYDFDQWHVQR
VHUHQRYDUiQWRGRVORVFRQWUDWRVWHPSRUDULRV\GHSODQWDWUDQVLWRULDHQSXHVWRV
QRSULRULWDULRVSUHVXPLEOHPHQWHDXPHQWDUiQORVUHWLURV³YROXQWDULRV´\KDEUi
GHVSLGRVGHFRQWUDWDGRVVHFRQJHODUiQODVQXHYDVFRQWUDWDFLRQHVHQHOJRELHUQR
QDFLRQDOGXUDQWHGRVDxRV\VHHOLPLQDUiQODV³SRVLFLRQHVUHGXQGDQWHV´LPSOL-
FDQGRGHVSLGRV7DPELpQHQHO0HPRUiQGXPVHHVWDEOHFHTXHSDUD¿QDQFLDU
HOSDJRGHSHQVLRQHV\ORVDMXVWHVSUHYLVWRVHQOD/H\yPQLEXVGH5HSDUDFLyQ
+LVWyULFDGHSURJUHVLYDPHQWHVHUHFXUULUiDO)RQGRGH*DUDQWtDGH6XV-
WHQWDELOLGDGSDUDSDJDUSUHVWDFLRQHVUHDMXVWHVGHEHQH¿FLRVPDOFDOFXODGRV\
ODVGHXGDVSUHYLVLRQDOHVFRQPLOORQHVGHMXELODGRVVLQQHFHVLGDGGHREWHQHU
XQDDXWRUL]DFLyQSDUODPHQWDULD\HQHOFDVRGHTXHHVRVHDLQVX¿FLHQWH³SRGUi
GLVSRQHUVHODUHDOL]DFLyQGHDFWLYRV´VXYHQWD6HUHFRUWDUiQODVDFWXDOHV
WUDQVIHUHQFLDVGHUHFXUVRVDODVSURYLQFLDVSDUDTXHHOODVDVHJXUHQHQWHUDPHQWH
ORVVHUYLFLRVGHHGXFDFLyQ\VDOXGTXHSRUOD&RQVWLWXFLyQGHTXHGDURQ
a su cargo.
'HVSXpVGHQXHYHDxRVOD$UJHQWLQDFRQVLJXLyTXHODVRFLHGDG0RUJDQ6WDQOH\
&DSLWDO,QWHUQDWLRQDO06&,UHFODVL¿TXHDOSDtVFRPR³PHUFDGRHPHUJHQWH´
\ORSXVRDODSDUGHHFRQRPtDVFRPR&KLQD%UDVLO&RORPELD0p[LFR&KLOH
3HU~R5XVLD(VWRVXFHGLyHOPLVPRGtDHQTXHHO)0,¿UPyHODFXHUGR(VWD
FODVL¿FDFLyQDEUHODSXHUWDDODOOHJDGDGHFDSLWDOHVH[WHUQRVVRORSDUDXQJUXSR
GHEDQFRVJUDQGHVHPSUHVDVSHWUROHUDVGHHQHUJtDWHOHFRPXQLFDFLRQHV\DJUR-
LQGXVWULDOHVSHURLPSLGHSRQHUUHVWULFFLRQHVGHDFFHVRDOPHUFDGR¿QDQFLHUR
LQVWDXUDUFRQWUROHVDODHQWUDGDRVDOLGDGHFDSLWDOHVRGHGLYLVDV

 (O LPSDFWR GHO FDPELR GH UpJLPHQ GH DFXPXODFLyQ VREUH OD
UHODFLyQ VDODULDO

Entre los sectores más afectados por el acuerdo con el Fondo Monetario
,QWHUQDFLRQDOVHHQFXHQWUDQORVWUDEDMDGRUHVDVDODULDGRVWDQWRUHJLVWUDGRVFRPR
QRUHJLVWUDGRVWUDEDMDGRUHVSUHFDULRVMXELODGRV\SHQVLRQDGRVGHVRFXSDGRV
\EHQH¿FLDULRVGHSODQHVVRFLDOHVFX\DSDUWLFLSDFLyQHQHOLQJUHVRQDFLRQDO
tenderá a disminuir.
&RQVLGHUDPRVTXHHOQXHYRPRGRGHGHVDUUROORSURGXMRIXQGDPHQWDOPHQWH
XQFDPELRGHODUHODFLyQVDODULDOSUHH[LVWHQWHUHGXFFLyQGHORVVDODULRVUHDOHV\
GHORVFRVWRVODERUDOHVODÀH[LELOL]DFLyQGHODUHODFLyQVDODULDO(QHVWHVHQWLGR
HO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDOQRLQWHUYLHQHDIDYRUGH
ORVWUDEDMDGRUHVFRPRHOJRELHUQRDQWHULRUD¿QGHUHVWDEOHFHUXQHTXLOLEULR
/DVUHIRUPDVODERUDOHVGLVPLQX\HQHOSRGHUGHORVVLQGLFDWRVSDUDRSRQHUVHD

198 EL IMPERIO DE LAS FINANZAS

ODVSROtWLFDVHFRQyPLFDV\VRFLDOHV\IUHQDUHODMXVWH/DVKXHOJDV\SDURVVH
LQWHQVL¿FDURQSHURQRORJUDQPRGL¿FDUODVLWXDFLyQ/DLQÀDFLyQGHWHULRUDORV
VDODULRVUHDOHV\ODGHYDOXDFLyQUHGXFHVXYDORUHQGyODUHVGDQGRFRPRUHVXOWDGR
XQDIXHUWHFDtGDHQPRQHGDFRQVWDQWH$FRQWLQXDFLyQVHDQDOL]DORTXHVXFHGH
FRQODVSULQFLSDOHVYDULDEOHVTXHGH¿QHQODUHODFLyQVDODULDO

 (PSOHR

/DHVWUDWHJLDR¿FLDOHQPDWHULDGHWUDEDMR\HPSOHRGHODFWXDOJRELHUQR
FRQFHQWUDVXVHVIXHU]RVHQÀH[LELOL]DUHOXVRGHODIXHU]DGHWUDEDMRUHGXFLU
GHORVFRVWRVVDODULDOHV\ODERUDOHVIUHQDUHQORVFRQYHQLRVFROHFWLYRVHOLQFUH-
PHQWRGHORVVDODULRVUHDOHVSRUHQFLPDGHODLQÀDFLyQEDMRODSUHPLVDGHTXH
DODXPHQWDUODUHQWDELOLGDGHPSUHVDULDWHQGUiOXJDUXQDPD\RULQYHUVLyQ\VH
HVWLPXODUtDODFRQWUDWDFLyQGHQXHYRVWUDEDMDGRUHV
&RQUHVSHFWRDGLVPLQX\HURQODVWDVDVGHHPSOHR\DXPHQWDURQ
ODVGHGHVHPSOHRVXEHPSOHR\VREUHWRGRODVWDVDVGHLQDFWLYLGDGSRUTXH
PXFKRVGHVRFXSDGRVGHVDOHQWDGRVGHMDURQGHEXVFDUWUDEDMRGHELGRDOD
UHGXFFLyQGHODRIHUWDGHHPSOHRV\SRUIDFWRUHVHVWDFLRQDOHVRDFFHGLHURQ
DSODQHVVRFLDOHV6LELHQQRH[LVWHWRGDYtDXQDJUDYHFULVLVGHGHVHPSOHRHQ
HOSDtVFRPRODGHHOPHUFDGRODERUDOVLJXHHVWDQFDGR\VHGHWHULRUD
/DVWDVDVGHDFWLYLGDG\GHHPSOHRTXHFD\HURQGHVGHFUHFHQHQ
SHURGHQXHYRVHHVWDQFDQGHVGHPHGLDGRVGH(QHOVHFWRUSULYDGRVH
JHQHUDURQSRFRVQXHYRVHPSOHRVQHWRVSRUHQFLPDGHOD3($SUHGRPLQDQGR
ODSUHFDULHGDG\DXPHQWDQGRHOGHVDOLHQWRGHORVGHVRFXSDGRV6HJ~QOD(3+
ODHYROXFLyQGHODVSULQFLSDOHVYDULDEOHVGHOPHUFDGRGHWUDEDMRGHVGH
HVWiQH[SXHVWDVHQORVVLJXLHQWHVJUi¿FRVQRWiQGRVHORVFDPELRVGHWHQGHQFLD
GHVGH¿QHVGHODGpFDGDSDVDGD

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 199

Gráfico N°2: Tasa de actividad, en % de la población (2003-2017)

)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

Gráfico N°3: Tasa de empleo, en % de la población (2003-2017)

)XHQWH)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

200 EL IMPERIO DE LAS FINANZAS

 (QFXDQWRDODVQXPHURVDVVXVSHQVLRQHV\³UHWLURVYROXQWDULRV´ODPD\RUtD
VHSURGXMRHQHOVHFWRULQGXVWULDOTXHXWLOL]DQWHFQRORJtDVLQWHQVLYDVHQWUDEDMR
\HQSDUWLFXODUHQORVVHFWRUHVWH[WLOHVFRQIHFFLyQFDO]DGRDXWRPRWULFHV¿QDQ-
FLHUDVWDEDFDOHUDVOHFKHUDVHOHFWUyQLFDVDXWRSDUWLVWDVTXtPLFDVIDEULFDQWHVGH
HOHFWURGRPpVWLFRVHLPSUHQWDV'HQWURGHFDGDVHFWRUHVPDVJUDYHODVLWXDFLyQ
GHODVSHTXHxDV\PHGLDQDVHPSUHVDV(QPHMRUyHOPHUFDGRGHWUDEDMR
UHVSHFWRGH\HOHPSOHRDVDODULDGRHQHOVHFWRUSULYDGRUHSUHVHQWDEDHO
GHOWRWDOHOHPSOHRHVWDWDOHO\ORVPRQRWULEXWLVWDVVRFLDOHVRGHWLSR
VRFLDOQRDVDODULDGRVHO7.

Gráfico N°4: Tasa de desocupación, en % de la PEA (2003-2017)

)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

7 (OVHFWRUSULYDGRFXHQWDFRQPLOORQHVGHWUDEDMDGRUHVHQWUHORVFXDOHVVHLQFOX\HQ
DVDODULDGRVGHOiPELWRSULYDGRPLOORQHVPRQRWULEXWLVWDV±FDVLPLOOyQ±
DXWyQRPRV\WUDEDMDGRUHVGHFDVDVSDUWLFXODUHV±FHUFDGHPLO±(OVHFWRUS~EOL-
FRDEDUFDDOUHGHGRUGHPLOORQHVGHWUDEDMDGRUHV

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 201

Gráfico N°5: Tasa de subocupación, en % de la PEA (2003-2017)

)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

(QWUHHQHURGH\RFWXEUHGHHOHPSOHRS~EOLFRDVDODULDGRFUHFLy
XQFRQODLQFRUSRUDFLyQGHPLOWUDEDMDGRUHVPLHQWUDVTXHHOVHFWRU
SULYDGRDXPHQWyXQFRQODLQFRUSRUDFLyQGHPLOWUDEDMDGRUHV'HHVWRV
~OWLPRVPLOVRQPRQRWULEXWLVWDVPLOLQJUHVDURQDOVHFWRUSULYDGR
UHJLVWUDGR\PLOIXHURQHPSOHDGRVHQFDVDVSDUWLFXODUHV'H
DFXHUGRDOD(QFXHVWD3HUPDQHQWHGH+RJDUHV(3+ODWDVDGHGHVRFXSDFLyQ
VHXELFyHQGHOD3REODFLyQ(FRQyPLFDPHQWH$FWLYD3($HQHOSULPHU
WULPHVWUHIUHQWHDOREVHUYDGRHQHOPLVPRWULPHVWUHGH
(OWRWDOGHSHUVRQDVFRQ³SUREOHPDVGHHPSOHR´±GHVRFXSDGRVPiVVXER-
FXSDGRVHQODV]RQDVXUEDQDVGHOSDtV±FRUUHVSRQGHDOGHOD3($FHUFD
GHPLOORQHVGHSHUVRQDV3HURVHJ~QHO&(5(6VLDHOORVVHDJUHJDQORVTXH
VyORWUDEDMDQKDVWDKRUDVDODVHPDQDTXHULHQGRWUDEDMDUPiVORVRFXSDGRV
TXHWUDEDMDQKDVWDKRUDVDODVHPDQDSRUPHQRVGHEHQH¿FLRVRFLDO
\ORVGHVRFXSDGRV³GHVDOHQWDGRV´SRUTXH³VHFDQVDURQGHEXVFDU´R³KD\SRFR
WUDEDMRHQHVWDpSRFD´XQGHOD3($XUEDQDDUJHQWLQDVHHQFXHQWUDHQ
HVDVLWXDFLyQ(QHOWUDEDMRQRUHJLVWUDGRDIHFWyDOGHORVDVDODULDGRV
VLHQGRHOQLYHOPiVHOHYDGRGHVGHHOSULPHUWULPHVWUHGHVGH
'HVGHGLFLHPEUHGHSXHGHDSUHFLDUVHFRPRHOHPSOHRS~EOLFRVH
SUHFDUL]D³HQFDGHQD´(QYDULDVGHSHQGHQFLDVGHOVHFWRUS~EOLFRGRQGHKDEtD
PXFKRVWUDEDMDGRUHVFRQWUDWDGRVRGHSODQWDWUDQVLWRULDTXHUHDOL]DEDQWDUHDV
QHFHVDULDVSHURHVWDFLRQDOHVVHSURFHGLyGHVGHDQRUHQRYDUORVFRQWUDWRV
RGHVSHGLUORVVLHUDQHPSOHDGRVWUDQVLWRULRV\FXDQGRSRVWHULRUPHQWHVHQHFH-
VLWDEDQVHOHVRIUHFtDXQFRQWUDWRFRPRPRQRWULEXWLVWD

202 EL IMPERIO DE LAS FINANZAS

Gráfico N°6: Tasa de asalarización, en % de los ocupados (2003-2017)

)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

(QODVHPSUHVDVPHGLDQDV\JUDQGHVDOWHUDGDVDSDUWLUGHODSROtWLFDR¿FLDO
GHDSHUWXUDGHODVLPSRUWDFLRQHVHVGRQGHPiVDXPHQWDURQODVVROLFLWXGHVSDUD
DFWLYDU3URFHGLPLHQWRV3UHYHQWLYRVGH&ULVLV33&ORVFXDOHVSHUPLWHQDODV
HPSUHVDVREWHQHUXQVXEVLGLRSDUDSDJDUSDUWHGHORVVDODULRVGHTXLHQHVSRGUtDQ
GHVSHGLUFRQFUHWDUVXVSHQVLRQHV\SDJDUPHQRVSRUODVLQGHPQL]DFLRQHV/RV
VHFWRUHVTXHPiVUHFXUUHQDHVWHSURFHGLPLHQWRVRQODVLQGXVWULDVPHWDO~UJLFD
DXWRPRWUL]WH[WLO\WUDQVSRUWHGHSDVDMHURVGHODUJDGLVWDQFLDSXHVODVlow-cost
FRPSLWHQFRQHVWHVHJPHQWR3HURDGHPiVGHORVGHVSLGRVKXERVXVSHQVLRQHV
MXELODFLRQHVDQWLFLSDGDV\UHWLURVYROXQWDULRV8QFDVRSDUDGLJPiWLFRGH33&
EHQH¿FLyD&DUUHIRXUHPSOHDGRVTXHSDUDDFRJHUVHDOSURJUDPDQHJR-
FLyODUHGXFFLyQGHVXVFRQWULEXFLRQHVDODVHJXULGDGVRFLDO\DOPLVPRWLHPSR
SURPRYLyUHWLURVYROXQWDULRVFRQHODFXHUGRGHOVLQGLFDWR
(OVHFWRUGHODLQGXVWULDPDQXIDFWXUHUDUHSUHVHQWDDVyORHOGHO
3,%\HOGHOHPSOHRUHJLVWUDGR/RVVHFWRUHV³SHUGHGRUHV´GHHPSOHRVRQ
PiVHPSOHRLQWHQVLYRV\ORFRQWUDULRVXFHGHFRQORVVHFWRUHVJDQDGRUHV(O
JRELHUQRFRQVLGHUDTXHHOIXWXURGHOHPSOHRHVWiHQHOHPSUHQGHGXULVPRHO
WUDEDMRFXHQWDSURSLD\HOPRQRWULEXWRSRUTXHDOOtHOLQJUHVRDODDFWLYLGDGHV
UHODWLYDPHQWHIiFLOVHQHFHVLWDSRFRFDSLWDO\DOQRVHUDVDODULDGRVQRSUHVLRQD
VLQGLFDOPHQWHSRUDXPHQWRVGHVXHOGRV\SURWHFFLyQVRFLDOQLSURYRFDQFRQ-
ÀLFWRVODERUDOHV(OPHQFLRQDGRSRUFHQWDMHWRWDOGHWUDEDMDGRUHVFRQSUREOHPDV
GHHPSOHRHVVLPLODUDOGHORVWUDEDMDGRUHVQRUHJLVWUDGRVORTXHVLJQL¿FDTXH
DGLFLRQiQGRORVDSUR[LPDGDPHQWHGRVWHUFLRVGHOD3($WLHQHSUREOHPDVGH
empleo e ingresos.

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 203

Tabla N°1: Trabajadores registrados según modalidad de la ocupación principal. Octu-
bre de 2017. Total país

)XHQWH&(3(')&(FRQyPLFDV8%$

 6DODULRV

(O%DQFR&HQWUDOKDEtDSURSXHVWRHQXQDSDXWDLQÀDFLRQDULDGH
SDUDTXHORVLQFUHPHQWRVVDODULDOHVQHJRFLDGRVHQOD&&&QRODVREUHSDVDUDQ
SHURD¿QHVGHODHOHYyDO
&RPRVXFHGLyHQHOSDVDGRODVGHYDOXDFLRQHVSURYRFDURQUiSLGDPHQWH
LQÀDFLyQ\FD\HURQORVVDODULRVUHDOHVSURPHGLRHQDSUR[LPDGDPHQWHGHVGH
LPSDFWDQGRVREUHODGHPDQGD(OLPSDFWRIXHPD\RUHQWUHORVWUDEDMDGRUHV
QRUHJLVWUDGRV\FRQHPSOHRVSUHFDULRV(OREMHWLYREXVFDGRSRUHOJRELHUQRHUD
UHGXFLUODLQÀDFLyQFRQVLGHUDQGRTXHODFDXVDFDVLH[FOXVLYDHUDQHOGp¿FLW¿VFDO
\ORVHOHYDGRVFRVWRVODERUDOHVKDEtDTXHGLVPLQXLUHVWRV~OWLPRVSDUDDXPHQWDU
ODFRPSHWLWLYLGDGHQXQDHFRQRPtDPiVDELHUWDUHGXFLHQGRORVVXEVLGLRVDODV
HPSUHVDVGHVHUYLFLRVS~EOLFRV\HQVXOXJDUDXPHQWDUODVWDULIDVKDVWDTXHORV
FRQVXPLGRUHV\XVXDULRVFXEUDQHOFRVWRGHSURGXFFLyQVLQWRPDUHQFXHQWDTXH
esto JHQHUDLQTXLHWXGHQORVVHFWRUHVSRSXODUHV\GHFODVHPHGLDTXHYHQFDHU
el poder de compra de sus salarios. Tal como puede apreciarse en el siguiente
JUi¿FRHOVDODULRUHDOKDMXQLRKDFDtGRUHVSHFWRDQRYLHPEUHGH

204 EL IMPERIO DE LAS FINANZAS

Gráfico N°7: Salario real, estimaciones varias (noviembre 2015-junio 2017)

)XHQWH&(3(')DFXOWDGGH&LHQFLDV(FRQyPLFDV

/DHOHYDGDWDVDGHLQÀDFLyQHOSHVRGHOGHVHPSOHR\ODVDPHQD]DVGHGHVSLGR
ODUHGXFFLyQGHODVKRUDVH[WUDV\ORVWRSHV¿MDGRVSRUHOJRELHUQRDORVDXPHQWRV
VDODULDOHVVLHPSUHSRUGHEDMRGHODLQÀDFLyQSDVDGDKLFLHURQGLVPLQXLUODPDVD
VDODULDO$OPLVPRWLHPSRODVIXHUWHVGHYDOXDFLRQHVGHGLFLHPEUHGH\
ODVSRVWHULRUHVKDVWDMXQWRFRQODTXLWDGHUHWHQFLRQHVDORVSULQFLSDOHV
FXOWLYRVGHODJURJHQHUDURQXQLQFUHPHQWRGHODUHQWDH[WUDRUGLQDULDSDUDORV
VHFWRUHVH[SRUWDGRUHV/RVSUHFLRVGHORVSURGXFWRVGHOD&DQDVWD%iVLFDFUH-
FLHURQSRUHQFLPDGHOSURPHGLRGHORVGHPiVSURGXFWRVVLHQGRPiVJUDYHSDUD
ORVVHFWRUHVGHLQJUHVRVEDMRVTXHGHVWLQDQXQDPD\RUSURSRUFLyQSDUDFRPSUDU
DOLPHQWRVDVtFRPRSDUDORVWUDEDMDGRUHVSREUHVSUHFDULRV\QRUHJLVWUDGRVSDUD
TXLHQHVODFDtGDGHORVLQJUHVRVIXHPD\RU(VHVHFWRUHVHOTXHPiVVHHQGHXGD
FRQORVFRPHUFLRVGHOEDUULRGRQGHUHVLGHQ\PXFKRVDQFLDQRVQLxRV\MyYHQHV
UHFXUUHQDFRPHGRUHV\PHUHQGHURVYHFLQDOHV$VXYH]ODSROtWLFDHQPDWHULD
GH³VLQFHUL]DUWDULIDV´HVWLPXOyODLQÀDFLyQ(VWDWHQGHQFLDIXHHQSDUDOHORFRQ
HOGHWHULRURGHOVDODULRLQGLUHFWRGHELGRDORVPD\RUHVFRVWRVGHORVVHUYLFLRV
SULYDGRVGHHGXFDFLyQVDOXGYLYLHQGD\ODVUHVWULFFLRQHV\DPHQFLRQDGDVGHOD
VHJXULGDGVRFLDO/DFDtGDGHORVVDODULRVUHDOHVDUUDVWUyODGHPDQGDLQWHUQDGH
ORV³ELHQHVVDODULR´TXHFRQVXPtDQORVVHFWRUHVGHPHQRUHVLQJUHVRVDIHFWDQGR
WDPELpQDORVFRPHUFLDQWHVSULPHUR\DODVHPSUHVDVIDEULFDQWHVOXHJRTXH

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 205

SULPHURUHGXMHURQODV³KRUDVH[WUDV´\PiVWDUGHVXVSHQGLHURQRGHVSLGLHURQ
SHUVRQDOSDUDDMXVWDUODSURGXFFLyQDODGHPDQGDVROYHQWH$GHPiVDXPHQWy
ODFDSDFLGDGSURGXFWLYDRFLRVD\JHQHUyGL¿FXOWDGHV\RHOFLHUUHGHHPSUHVDV
SRFRFRPSHWLWLYDV´&RPSDUDQGRFRQ\VHJ~QOD(3+GHVGHHO
VDODULRUHDOSURPHGLRGLVPLQX\yDSHVDUGHODVFRQYHQFLRQHVFROHFWLYDV\QR
VHUHFXSHUyHVWLPiQGRVHKDVWDPHGLDGRVGHXQDSpUGLGDHQWRUQRDO
$GHPiVGHODIXHUWHFDtGDGHORVVDODULRVUHDOHVDXPHQWyFRQVLGHUDEOHPHQWHOD
GHVLJXDOGDGHQWUHORVPD\RUHV\PHQRUHVLQJUHVRV6HHVWLPDTXHHOPiV
ULFRGHODSREODFLyQREWLHQHXQWHUFLRGHORVLQJUHVRVWRWDOHVPLHQWUDVTXHHO
GHFLOLQIHULRUREWLHQHVyORHO

Gráfico 8: Tasa de no registro, en % del total de asalariados (2003-2017)

)XHQWH,1'(&(QFXHVWD3HUPDQHQWHGH+RJDUHV

6HJ~QOD(3+GHO,1'(&HOGHORVDVDODULDGRVQRHVWiUHJLVWUDGR
VHLVGpFLPDVPiVTXHORVUHJLVWUDGRVHQHOPLVPRSHUtRGRGH(VWR
LQGLFDTXHDSHVDUGHODEDMDGHOGHVHPSOHRORVTXHVHVXPDURQDOPHUFDGROR
KLFLHURQ³HQQHJUR´ 0iVGHODPLWDGGHHVWRVWUDEDMDGRUHVSUHFDULRVVHFRQFHQWUD
HQWUHVDFWLYLGDGHVHOWUDEDMRHQFDVDVSDUWLFXODUHVPiVGHODFRQVWUXFFLyQ
\HOFRPHUFLRFRPSUHQGLHQGRDOUHGHGRUGHOGHORVRFXSDGRV
GHHQWUH\DxRV3RFRPiVGHFXDWURPLOORQHVGHSHUVRQDVTXHWUDEDMDQHQ
UHODFLyQGHGHSHQGHQFLDFDUHFHQGHDSRUWHVSUHYLVLRQDOHV7DPSRFRDSRUWDQD
ODV$57DODVREUDVVRFLDOHVDOVHJXURGHYLGDFROHFWLYRREOLJDWRULR\ODFXRWD
VLQGLFDOVLHQGRHQVXPD\RUtDWUDEDMDGRUHVTXHUHFLEHQEDMRVVDODULRV\TXH
³VRQSREUHVDXQTXHWUDEDMHQ´6HJ~QHO2EVHUYDWRULRGHOD'HXGD6RFLDOGH
OD8QLYHUVLGDG&DWyOLFD$UJHQWLQD8&$HQWUH\HOSRUFHQWDMHGH

206 EL IMPERIO DE LAS FINANZAS

DVDODULDGRVTXHQRSDUWLFLSDQGHOVLVWHPDGHVHJXULGDGVRFLDOSDVyGHODO
PLHQWUDVTXHODWDVDGHQRDVDODULDGRVTXHHVWiQDOPDUJHQGHORIRUPDO
SDVyGHODO6HWUDWDGHSHUVRQDVRFXSDGDVFRPRFXHQWDSURSLVWDV
\SHTXHxRVHPSUHQGHGRUHVOLJDGRVDDFWLYLGDGHVHFRQyPLFDVGHVXEVLVWHQFLD
3HVHDTXHHOPHUFDGRODERUDODUJHQWLQRFRQWLQ~DUHÀHMDQGRXQUHGXFLGR
GLQDPLVPRHQODFDQWLGDGGHRFXSDGRVUHJLVWUDGRV±HQEODQFR±DXPHQWy
OHQWDPHQWHFRQUHVSHFWRDVLQOOHJDUDVXSHUDUOR'LQDPLVPRTXHVH
GHWLHQHHQ

 /D SREUH]D

(QODSREUH]DEDMyHQOD$UJHQWLQDFDVLFLQFRSXQWRVUHVSHFWRGHO
VHJXQGRVHPHVWUHGH\VHXELFyHQHO3UR\HFWDGRDOWRWDOQDFLRQDOOD
SREODFLyQXUEDQDTXHVXIUHHVWHÀDJHOROOHJDDORVPLOORQHV/DLQGLJHQFLD
VHUHGXMRDO\DIHFWDDPLOORQHVGHDUJHQWLQRV3UR\HFWDGDVREUHOD
SREODFLyQWRWDOLQFOX\HQGRDODUXUDODOFDQ]DUtDDPLOORQHVGHSHUVRQDV
En total 23.7 millones de personas son pobres.
'HDFXHUGRFRQHO2EVHUYDWRULRGHOD'HXGD6RFLDOGHOD8QLYHUVLGDG&DWy-
OLFD$UJHQWLQD8&$ORVVHFWRUHVPiVYXOQHUDEOHVHQPDWHULDGHSREUH]D\
HPSOHRVHJ~QGLFKR2EVHUYDWRULRVRQ/RVMyYHQHVODSREUH]DSRULQJUHVRV
DIHFWDDOGHORVMyYHQHVGHHQWUH\DxRV\VXVWDVDVGHGHVHPSOHR
\VXEHPSOHRWULSOLFDQORVSURPHGLRVQDFLRQDOHV/RVGLVFDSDFLWDGRVTXH
VHJ~QHO&HQVRHUDQPLOORQHVFDVLHOGHODSREODFLyQ/DPLWDG
HVWiHQHGDGGHWUDEDMDU(OGHHOORVHVWiQDFWLYRVSHURHOWLHQHQGL¿-
FXOWDGHVSDUDREWHQHUXQHPSOHR/DVPXMHUHVPDGUHV\KRPEUHVPD\RUHV
GHDxRVGRQGHXQFXDUWRGHODVPXMHUHVTXHVRQPDGUHVGHHQWUH\
DxRVVRQSREUHV6HJ~QOD2,7KD\PD\RUHVGHDxRVVLQWUDEDMR
3HUVRQDVOLEHUDGDVOXHJRGHHVWDUHQSULVLyQ\ODVSHUVRQDVFRQXQFRQVXPR
problemático de sustancias.

 /D VHJXULGDG VRFLDO

(QHOWRWDOGHJDVWRVGHO(VWDGRHQSUHVWDFLRQHVVRFLDOHVHQSURSRUFLyQ
GHO3%,IXHLPSRUWDQWHHOSDUDMXELODFLRQHV\SHQVLRQHV\
SDUD¿QDQFLDUHOUHVWRGHODVSUHVWDFLRQHVVRFLDOHVDFDUJRGHOD$16(6/D
UHODFLyQHQWUHHOQ~PHURGHDSRUWDQWHVDODVHJXULGDGVRFLDO\ODFDQWLGDGGH
EHQH¿FLDULRVHVLQTXLHWDQWHDOUHGHGRUGHDSRUWDQWHVSRUFDGDEHQH¿FLDULR
(OVLVWHPDSUHYLVLRQDODUJHQWLQRHQIUHQWDXQDFULVLV\DFDUUHDORVLPSDFWRVGH
QXPHURVDVUHIRUPDVTXHQRKDQVLGRFRKHUHQWHVHQWUHVt(QVHSDVyGHXQ

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 207

VLVWHPDGH5HSDUWRDXQR0L[WRFRQXQFRPSRQHQWHGHFDSLWDOL]DFLyQSULYDGD
TXHGHMDEDDIXHUDGHOVLVWHPDDGHVRFXSDGRV\WUDEDMDGRUHVLQIRUPDOHV\TXH
LQFUHPHQWyHOGp¿FLW¿VFDO(QVHYROYLyDXQVLVWHPDGH5HSDUWRSUHYLD
HVWDWL]DFLyQTXHGDQGRHQPDQRVGHO(VWDGRORVÀXMRVTXHGHVGHLEDQDODV
$)-3DGHPiVGHRWURVIRQGRV\DFFLRQHVTXHDGPLQLVWUDEDQ(OVLVWHPDHVDKRUD
FRQWULEXWLYR\VROLGDULR3HURHQODDFWXDOLGDGFDVLHOGHORVEHQH¿FLDULRV
GH$16(6FREUDQODMXELODFLyQPtQLPDPX\SRUGHEDMRGHOVDODULRPtQLPR
legal. (ODFWXDOJRELHUQRPDQWXYRHOYROXPHQGHOJDVWRS~EOLFRVRFLDOSHUR
FRQRWUDVRULHQWDFLRQHV0HGLDQWHHO'HFUHWRDSDUWLUGHPDU]RGH
VHLQFRUSRUDQDOUpJLPHQGH$VLJQDFLRQHV)DPLOLDUHVORV0RQRWULEXWLVWDVTXH
DQWHVQRORHVWDEDQ$OPLVPRWLHPSRYDULRVSURJUDPDVVRFLDOHV\GHHPSOHR
FRPRHO3URJUHVDUTXHGDURQGHVDFWLYDGRVGHVGHHOFDPELRGHJRELHUQR\VH
UHIRUPXODURQWUDQVIRUPiQGRVHHQXQSURJUDPDGHEHFDV
(OVLVWHPDGHVHJXULGDGVRFLDODFDUJRGH$16(6FRUUHHQHOIXWXURULHVJR
GHQRGLVSRQHUGHUHFXUVRVVX¿FLHQWHVFRPRSDUDKDFHUIUHQWHDWRGDVODVSUHV-
WDFLRQHVSXHVDXQWHUFLRGHORVDVDODULDGRVQRUHJLVWUDGRVQRVHOHVKDFHQ
DSRUWHVHVHOHYDGDODWDVDGHFREHUWXUDFDVL\ODPD\RUtDGHODVSROtWLFDV
VRFLDOHVTXHGDURQDVXFDUJR(QYLUWXGGHODVSROtWLFDVGHLQFOXVLyQVRFLDO
QXPHURVDVSHQVLRQHVQRFRQWULEXWLYDV\MXELODFLRQHVPtQLPDVIXHURQRWRUJDGDV
DWUDEDMDGRUHVR³DPDVGHFDVD´TXHQRKDEtDQKHFKRWRGRVORVDSRUWHVHVWD-
EDQGHVRFXSDGDVRQRHVWDEDQUHJLVWUDGRV(ODMXVWHDSOLFDGRHQHOVLVWHPDGH
seguridad social consiste básicamente en mantener reducido el monto de las
SUHVWDFLRQHVDOPRGL¿FDUHOtQGLFHGHDFWXDOL]DFLyQDXPHQWDUODHGDGMXELODWR-
ULDHPSH]DQGRSRUODVPXMHUHVEHQH¿FLDULDVGHO38$0IUHQDUORVEHQH¿FLRV
SDUDTXLHQHVWLHQHQRWURVUHFXUVRVUHGXFLUODVMXELODFLRQHVFRQVLGHUDGDV³GH
SULYLOHJLR´SRUTXHQHFHVLWDQPHQRVDxRVGHDSRUWHV\DXGLWDUORVEHQH¿FLRV
FRQVLGHUDGRVLQDSURSLDGRVLQFOXVRODSRVLELOLGDGGHDEULUODSRVLELOLGDGSDUD
UHJtPHQHVSULYDGRVFRPSOHPHQWDULRVGHMXELODFLyQ
'HVGHOD&RUWH6XSUHPDGH-XVWLFLDHPLWLyXQDVHQWHQFLD±QRFXPSOLGD
SRUHOJRELHUQR±SDUDTXHVHSDJDUDQFRQDMXVWHV\UHWURDFWLYLGDGORVPRQWRVGH
MXLFLRVFRQVHQWHQFLD¿UPHSRUMXELODFLRQHVPDOFDOFXODGDVTXHQRVHKDEtDQ
DMXVWDGRHQWUH\(OJRELHUQRSRUODOH\DGRSWyHQOD
SROtWLFDGHOD³UHSDUDFLyQKLVWyULFDGHORVMXELODGRV´TXHLQYROXFUyDXQPLOOyQ
\PHGLRGHMXELODGRVSRUODTXHVHSDJDVHSDJDXQPRQWRUHWURDFWLYRGXUDQWH
PHVHVVLQHPEDUJRWDUGyHQLPSOHPHQWDUVH'XUDQWHHOSULPHUDxRHVRV
UHFXUVRVDGLFLRQDOHVSURYLQLHURQGHO³%ODQTXHR´SHURSDUDVHJXLUFXPSOLHQGR
HQHOIXWXURVHGHEHUiGLVSRQHUGHXQPD\RUSUHVXSXHVWR6HJ~QGLFKD/H\HVH
SDJR³SRGUiVHUDWHQGLGRFRQORSURGXFLGR´GHO)RQGRGH*DUDQWtDGH6XV-
WHQWDELOLGDG)*6HVGHFLUFRQODUHQWDELOLGDGGHVXVLQYHUVLRQHV\DJUHJD

208 EL IMPERIO DE LAS FINANZAS

TXHHQHOFDVRGHTXHHVRVHDLQVX¿FLHQWH³SRGUiGLVSRQHUVHODUHDOL]DFLyQGH
DFWLYRV´VXYHQWD(OGHO)*6HVWiLQYHUWLGRHQWtWXORVS~EOLFRVHQWDQWR
TXHXQVRQDFFLRQHVGHHPSUHVDV\HOHVWiHQFUpGLWRVGHOVLVWHPD
$UJHQWDHQWUHRWUDVLQYHUVLRQHV86LELHQHOLQFUHPHQWRGHORVEHQH¿FLRVVH
FDOFXOD\VHDMXVWDUiDKRUDFDGDWUHVPHVHVODUHGXFFLyQGHFLGLGDHQGHO
tQGLFHSURJUHVLYRGHDMXVWHGHORVEHQH¿FLRVSDUDORVEHQH¿FLDULRVDFDUJRGH
$16(6VLJQL¿FyXQDUHGXFFLyQGHDSUR[LPDGDPHQWHPLOORQHVGHSHVRV
TXHIXHURQWUDQVIHULGRVDOD3URYLQFLDGH%XHQRV$LUHVSDUDUHSDUDUOD³GHXGD
FRQHOFRQXUEDQR´3HURFRPRVHDGHODQWyHOSHULRGRDSDUWLUGHOFXDOVHGHEtD
KDFHUODUHGXFFLyQXQ7ULEXQDOGHFODUyLQFRQVWLWXFLRQDOHOLQWHUYDORTXHVLUYLy
de base para el cálculo.
(QHO3$0,VHGHMDURQGHHQWUHJDUPHGLFDPHQWRVJUDWLVDORVMXELODGRVTXH
FREUHQPiVGHSHVRV\PHQRVGHSHVRVHQFDVRGHTXHHVWRVFXHQWHQ
FRQXQDSUHSDJDRVHFRQVWDWHQVLJQRVH[WHULRUHVGHULTXH]D (O3$0,FRPSUDHO
GHWRGRORTXHSURGXFHQORVODERUDWRULRVTXHWLHQHQDOWDVWDVDVGHJDQDQFLD
por los aumentos de los medicamentos. El Gobierno negoció actuando como un
PRQRSVRQLRORJUDQGRXQDEDMDGHSUHFLRVSDUDORVPHGLFDPHQWRVDPEXODWRULRV
\SDUDORVHVSHFLDOHVLQFOXLGRVORVRQFROyJLFRV
%XVFDQGRODUHGXFFLyQGHOJDVWRS~EOLFRVRFLDOHOYLHUQHVGHMXOLRVH
SXEOLFyHQHO%ROHWtQ2¿FLDOHOGHFUHWRTXHHVWDEOHFLyWUHVLPSRUWDQWHV
PRGL¿FDFLRQHVHQHOUpJLPHQGHDVLJQDFLRQHVIDPLOLDUHV³VDODULRIDPLOLDU´TXH
SHUFLEHQORVWUDEDMDGRUHVUHJLVWUDGRV3RUXQODGRVHHOHYyHOSLVRGHOPtQLPR
de ingreso familiar total para la percepción de las asignaciones familiares (de
D(QVHJXQGROXJDUVHUHGXMRHOWRSHGHOLQJUHVRIDPLOLDUWRWDO
GHD$VLPLVPRXQKRJDUQRSXHGHSHUFLELUODDVLJQDFLyQVL
XQLQWHJUDQWHGHOJUXSRIDPLOLDUFREUDPiVGHFLIUDTXHVHUHGXMRSXHV
DQWHVHXELFDEDHQWRUQRDORVPLO(QWHUFHUOXJDUVHHOLPLQDURQORVSOXV
RH[WUDSRU]RQDGHVIDYRUHFLGDTXHVHKDEtDQHVWDEOHFLGRHQODQRUPDRULJLQDO
GH\EXVFDEDQLPSXOVDUHOGHVDUUROORGHUHJLRQHVHVSHFt¿FDVGHOD$UJHQ-
WLQDFRPRHOQRUWH&X\R\OD3DWDJRQLD(QWUHORVDIHFWDGRVVHHQFXHQWUDQORV
WUDEDMDGRUHVWHPSRUDULRVTXHYLHQHQGHRWUDVUHJLRQHV\SDUDTXLHQHVHOUHFRUWH
GHODDVLJQDFLyQDOFDQ]DUiDOSRUFLHQWRGHOPRQWRDFWXDOGHOEHQH¿FLR(Q
ODPLVPDMRUQDGDVHFRQRFLyXQDUHVROXFLyQGHOD$GPLQLVWUDFLyQ)HGHUDOGH
,QJUHVRV3~EOLFRV$),3TXHOLPLWyODGHGXFFLyQLPSRVLWLYDGHKLMDVRKLMRVD

8 (OIRQGRSRVHHDFFLRQHVGHO*UXSR&ODUtQ%DQFR0DFUR6LGHUDU7HFKLQW7UDQVSRU-
WDGRUD*DVGHO6XU%%9$%DQFR)UDQFpV7HOHFRP0ROLQRV5tRGHOD3ODWD*DV1D-
WXUDO%DQ(GHQRU&RQVXOWDWLR6DQ0LJXHO*UXSR)LQDQFLHUR*DOLFLD$OXDU+ROFLP
&DPX]]L4XLFNIRRG\&UHVXG.

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 209

FDUJRDVyORXQFyQ\XJH\TXHWHQtDSRUREMHWLYR±VHJ~QSDODEUDVR¿FLDOHV±
HYLWDUODVXSHUSRVLFLyQHQWUHTXLHQHVSHUFLELHUDQDVLJQDFLyQIDPLOLDUSRUKLMDR
(OUHOHYDPLHQWRGHODVUHFRPHQGDFLRQHVUHDOL]DGDVSRUHO)RQGRD¿QHVGH
HQODVXSHUYLVLyQGHO$UWtFXOR,9\HOWH[WRUHFLHQWHPHQWH¿UPDGRHQHO
DFXHUGRFRQHO)0,SURSRQHSURIXQGL]DUODUHIRUPDGHOVLVWHPDGHODVHJXULGDG
VRFLDOGH¿QLHQGRXQSLODUQRFRQWULEXWLYRSDUDDGXOWRVPD\RUHVGHDxRVSREUHV
\RWURFRQWULEXWLYRSHURVLQUHJtPHQHVHVSHFLDOHV$VXYH]³UHFRPLHQGD´XQD
QXHYDPRGL¿FDFLyQHQODIyUPXODGHDFWXDOL]DFLyQGHODVMXELODFLRQHVKDFLD
DEDMR\SURSRQHDKRUDTXHORVUHDMXVWHVWULPHVWUDOHVVHSURGX]FDQHQEDVHDOD
LQÀDFLyQIXWXUDPHWDVGHLQÀDFLyQTXHVHSUHYHtDPHQRU\QRDODSDVDGD/DV
VXJHUHQFLDVSUHYLVWDVHQHOGRFXPHQWRSDUDEDMDUORVFRVWRVODERUDOHVFRQVLVWHQ
HQUHGXFLUHQKDVWDORVDSRUWHVSDWURQDOHV\SHUVRQDOHVDODVHJXULGDGVRFLDO
FRPRVXFHGLyGXUDQWHODFRQYHUWLELOLGDG±FRQPDORVUHVXOWDGRV±SRQLHQGRHQ
riesgo el sistema.
(O)0,SURSRQHKDFHU³VXVWHQWDEOHHOVLVWHPD´HVGHFLUTXHSDUDUHGXFLU
HOJDVWRS~EOLFRHOVLVWHPDGHVHJXULGDGVRFLDOVH¿QDQFLHH[FOXVLYDPHQWHFRQ
DSRUWHV\FRQWULEXFLRQHVVLQUHFXUULUDFRQWULEXFLRQHVLPSRVLWLYDVSDUDDVtUHGXFLU
HOGp¿FLW(VRGHMDHQWUHYHUODSRVLELOLGDGGHUHIRUPDUHOVLVWHPDMXELODWRULR\
DEULUODSXHUWDDHPSUHVDVGHVHJXURVSUHYLVLRQDOHVSULYDGRV
/RVSODQHVGHLQFOXVLyQMXELODWRULDIXHURQUHHPSOD]DGRVSRUOD3HQVLyQ
8QLYHUVDOSDUDHO$GXOWR0D\RU38$0TXHSDJDXQDSUHVWDFLyQGHVyORHO
GHODMXELODFLyQPtQLPD\DXPHQWDODHGDGMXELODWRULDGHODVPXMHUHVPiV
YXOQHUDEOHVDDxRVDVtFRPRQRJHQHUDGHUHFKRDSHQVLyQDOFRPSDxHURR
ORVKLMRVPHQRUHVDFDUJRRGLVFDSDFLWDGRVHQFDVRGHPXHUWHGHOWLWXODU

 /RV ULHVJRV GHO WUDEDMR

/D/H\QDFLRQDOUHIRUPDGDHQHVWiVLHQGRGLVFXWLGDHQORV&RQJUHVRV
SURYLQFLDOHV\HVWDEOHFLyXQIUHQRDODFFHVRGHORVWUDEDMDGRUHVYtFWLPDVGH
DFFLGHQWHVGHWUDEDMRRHQIHUPHGDGHVSURIHVLRQDOHVDORV7ULEXQDOHVGHO7UDEDMR
VLQDQWHVSDVDUSRUODV&RPLVLRQHV0pGLFDVGHVLJQDGDVSRUOD6XSHULQWHQGHQFLD
GH5LHVJRVGHO7UDEDMR657(VWDV&RPLVLRQHVVRQSRFDVKD\SURYLQFLDV
GRQGHKD\XQDRGRV\SRUFDXVDGHODGLVWDQFLDORVFRVWRVLQKHUHQWHV\SRU
ODRULHQWDFLyQGHORVPpGLFRVGHVLJQDGRVVHSURFXUDUHGXFLUORVSRUFHQWDMHV
GHLQFDSDFLGDG\VRORGHVSXpVGHHVHGLFWDPHQODVYtFWLPDVSRGUiQUHFXUULUD
ORVWULEXQDOHVSHURQR\DDORVWULEXQDOHVGHOWUDEDMRVLQRDORVFRPXQHVGH
FRPHUFLRRFLYLOHV(VWRHVRWURLQGLFDWLYRGHODSpUGLGDGHOYDORUDVLJQDGRDO
WUDEDMR\DVXHVSHFL¿FLGDG(OJRELHUQROXHJRGHODUHIRUPDDOD/H\GH5LHV-
JRVGHO7UDEDMRHQLPSXOVDXQQXHYRSUR\HFWRTXHVHHODERUDHQOD657

210 EL IMPERIO DE LAS FINANZAS

FHQWUDGRHQODSUHYHQFLyQHQPDWHULDGHKLJLHQH\VHJXULGDG\HVGLVFXWLGRFRQ
UHSUHVHQWDQWHVGHOD&*7\GHFHQWUDOHVHPSUHVDULDV%XVFDUHGXFLUORVFRVWRV
SURGXFLGRVSRUODVLQLHVWUDOLGDG\ODOLWLJLRVLGDGFDXVDGDVSRUSUREOHPDVGHVDOXG
ODERUDO7LHQHHOPDQGDWRGHWRPDUHQFXHQWDORVFRQYHQLRV\UHFRPHQGDFLRQHV
GHOD2,7UDWL¿FDGRVSRUHOSDtV\SHUPLWLUiDGHPiVLQFOXLUQRUPDWLYDVHQORV
FRQYHQLRVFROHFWLYRVGHWUDEDMRGHDFXHUGRFRQODVFDUDFWHUtVWLFDVGHFDGDDFWL-
YLGDG6HEXVFDQRVRORUHGXFLUODVLQLHVWUDOLGDGVLQRVREUHWRGRODOLWLJLRVLGDG
3HURWRGDYtDQRKD\FHUWH]DDFHUFDGHVLVHLQFOXLUiQORVULHVJRVSVLFRVRFLDOHV
HQHOWUDEDMR\ODFRQVWLWXFLyQGHORV&RPLWpV0L[WRVGH6DOXG6HJXULGDG\
&RQGLFLRQHVGH7UDEDMRLQVWLWXFLyQGHFLVLYDSDUDTXHORVWUDEDMDGRUHVSDUWLFLSHQ
HQODSUHYHQFLyQ

 /DV UHODFLRQHV GH WUDEDMR

(OJRELHUQRVHSURSXVRUHIRUPDUHOVLVWHPDGHUHODFLRQHVGHWUDEDMRSDUD
KDFHUORDFRUGHFRQHOQXHYRPRGHORGHGHVDUUROOR\EiVLFDPHQWHÀH[LELOL]DU
HOXVRGHODIXHU]DGHWUDEDMRUHGXFLUORVVDODULRVUHDOHV\HOFRVWRODERUDO(O
REMHWLYRHVFDPELDUSURIXQGDPHQWHODWUDGLFLRQDOUHODFLyQVDODULDOODVUHJODV
\ODVLQVWLWXFLRQHVTXHUHJXODQHOXVRGHODIXHU]DGHWUDEDMROHJLVODFLyQGHO
WUDEDMR\ODUHSURGXFFLyQGHODIXHU]DGHWUDEDMRVDODULRGLUHFWRHLQGLUHFWR
(QPDWHULDGHUHODFLRQHVGHWUDEDMRODHVWUDWHJLDDGRSWDGDFRQVLVWHHQGHELOLWDUDO
VLQGLFDOLVPRGHVFRQRFHUODUHSUHVHQWDWLYLGDGGHORVGLULJHQWHVGHODVFHQWUDOHV
VLQGLFDOHVDFHQWXDUPiVDXQODVGLYHUVDVWHQGHQFLDVLQWHUQDV\ODVH[LVWHQWHV
HQWUH&*7ODVGRV&7$\ORVVLQGLFDWRVGHL]TXLHUGD3DUDORJUDUHODFXHUGRGH
ORVVLQGLFDWRVFRQHVWDVSROtWLFDVWUDWDGHVHGXFLUDGLULJHQWHVGHVHJXQGDOtQHD
RUJDQL]DQGRYLDMHVSDUDYLVLWDUSDtVHVTXHKDQLPSOHPHQWDGRUHFLHQWHPHQWH
UHIRUPDVODERUDOHVÀH[LELOL]DGRUDVFRPRODVTXHVHLQWHQWDQLQWURGXFLUHQHO
SDtV3RURWUDSDUWHSDUDFRQWHQHUUHLYLQGLFDFLRQHVGHORVGLULJHQWHV\DSURYH-
FKDQGRORVFDVRVGHVLQGLFDOLVWDVFRUUXSWRVGLSXWDGRVGHOSDUWLGRJREHUQDQWH
SUHVHQWDURQXQSUR\HFWRGHOH\SDUDMX]JDUDORVVLQGLFDOLVWDVDFXVDGRVSRU
FRUUXSFLyQ\HQULTXHFLPLHQWRLOtFLWRREOLJDUORVDKDFHUGHFODUDFLRQHVMXUDGDV
WRGRVORVDxRVFRQODVPLVPDVSHQDVTXHDORVIXQFLRQDULRV
3DUDUHGXFLUORVFRVWRVODERUDOHVHO0LQLVWHULRGH7UDEDMRWUDWDGHHOLPLQDU
ODV³YHQWDMDVDGTXLULGDV´\OLPLWDUODVKRUDVH[WUDVHOSDJRGHYLiWLFRVODDXWR-
UL]DFLyQGHFDUSHWDVSVLTXLiWULFDVSURORQJDGDVGHMDQGRVLQHIHFWRODIDFXOWDGGHO
VLQGLFDWRSDUDHOHJLUDORVHPSOHDGRVTXHFXEULUiQODVYDFDQWHVSURGXFLGDV\OD
REOLJDFLyQGHODSDWURQDOGHKDFHUDSRUWHVH[WUDRUGLQDULRVDIRQGRVJHVWLRQDGRV
por el sindicato para sus obras sociales.

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 211

 /D&RUWH6XSUHPDGH-XVWLFLDOHJDOL]yODSUHFDULHGDGFRQWUDULDQGRIDOORVGH
WULEXQDOHVGHOIXHURODERUDO\DFRUGyUHFLHQWHPHQWHTXHODSUHVWDFLyQGHVHUYLFLRV
GHXQSDUWLFXODUDXQDHPSUHVDQRFRQVWLWX\HLQH[RUDEOHPHQWHXQDUHODFLyQGH
GHSHQGHQFLDODERUDOUHYDORUL]DGRODYLJHQFLDGHOD¿JXUDGHOFRQWUDWRGHORFD-
FLyQGHVHUYLFLRV(VWHFDPELRVHLQVFULEHHQODSURSXHVWDGHÀH[LELOL]DFLyQGH
ODVUHODFLRQHVGHWUDEDMR\ODUHGXFFLyQGHORVFRVWRVODERUDOHVSDUDSURPRYHU
XQQXHYRWLSRGHFRQWUDWDFLRQHVTXH³UHGX]FDODOLWLJLRVLGDG´SRUHVHPHGLR
DXPHQWDUODVJDQDQFLDV\ODVLQYHUVLRQHVGDQGRSRUVHQWDGRTXHDXPHQWDUtDQ
HOHPSOHR\ODFRPSHWLWLYLGDG3HURHVRVHUH¿HUHVyORDXQDVXERUGLQDFLyQ
MXUtGLFDUHJXODGDSRUOD/H\GH&RQWUDWRGH7UDEDMRPLHQWUDVTXHHOWUDEDMDGRU
DXWyQRPRSXHGHHVWDUVRPHWLGRDXQDUHDOVXERUGLQDFLyQHFRQyPLFDR³SDUD
VXERUGLQDFLyQ´FRPRH[SOLFD$ODLQ6XSLRW(OUHFXUVRDOWUDEDMRDXWyQRPR
RGHPRQRWULEXWLVWDVEXVFD³GHVODERUDOL]DU´HOWUDEDMRVDFDUORGHODyUELWDGHO
GHUHFKRGHOWUDEDMR(OHPSOHDGRUSRGUiHQWRQFHVDUJXPHQWDUTXHHQUHDOLGDGVH
HVWiHQSUHVHQFLDGHXQD³ORFDFLyQGHVHUYLFLRV(OLQWHQWRGHDGRSWDUHVWDUHIRUPD
ODERUDOYDHQSHUMXLFLRGHORVDVDODULDGRVDXPHQWDQGRODFRQÀLFWLYLGDGVRFLDO
8QDIDOWDGHSUHFLVLRQHVRODJXQDVHQOD/H\GH&RQWUDWRGH7UDEDMRUHIRU-
PDGDSRUHOJRELHUQRPLOLWDUHQSHUPLWHDO0LQLVWURGH7UDEDMRSURSRQHU
UHIRUPDVKDFLDDEDMRGHOFiOFXORGHODVLQGHPQL]DFLRQHVSRUGHVSLGRVFX\R
SRUFHQWDMHSUHYLVLEOHPHQWHDXPHQWDUiGHVGHHVWHDxR6HJ~QGLFKD/H\GHEH
KDFHUVH³WRPDQGRFRPREDVHODPHMRUUHPXQHUDFLyQPHQVXDOQRUPDO\KDELWXDO
GHYHQJDGDGXUDQWHHO~OWLPRDxRRGXUDQWHHOWLHPSRGHSUHVWDFLyQGHVHUYLFLRVVL
pVWHIXHUDPHQRU´(OPLQLVWURSURSXVRTXHQRVHWRPHQHQFXHQWDQLDJXLQDOGR
QLSUHPLRVRFRPSHQVDFLRQHVQLHOUHFRQRFLPLHQWRGHJDVWRVTXHODVHPSUHVDV
KDFHQDVXVHPSOHDGRVWHOpIRQRHVWDFLRQDPLHQWRFRPLGDVHWFTXHHQWRWDO
SXHGHUHSUHVHQWDUPiVGHO
7DPELpQVHLQWHQWyDXWRUL]DUHOHPEDUJRGHODVFXHQWDVVXHOGRVVLORVWUDED-
MDGRUHVUHWUDVDQORVSDJRVGHVXVGHXGDV7RGRHVWRORJUyXQUHFKD]RXQiQLPH
GHORVVLQGLFDWRVSHURHOPLQLVWURHVSHUDODRFDVLyQSDUDYROYHUVREUHHOWHPD
GDGRVXLPSDFWRGHOSUHDYLVR\ODVLQGHPQL]DFLRQHVVREUHORVFRVWRVODERUDOHV
\ODOLWLJLRVLGDG\GHHVDPDQHUDUHVSRQGHUDODSUHVLyQGHODVJUDQGHVFHQWUDOHV
HPSUHVDULDOHV(QGLFLHPEUHHO0LQLVWURGH7UDEDMRDQXQFLyTXHOXHJRGH
UHXQLRQHVDFRUGyXQSUR\HFWRGHUHIRUPDODERUDOFRQHODYDOGHOD&*7TXH
HQWUHRWUDVFRVDVFRQWHPSODEDHOHVWDEOHFLPLHQWRGHEHQH¿FLRVSDUDORVHPSOHD-
GRUHVTXHUHJXODULFHQDORVWUDEDMDGRUHV2WUDVPRGL¿FDFLRQHVSURSXHVWDVQR
SDVDURQHO¿OWURGHOD&*7ODUHGXFFLyQGHOPRQWRGHODVLQGHPQL]DFLRQHVSRU
GHVSLGRODFUHDFLyQGHXQIRQGRSDUDORVGHVHPSOHDGRVHQOXJDUGHOVHJXUR
SRUGHVHPSOHRQHJRFLDUXQ³EDQFRGHKRUDV´SDUDFRPSXWDUDQXDOPHQWH\GH
PDQHUDÀH[LEOHODVMRUQDGDVGHORVWUDEDMDGRUHV\HYLWDUDVtHOSDJRGHKRUDV

212 EL IMPERIO DE LAS FINANZAS

H[WUDVODHOLPLQDFLyQGHODUWtFXORTXHHVWDEOHFtDODLJXDOGDGGHGHUHFKRV\REOL-
JDFLRQHVHQWUHHOHPSOHDGRU\HOHPSOHDGRFRQWUDULDQGRODHVHQFLDGHOGHUHFKR
GHOWUDEDMR\ODLPSOHPHQWDFLyQGHXQVLVWHPDTXHSURPRYtDHQODVHPSUHVDV
las tercerizaciones sin tener en cuenta a los sindicatos.
$VLPLVPRHO*RELHUQRSURSRQHIDFLOLWDUHOXVRGHORVFRQWUDWRVWHPSRUDOHV
LQFOXLGRVHOGHDSUHQGL]DMHVLQUHFRQRFHUOHHOHVWDWXWRGHDVDODULDGRV\ORV
FRQWUDWRVGHWUDEDMRDWLHPSRSDUFLDO\KDVWDFXHVWLRQDODVIXQFLRQHVWUDGLFLR-
QDOHVGHO&RQVHMR1DFLRQDOGHO6DODULR0tQLPR3URSRQHOLPLWDUODH[WHQVLyQ
GHODFREHUWXUDGHORVFRQYHQLRVFROHFWLYRVPiVDOOiGHORVVLJQDWDULRVGLUHFWRV
SHURFRPRD¿UPD&DUORV7RPDGDHVWRSUHWHQGHHOLPLQDUHOHIHFWRerga omnes
GHORVFRQYHQLRVFROHFWLYRV\TXHVRODPHQWHWHQGUtDQYDOLGH]SDUDODVSDUWHV
¿UPDQWHV6LHVRVXFHGHODVFiPDUDVHPSUHVDULDOHVDFUHGLWDUtDQODVHPSUHVDV
D¿OLDGDVDFDGDFiPDUDTXHQRVRQWRGDV\ORVFRQYHQLRVUHJLUtDQVRORSDUD
HVDVHVGHFLUTXHVHWHUPLQDUtDODQHJRFLDFLyQFROHFWLYDSRUDFWLYLGDG\VH
HVWLPXODUtDODQHJRFLDFLyQDQLYHOGHFDGDHPSUHVD(VOD³GHVFHQWUDOL]DFLyQ´
\HO³GHVHQJDQFKH´\³RIUHFHUXQXVRPiVDPSOLRGHODVFOiXVXODVGHH[FOXVLyQ
YROXQWDULDGHODQHJRFLDFLyQFROHFWLYD´
(QHOSUR\HFWRGH5HIRUPD/DERUDOVHSURSRQHHO³%ODQTXHR´GHORVWUDED-
MDGRUHVQRUHJLVWUDGRVTXHGHVGHKDFHXQDGpFDGDLQYROXFUDDPiVGHXQWHUFLR
GHORVDVDODULDGRV/RVHPSUHVDULRVTXHVHDFRMDQDODUHJXODUL]DFLyQYHUtDQ
FRQGRQDGDWRGDODGHXGDGHYHQJDGDFRQDQWHULRULGDGDODVDQFLyQGHODOH\
SURGXFLpQGRVHODH[WLQFLyQGHODDFFLyQMXGLFLDO\DGPLQLVWUDWLYDHQFDVRGHTXH
ODPLVPDHVWXYLHUDHQFXUVRVLQWHQHUTXHMXVWL¿FDUHORULJHQGHOGLQHURFRQHO
TXHODHPSUHVDSDJDEDFODQGHVWLQDPHQWHDVXVGHSHQGLHQWHV\QR¿JXUDEDHQ
ORVEDODQFHV(OSUR\HFWRQRSUHYpVHYHUDVVDQFLRQHVDTXLHQHVQRVHVXPHQDO
EODQTXHRSXHVODVPXOWDVQRVRQVLJQL¿FDWLYDV6LVHGHVSLGHDXQWUDEDMDGRU
QRUHJLVWUDGRODLQGHPQL]DFLyQQRVHUiPiVDIDYRUGHOWUDEDMDGRUYtFWLPDVLQR
SDJDGDDORV2UJDQLVPRVGHOD6HJXULGDG6RFLDOSUHYLpQGRVHTXLWDV\SODQHV
GHSDJRPX\FRQYHQLHQWHVSDUDORVHPSOHDGRUHV
(QIUHQWDGRVGLUHFWDPHQWHDOJRELHUQRHVWiQODVGRV&7$\ORVVLQGLFDWRVGH
L]TXLHUGD(OWULXQYLUDWRTXHFRQGXFHOD&*7HVWiFXHVWLRQDGR'HQWURGHHVWD
KD\XQDIUDFWXUDVHJ~QPDWLFHV\VHJ~QVXVUHODFLRQHVFRQHOJRELHUQR/D&*7
GHFODUyHQMXQLRHOWHUFHUSDURJHQHUDOHQUHFKD]RDOSODQHFRQyPLFRGHO
JRELHUQR\DODFXHUGRFRQHO)0,/DUHDOL]DFLyQGHOPLVPRKDEtDTXHGDGR
FRQGLFLRQDGRDORVUHVXOWDGRVGHODGLVFXVLyQVREUHYDULRVUHFODPRVSXQWXDOHV
TXHQRVHWRPDURQHQFXHQWDTXHVHUHJXODULFHQORVSDJRVGHO0LQLVWHULRGH
6DOXGSDUDODV2EUDV6RFLDOHVWUDWDPLHQWRVGHDOWDFRPSOHMLGDGODH[LPLFLyQ
GHOLPSXHVWRDODVJDQDQFLDVGHOPHGLRDJXLQDOGRHOFHVHGHGHVSLGRVHQOD
DGPLQLVWUDFLyQS~EOLFDHLPSXOVDUXQDFXHUGRVLPLODUHQHOVHFWRUSULYDGRKDVWD

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 213

¿QGHDxRVLPLODUDOD/H\TXHKDFHXQDxRIXHUDGHURJDGD\ODH[FOXVLyQGH
ODUHIRUPDODERUDOHOSUR\HFWRTXHSUHYpPRGL¿FDUKDFLDDEDMRORVFiOFXORVHQ
ODVLQGHPQL]DFLRQHV3HURQRWXYLHURQUHVSXHVWD/D&*7GHFODUyODKXHOJD
VLQPRYLOL]DFLRQHVFRQHODSR\RGHWRGRVORVJUHPLRVGHOWUDQVSRUWHSHUROD
DSR\DURQODVGRV&7$ODVFRPLVLRQHVLQWHUQDV\VLQGLFDWRVFODVLVWDV3DUDORV
RUJDQL]DGRUHVHUDQHFHVDULDFRPRXQDYiOYXODGHHVFDSHSDUDUHFKD]DUHOSODQ
HFRQyPLFRSUHYLHQGRODUHFHVLyQHOGHVHPSOHR\ODFDtGDGHORVVDODULRVUHDOHV
TXHSURGXFLUiGXUDQWHYDULRVWULPHVWUHVODDSOLFDFLyQGHODVSROtWLFDVGHDMXVWH
FRQHODSR\RGHO)0,
3RUVXSDUWHHOJRELHUQRDPHQD]DHQUHVSXHVWDFRQDSOLFDUPXOWDVDTXLHQHV
QRDFHSWDQOD&RQFLOLDFLyQ2EOLJDWRULDUHWUDVDUODVWUDQVIHUHQFLDVGHIRQGRVSDUD
ODVREUDVVRFLDOHVTXLWDUODVSHUVRQHUtDV\GHVFRQWDUORVGtDVGHSDURDJUHPLRV
TXHKDFHQKXHOJDV\SRURWUDSDUWHSDJDUSUHPLRVRERQRVDORVWUDEDMDGRUHV
TXHQRDGKLHUHQDODVKXHOJDVGHVDFUHGLWDQGRDORVGLULJHQWHVTXHQR¿UPHQ
FRQYHQLRVFROHFWLYRVTXHUHVSHWHQODVPHWDVGHLQÀDFLyQ3HURHVRQRH[FOX\H
TXHKD\DQHJRFLDFLRQHVVREUHWHPDVYLWDOHVSDUDORVVLQGLFDWRV(OJRELHUQROHV
FRQGRQyHQXQDGHXGDGHODVREUDVVRFLDOHVSRUFHUFDGHPLOORQHV
FRQODSRVLELOLGDGGHDFFHGHUDXQDDVLVWHQFLDGHPLOORQHVHQFDVRVFRQ
SUREOHPDV2WUDSROtWLFDDQXQFLDGDHVODUHGXFFLyQDODPLWDGHOQ~PHURGHREUDV
VRFLDOHVVLQGLFDOHVSRUTXHODVPiVSHTXHxDVQRVRQVXVWHQWDEOHVFRQFHQWUiQ-
GRODVSDUDTXHVHDQJHVWLRQDGDVSRUORVJUDQGHVVLQGLFDWRV

 /RV ³0RYLPLHQWRV VRFLDOHV´

/D³/H\GH(PHUJHQFLD6RFLDO´DGRSWDGDHQFRQHODSR\RGHOD&*7
\TXHVRORIXHUHJODPHQWDGDHQDQWHODSUHVLyQGHORVPRYLPLHQWRVVRFLD-
OHVLQVWDXUyXQDVXHUWHGH³VDODULRVRFLDO´SRUYDULRVDxRVSDUDFRPSHQVDUHQ
SULPHUOXJDUDPLHPEURVGHODVWUHVJUDQGHVFHQWUDOHVGHPRYLPLHQWRVVRFLDOHV
³%DUULRVGH3LH´³&RUULHQWH&ODVLVWD\&RPEDWLYD´\³&RQIHGHUDFLyQGHORV
7UDEDMDGRUHVGHOD(FRQRPtD3RSXODU´(VD/H\EXVFDWDPELpQFRQWHQHUDORV
PRYLPLHQWRVVRFLDOHVFHQVDUDVXVLQWHJUDQWHVSDUDRWRUJDUOHVHVHEHQH¿FLR\
RIUHFHUUHFXUVRVSDUDHODERUDUSURJUDPDVPDVLYRVGHFDSDFLWDFLyQSDUDDXPHQWDU
ODHPSOHDELOLGDG\TXHSXHGDQDFFHGHUDXQHPSOHR
/XHJRGHPDVLYDVPDQLIHVWDFLRQHVFDOOHMHUDVHO*RELHUQRDFRUGyHOGH
PDU]RFRQODVWUHVJUDQGHVRUJDQL]DFLRQHVVRFLDOHVFRQFUHWDUPHMRUDV
HQORVSURJUDPDVVRFLDOHV\GHHPSOHRTXHHVWDEDQFRPSUHQGLGRVHQOD³/H\
GHHPHUJHQFLDVRFLDO´/DUHLYLQGLFDFLyQFRQVLVWtDHQDFHOHUDUODHMHFXFLyQGH
DVLVWHQFLDVRFLDOSURYHHUGHDOLPHQWRVDORVEDUULRVGRQGHKD\FRPHGRUHVR
PHUHQGHURV\TXHFRPLHQFHDLPSOHPHQWDUVHODDVLJQDFLyQDHVRVWUDEDMDGRUHV

214 EL IMPERIO DE LAS FINANZAS

GHXQVDODULRVRFLDOFRPSOHPHQWDULRSHURTXHHUDLQIHULRUDODPLWDGGHOVDODULR
PtQLPRYLWDO\PyYLO
Estas organizaciones sociales presionan repetidamente para aumentar esos
HVFDVRVEHQH¿FLRVTXHQRLEDQHQSDUDOHORFRQODLQÀDFLyQ\JHQHUDUQXHYRV
HPSOHRVHQORVFXDOHVLQVHUWDUVH3RURWUDSDUWHYDULRVPRYLPLHQWRVVRFLDOHV³GH
L]TXLHUGD´IRUPXODURQSRUVHSDUDGRGHPDQGDVVLPLODUHVVLQWHQHUPXFKRp[LWR

 (PSUHVDV ³UHFXSHUDGDV´

'HVGHODFULVLVGHQXPHURVDVHPSUHVDVTXHEUDURQIXHURQYDFLDGDV
GHVXVPHGLRVGHSURGXFFLyQRFHUUDURQ\VXVWUDEDMDGRUHVTXHGDURQVLQHPSOHR
VLQFREUDUYDULRVPHVHV\VLQDSRUWHVDOVLVWHPDGHVHJXULGDGVRFLDO\REUDV
VRFLDOHV0XFKDVGHHOODVIXHURQSULPHURRFXSDGDVUHFXSHUDGDV\SXHVWDVHQ
IXQFLRQDPLHQWRVROLFLWDQGRODH[SURSLDFLyQRODWUDQVPLVLyQGHORVELHQHVKDFLD
ORVWUDEDMDGRUHVSDUDFRPSHQVDUODVGHXGDV6XUJHQDVtODVHPSUHVDVUHFXSHUDGDV
PXFKDVGHODVFXDOHVDGRSWDURQODIRUPDGHFRRSHUDWLYDVGHWUDEDMR
6HJ~QHOSURJUDPD8QLYHUVLGDG$ELHUWDGHOD))\/GHOD8%$HQODV
HPSUHVDVUHFXSHUDGDV(5HQOD$UJHQWLQDVXPDEDQHQWRWDOGHODVFXDOHV
HVWDEDQHQIXQFLRQDPLHQWRHQFRQÀLFWRRKDFLDVXSXHVWDHQPDUFKDEDMR
DXWRJHVWLyQHQPDU]RGH/DPD\RUtDGHHOODVIXHURQFUHDGDVGHVSXpV
GHODFULVLVGH/DVHPSUHVDVUHFXSHUDGDVVXUJLGDVFRQSRVWHULRULGDGD
GLFLHPEUHGHIXHURQXQWRWDOGH'HVGHDSULQFLSLRVGHODV
(5TXHQRKDEtDQORJUDGRVXSHUDUVXHWDSDGHFRQVROLGDFLyQKDQGHELGRFHUUDU
RIXHURQGHVDORMDGDVVXPDQ
/DVPLVPDVRFXSDEDQHQDHPSOHDGRV/DPD\RUtDVHORFD-
OL]DQHQOD&LXGDGGH%XHQRV$LUHV\ODSURYLQFLDGH%XHQRV$LUHV3RUUDPD
GHDFWLYLGDGODVPiVQXPHURVDVVRQODVPHWDO~UJLFDVGRQGHWDPELpQKD\PiV
WUDEDMDGRUHVDOLPHQWDFLyQJUi¿FDVWH[WLOHVJDVWURQRPtDHLQGXVWULDGHOD&DUQH
/DFUHDFLyQ\SHUPDQHQFLDGHODV(5VHUHODFLRQyFRQODHYROXFLyQGHO3%,
\VHSXHGHQGHOLPLWDUFLQFRSHUtRGRV/RVSULPHURVFDVRVVXUJLHURQHQODGpFDGD
GHORVDxRV¶(OSHULRGRGHH[SDQVLyQ\FRQVROLGDFLyQ\FXDQGRVHKDFHQPiV
YLVLEOHVHVHQWUH\GXUDQWHODFULVLV/DWHUFHUDHWDSDIXHGXUDQWHOD
FRQVROLGDFLyQGHODUHFXSHUDFLyQHFRQyPLFDHQODSRVFRQYHUWLELOLGDGHQWUHORV
DxRV\8QDFXDUWDHWDSDVHGHVDUUROODD SDUWLUGHFXDQGRHOSDtV
H[SHULPHQWDODFULVLV¿QDQFLHUD/DPD\RUSDUWHGHOFUHFLPLHQWRGHOQ~PHURGH
VXVWUDEDMDGRUHVVHGDHQWUH\PDU]RGH
/RVHIHFWRVGHODQXHYDSROtWLFDHFRQyPLFDLPSOHPHQWDGDODVDIHFWDURQHVSH-
Ft¿FDPHQWHSRUHODXPHQWRJHQHUDOL]DGRGHFRVWRVGHORVLQVXPRVHOGHVFHQVR
DEUXSWRGHOFRQVXPRODDSHUWXUDGHLPSRUWDFLRQHVODGHYDOXDFLyQTXHHQFDUHFLy

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 215

LQVXPRVWDQWRLPSRUWDGRVFRPRQDFLRQDOHVHOHQFDUHFLPLHQWRGHOFUpGLWR\ODV
GL¿FXOWDGHVSDUDDFFHGHUDOPLVPR\SULQFLSDOPHQWHSRUORVHQRUPHVDXPHQWRV
WDULIDULRVHVSHFLDOPHQWHHQHOHFWULFLGDGJDV\DJXDUHFXUVRVLQGLVSHQVDEOHV
SDUDHOIXQFLRQDPLHQWRGHFXDOTXLHUXQLGDGHFRQyPLFD9.
(OIDFWRUGHFLVLYRSDUDVXSHUPDQHQFLDHQHOPHUFDGRQRHVWDQWRHOFXHV-
WLRQDPLHQWRGHVXFDOLGDGVLQRHOSUHFLRGHVXVSURGXFWRVRVHUYLFLRVDXQTXH
WUDWHQGHPDQWHQHUORDOPtQLPRLQGLVSHQVDEOH(VWRFXHVWLRQDODVFRQGLFLRQHV
GHYLGDGHVXVWUDEDMDGRUHV\ODPLVPDVXSHUYLYHQFLDGHODIXHQWHGHWUDEDMR
)UHQWHDHVWDVFLUFXQVWDQFLDVHVDVHPSUHVDVSRUORJHQHUDO3<0(VGHEHQWUDWDU
GHEDMDUORVFRVWRVHQXQFRQWH[WRHQHOTXHHOQLYHOGHDFWLYLGDG\ODGHPDQGD
GLVPLQX\HQ
$GLIHUHQFLDGHODVHPSUHVDVSULYDGDVFDSLWDOLVWDVHQODVFULVLVODV(5\
ODVFRRSHUDWLYDVGHWUDEDMRDXWRJHVWLRQDGRQRUHFXUUHQSULPHURDODRSFLyQGH
UHGXFLUHOSODQWHOGHWUDEDMDGRUHVVLQRDGLVPLQXLUHOYROXPHQGHSURGXFFLyQ
GHORVLQJUHVRVGHORVWUDEDMDGRUHVRGHODFDOLGDGSRUORTXHFRPSURPHWHQOD
H[LVWHQFLDGHODHPSUHVD
/DYLGDHFRQyPLFDGHHVDVHPSUHVDVHQIUHQWDDKRUDHOHVWDQFDPLHQWR\OD
FDtGDGHODGHPDQGDODLPSRVLELOLGDGGHORJUDUD\XGD¿QDQFLHUD\DSR\RWpFQLFR
SDUDPHMRUDUHLQFUHPHQWDUODSURGXFFLyQ/DPD\RUtDGHHOODVVXEVLVWHQGH
PDQHUDSUHFDULDFRQXQJUDQVDFUL¿FLRGHORVWUDEDMDGRUHVTXHFREUDQVDODULRV
SRUGHEDMRGHOPtQLPR\KDQUHGXFLGRVXVMRUQDGDVGHWUDEDMR3HURDSHVDUGH
HOORXQJUXSRLPSRUWDQWHQRDEDQGRQyODHPSUHVDQRVRORSRUVXFRPSURPLVR
\UD]RQHVLGHROyJLFDV\SROtWLFDVVLQRSRUTXH³DIXHUD´ODGHPDQGDGHIXHU]D
GHWUDEDMRHVPX\HVFDVD

 *DQDGRUHV \ SHUGHGRUHV GHO QXHYR PRGHOR KDVWD OD FULVLV FDPELDULD

$PHGLDGRVGHFXDQGRVH¿UPDHODFXHUGRFRQHO)0,\DVHSXHGH
WHQHUXQDLGHDVLQWpWLFDGHORVJUDQGHVSHUGHGRUHV\JDQDGRUHVGHOPRGHOR
HFRQyPLFRLPSOHPHQWDGRGHVGHGLFLHPEUHGH
/RVVHFWRUHV\JUXSRVVRFLDOHVSHUGHGRUHVFXDQGRVH¿UPyHODFXHUGRFRQ
HO)0,
 /RVVHFWRUHVSURGXFWLYRVTXHVRQSRFRFRPSHWLWLYRVIUHQWHDODVLPSRUWDFLRQHV
HQSDUWLFXODUODVUDPDVLQGXVWULDOHVWUDEDMRLQWHQVLYDVGHOFXHURPDUURTXL-

9 1XPHURVDVHPSUHVDVSULYDGDVWLHQHQDFWXDOPHQWHSUREOHPDVSRUTXHKDQFRQVWLWXLGR
HOHYDGRVVWRFNVGHELGRDODFDtGDGHODGHPDQGDFRQGL¿FXOWDGHVSDUDKDFHUIUHQWH
DODVGHXGDVLQWHUUXPSLHQGRODFDGHQDGHSDJRV$OJXQDVHVWXGLDQODSRVLELOLGDGGH
SUHVHQWDUVHDXQFRQFXUVRGHDFUHHGRUHVDQWHVGHTXHEUDU

216 EL IMPERIO DE LAS FINANZAS

 QHUtDFDO]DGRVWH[WLOHVFRQIHFFLyQFRQDOWRVFRVWRV\EDMDSURGXFWLYLGDG
5HFLHQWHPHQWHODLQGXVWULDDXWRPRWUL]\ODHOHFWUyQLFDDWUDYLHVDQODPLVPD
VLWXDFLyQ/DLQFLGHQFLDGHODLQGXVWULDHQHO3%,VHUHGXMRGHOHQ
DOHQ
 /DV3\0(6GHYDULDVUDPDVGHDFWLYLGDGTXHHQWUDURQHQGL¿FXOWDGHVSRU
GLFKDVFDXVDV\FRQSRFRDFFHVRDFUpGLWRVFRQYHQLHQWHV
 /RVSHTXHxRVFRPHUFLRVGHSUR[LPLGDGHQGHVYHQWDMDUHVSHFWRGHORVKL-
SHUPHUFDGRVSRUTXHDGHPiVGHODFDtGDGHODGHPDQGDKDQYLVWRDXPHQWDU
VXVFRVWRVGLUHFWRVGHSURGXFFLyQORVDOTXLOHUHVDVtFRPRODVWDULIDVGH
ORVVHUYLFLRVS~EOLFRV\GHEHQSDJDUHOHYDGDVWDVDVGHLQWHUpVVLDFFHGHQDO
FUpGLWR
 /RVVHFWRUHVGHSHTXHxRVSURGXFWRUHVDJUtFRODVGHODVHFRQRPtDVUHJLRQDOHV
IUXWDV\HUEDWHWDEDFRYLQROiFWHRV
 (OFRQMXQWRGHORVDVDODULDGRVUHJLVWUDGRVTXHGHELGRDORVSUREOHPDVGHO
PHUFDGRGHWUDEDMRQRHVWiQOLEUHVGHODVDPHQD]DVGHGHVSLGRGHVHPSOHR
VXEHPSOHRSUHFDULHGDG\GHFDHUHQXQWUDEDMRQRUHJLVWUDGRVXIUHQODUHGXF-
FLyQGHOVDODULRUHDOSRUHOLPSDFWRLQÀDFLRQDULR\HODXPHQWRGHODVWDULIDV
 /RVWUDEDMDGRUHVSUHFDULRVTXHWLHQHQHPSOHRVQRUHJLVWUDGRVVHDQLQIRU-
PDOHVRPRQRWULEXWLVWDVVLQFREHUWXUDGHODVHJXULGDGVRFLDOGDGRTXHVH
KDQUHGXFLGRODVSRVLELOLGDGHVGHWUDEDMRVWHPSRUDULRVHQPLFURHPSUHVDV
WUDEDMRGRPpVWLFRWUDEDMDGRUHVUXUDOHVHVWDFLRQDOHVFXHQWDSURSLVWDVHWF
 /RVMXELODGRV\SHQVLRQDGRVGRQGHHOUHFLEHODMXELODFLyQPtQLPD
$GHPiVGHODUHGXFFLyQGHODMXELODFLyQHQWpUPLQRVUHDOHVVHGHWHULRUyHO
VHUYLFLRS~EOLFRGHVDOXGDXPHQWyPXFKRHOSUHFLRGHORVPHGLFDPHQWRV\
GHORVELHQHVGHVXFDQDVWDIDPLOLDUHVSHFt¿FD
 /DVLWXDFLyQHVGUDPiWLFDHQHOFDVRGHORVGHVRFXSDGRVLQFOXVRGHORVSR-
FRVTXHFREUDQHOLQVX¿FLHQWHVXEVLGLRSRUGHVHPSOHRHVSHFLDOPHQWHDORV
GHODUJDGXUDFLyQGHPD\RUHGDGFRQEDMDVFDOL¿FDFLRQHVFRQXQDVDOXG
GHWHULRUDGDSRUODVPDODVFRQGLFLRQHVGHWUDEDMRDVtFRPRORVEHQH¿FLDULRV
GHORVSODQHVVRFLDOHVSRUTXHHOPRQWRGHORVVXEVLGLRVHVWiOHMRVGHFXEULU
ODFDQDVWDEiVLFDGHDOLPHQWRV\PXFKRVGHORVFXDOHVGHVGHKDFHGpFDGDV
VREUHYLYHQHQVLWXDFLRQHVGHH[WUHPDSREUH]DHLQGLJHQFLDSUiFWLFDPHQWH
H[FOXLGRVVRFLDOPHQWH
/RVVHFWRUHVJDQDGRUHVGHOPRGHORKDVWDODFULVLVFDPELDULD\FXDQGRVH
JHVWLRQyHODFXHUGRFRQHO)0,
 /RVVHFWRUHVPLQHURVHKLGURFDUEXUtIHURVFRQSUHFLRVGRODUL]DGRVHQERFDGH
SR]RODSHVFD\ODDJURLQGXVWULDH[SRUWDGRUDFXDQGRKXEREXHQDVFRVHFKDV
GHVRMD\GHJUDQRVDSHVDUGHODVLQXQGDFLRQHV\VHTXtDVH[WUDRUGLQDULDV

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 217

 GHELGRDODEDMDRHOLPLQDFLyQGHODVUHWHQFLRQHV\VXOLEHUWDGSDUDGHFLGLU
HOPRPHQWRSDUDLQJUHVDUODVGLYLVDV
 (OVHFWRU¿QDQFLHURKDFLDGRQGHVHFDQDOL]DODPD\RUSDUWHGHHQWUDGDVGH
GLYLVDVFRQ¿QHVHVSHFXODWLYRVDSURYHFKDQGRODVDOWDVWDVDVGHLQWHUpV\XQ
tipo de cambio apreciado. La consolidación de este sector se consolida con
HODFXHUGRFRQHO)0,
 /DVHPSUHVDVSULYDGDVGHVHUYLFLRVS~EOLFRVHOHFWULFLGDGDJXDJDVWUDQV-
SRUWHGHFDUiFWHUROLJRSyOLFRJUDFLDVDORVIXHUWHVDXPHQWRVUHFLHQWHVGH
ODVWDULIDVOXHJRGHDxRVGHFRQJHODPLHQWR
 /DVHPSUHVDVGHWHOHFRPXQLFDFLRQHVVHFWRUROLJRSyOLFR\FDGDYH]PiV
FRQFHQWUDGR
 /DVJUDQGHVHPSUHVDVGHOVHFWRUFRQVWUXFFLyQSDUWLHQGRGHVGHXQSLVRPX\
EDMRIXHURQHVWLPXODGRVSRUORVSURJUDPDVS~EOLFRVGHLQIUDHVWUXFWXUD
IHUURFDUULODXWRUXWDVHQHUJtD\HQPHQRUPHGLGDORVQXHYRVFUpGLWRVSDUD
YLYLHQGDSDUDORVVHFWRUHVPHGLRV\DOWRV\GHVGHODVTXHHMHFXWDUiQ
los PPP.
 /RVJUDQGHVKLSHUPHUFDGRVPD\RULVWDV\FDGHQDVGHHOHFWURGRPpVWLFRVTXH
WLHQHQODSRVLELOLGDGGHPRGL¿FDUORVSUHFLRV\TXHLQYRFDQGRODFDtGDGHOD
GHPDQGDQHJRFLDQFRQVXVSURYHHGRUHVGHVFXHQWRVKDFHUHIHFWLYRHOSDJR
HQFXRWDV\FRQYDULRVPHVHVGHUHWUDVR

 5HÀH[LRQHV \ SHUVSHFWLYDV

'HDFXHUGRFRQOD7HRULDGHOD5HJXODFLyQHOUHVXOWDGRSUHYLVLEOHGHO
funcionamiento de este modelo es un aumento de la fragmentación social
GHIRUPDQGRODHVWUXFWXUDVRFLRSURGXFWLYD&UHFHUiODSURSRUFLyQGHSHUVRQDV
GHVRFXSDGDVVXERFXSDGDVLQYROXQWDULDPHQWHTXHQRWLHQHQHPSOHRHVWDEOH$Vt
FRPRORVWUDEDMDGRUHVQRUHJLVWUDGRVFXHQWDSURSLVWDVPRQRWULEXWLVWDV\ORVGHO
VHFWRULQIRUPDOLQFOX\HQGRWUDEDMDGRUHVPXQLFLSDOHVTXHJDQDQSRUGHEDMRGHO
VDODULRPtQLPROHJDO6XVWDUHDVFRQVLVWHQHQ³FKDQJDV´FRQWUDWRVWHPSRUDULRV
SRUHMHPSORHQODFRQVWUXFFLyQODVFDVDVSDUWLFXODUHVDFWLYLGDGHVGHVHUYLFLR
\ODLQGXVWULDWH[WLOFODQGHVWLQD(QVXVIDPLOLDVHVIUHFXHQWHODSUHPDWXUD
GHVHUFLyQHVFRODUGHODHVFXHODS~EOLFDDEXQGDQORVMyYHQHV1,1,1,2WUR
JUXSRLPSRUWDQWHWLHQHHPSOHRVUHJLVWUDGRVSHURFRQLQJUHVRVPX\EDMRV³VRQ
SREUHVDXQTXHWUDEDMHQ´8QDDPSOLDFDSDGHFODVHPHGLDFRQWUDEDMRUHJLV-
WUDGR\SRUWLHPSRLQGHWHUPLQDGRS~EOLFRRSULYDGRVXIUHHOGHWHULRURGHVXV
LQJUHVRVSHURD~QSXHGHFXEULUVXVJDVWRVFRQWUDWDUVHUYLFLRVSULYDGRVGHVDOXG
\HGXFDFLyQJR]DUGHYDFDFLRQHV\UHQRYDUVXVELHQHVGXUDEOHV)LQDOPHQWH
XQJUXSRSHTXHxRWDOYH]GHGHODSREODFLyQFRPSXHVWRSRUHPSOHDGRUHV

218 EL IMPERIO DE LAS FINANZAS

HMHFXWLYRVFXDGURVJHUHQFLDOHV\UHQWLVWDVGHJUDQGHVHPSUHVDVFRQDOWRVQLYHOHV
GHLQJUHVRVTXHYLYHQHQcountriesEDUULRVSULYDGRVRHQEDUULRV³H[FOXVLYRV´
FRQVXPHQSURGXFWRVGHOXMRYLDMDQIUHFXHQWHPHQWHGLVSRQHQGHH[FHGHQWHV
SDUDHVSHFXODU¿QDQFLHUDPHQWH

 8Q LQWHQWR GH SURVSHFWLYD

/DLQÀDFLyQQRKDSRGLGRVHUFRQWURODGDVHPDQWLHQHHOHYDGDHLQFOXVR
FUHFHUiHQSRUORVDMXVWHVGHWDULIDVGHVHUYLFLRV\HOFRPSRUWDPLHQWR
FRQFHQWUDGR\ROLJRSyOLFRGHORVPHUFDGRVGHELHQHVVDODULR
/DVWDVDVGHLQWHUpVDOWDVGHVDOLHQWDQODLQYHUVLyQHLQFHQWLYDQODHVSHFXOD-
FLyQ¿QDQFLHUDHOGyODUDSUHFLDGRJHQHUDGp¿FLWGHOFRPHUFLRH[WHULRUORVDOWRV
QLYHOHVGHHQGHXGDPLHQWRS~EOLFRH[WHUQRSDUDFXEULUJDVWRVFRUULHQWHVVRQ
FRQVLGHUDEOHV\VHUiGLItFLOGHSDJDUHQHOIXWXURVLQRKD\XQIXHUWHFUHFLPLHQWR
GHO3%,\GHODVH[SRUWDFLRQHV6HEXVFDODUHGXFFLyQGHOGp¿FLW¿VFDOGLVPL-
QX\HQGRRHOLPLQDQGRVXEVLGLRV\EDMDQGRHOJDVWRS~EOLFRSHURFRQDXPHQWRV
VHQVLEOHVGHWDULIDVTXHLPSDFWDQQRVRORVREUHORVPiVSREUHV\H[FOXLGRVVLQR
WDPELpQVREUHORVLQJUHVRVGHDVDODULDGRVGHLQJUHVRV¿MRVPHGLRV\EDMRV\
D~QPiVVREUHFRVWRVGHODVSHTXHxDVHPSUHVDV7RGRHVWR¿QDOPHQWHLPSDFWD
QHJDWLYDPHQWHVREUHHOHPSOHR\ORVVDODULRV
6LSHUGXUDHOFRPSRUWDPLHQWRQHJDWLYRGHHVWDVYDULDEOHVVHYROYHUiLQYLDEOH
WUDWDUGHSURVHJXLUHOQXHYRUXPERHFRQyPLFRSURSXHVWR
3HURVLHVWDVWHQGHQFLDVVHFRQ¿UPDQ\DXQTXHFUH]FDHO3%,DWDVDVEDMDVR
PRGHUDGDVVHSUHYpTXHGHVGHTXHVHDSOLTXHHODFXHUGRFRQHO)0,\SRUXQ
WLHPSRLQFLHUWRODHVWUXFWXUDSURGXFWLYDVHUiPiVKHWHURJpQHD\GHVHTXLOLEUDGD
HQWUHVHFWRUHV\UDPDVGHDFWLYLGDG3DUDORJUDUHQHOGp¿FLWFHURDFRUGDGR
HQHO0HPRUiQGXPODVWDULIDVVHJXLUiQVXELHQGRSRUODUHGXFFLyQSODQHDGD
GHVXEVLGLRVDXPHQWDUiQORVGHVSLGRVHQHOVHFWRUSULYDGR\FHVHGHFRQWUDWRV
HQHOVHFWRUS~EOLFR\FDHUiQORVVDODULRVUHDOHVGLVPLQXLUiQODVWUDQVIHUHQFLDV
GHUHFXUVRVDODVSURYLQFLDVODREUDS~EOLFDDFDUJRGHO(VWDGRQDFLRQDOVHUi
UHGXFLGDLPSDFWDQGRVREUHODDFWLYLGDGHFRQyPLFD\HOHPSOHRORV333GDUiQ
OXJDUDPD\RUHVSHDMHVWDULIDVFRQJDQDQFLDVDYDODGDVSRUHO(VWDGRHQFDVR
GHLPSUHYLVWRV\FREUDUiQFRQERQRVFXDQGRFRQFOX\DQ(ODFXHUGRFRQHO
)RQGR0RQHWDULRLPSOLFDVRSRUWDUXQDDXGLWRUtDH[WHUQD\XQDUHGXFFLyQGHO
PDUJHQGHDXWRQRPtDGHODSROtWLFDHFRQyPLFD\GHODVIXQFLRQHVGHO%&5$
/DÀH[LELOLGDGFDPELDULDQRIUHQDUiODVGHYDOXDFLRQHVODLQÀDFLyQQLODFRQ-
FHQWUDFLyQGHODULTXH]DGHORVVHFWRUHVJDQDGRUHVGHOPRGHOR&RQWLQXDUiQ
HVWDQFDGRVRVHGHWHULRUDUiQHOQLYHOGHDFWLYLGDGHOHPSOHRORVVDODULRVUHDOHV
\ODSURWHFFLyQVRFLDO

PARTE III / Financierización, Vulnerabilidad Social y Fragilidad Jurídica 219

 /RVVHFWRUHVDOWDPHQWHFRQFHQWUDGRV\WUDQVQDFLRQDOL]DGRVPHQFLRQDGRV
FUHFHUiQSHURQRDUUDVWUDUiQODGLQiPLFDGHOFRQMXQWRODVWDVDVGHLQYHUVLyQ
VHJXLUiQEDMDVGDGRTXHH[LVWHQLQPHQVRVUHFXUVRVGHDUJHQWLQRVHQHOH[WHULRU
HVWHSURFHVRWHQGUiXQLPSDFWRSRVLWLYRPDUJLQDORQXORVREUHHOHPSOHRHVWD-
EOH\ORVVDODULRVUHDOHVQRFDPELDUiODGLVWULEXFLyQGHOLQJUHVRSDUDKDFHUOD
PiVHTXLWDWLYDQLSHUPLWLUiHOLPLQDURUHGXFLUODSREUH]DODLQGLJHQFLD\OD
SUHFDULHGDG(QHVDVFRQGLFLRQHVHVGHSUHYHUXQDXPHQWRGHODFRQÀLFWLYLGDG
ODERUDO\VRFLDO
6LQXQPRGHORDOWHUQDWLYRDODHVSHUDGHUHVXOWDGRVGHODLPSOHPHQWDFLyQ
GHODVSROtWLFDVGHDMXVWHSURSXHVWDVSRUHOJRELHUQRRGHULYDGDVGHODFXHUGR
FRQHO)0,ODFULVLVVHJXLUiODWHQWHGpELOFUHFLPLHQWRVLVWHPDSURGXFWLYR
GHVHTXLOLEUDGRGp¿FLW¿VFDOLQpGLWRHOHYDGDWDVDGHLQÀDFLyQYRODWLOLGDG
FDPELDULDDOLPHQWDGDSRUODVWDVDVGHLQWHUpVGHORVERQRVQRUWHDPHULFDQRVOD
HVSHFXODFLyQ¿QDQFLHUD\ODVGLYLVDVIXJDGDVKLVWyULFRGp¿FLWHVWUXFWXUDOGHO
FRPHUFLRH[WHULRUFDtGDGHORVVDODULRVUHDOHV\GHODVSUHVWDFLRQHVGHOVLVWHPD
GHVHJXULGDGVRFLDOHOHYDGR\HVWDEOHGHVHPSOHRSHUVLVWHQFLDGHOWUDEDMRQR
UHJLVWUDGRGHODSUHFDULHGDGGHODSREUH]D\ODH[FOXVLyQ

5HIHUHQFLDV ELEOLRJUi¿FDV

1ൾൿൿൺ-&D³(OFRQWH[WRVRFLRHFRQyPLFRDUJHQWLQRDFWXDO'RVVLHU$U-

JHQWLQDGXUDQWHODSRVFRQYHUWLELOLGDG´&XDGHUQRVGHO&(1'(6DxR
QƒPD\RDJRVWR'LVSRQLEOHHQKWWSZZZXFYYHRUJDQL]DFLRQYUDF
JHUHQFLDGHLQYHVWLJDFLRQFLHQWLILFD\KXPDQLVWLFDFHQGHVSXEOLFDFLRQHV
HGLFLRQHVUHYLVWDFXDGHUQRVGHOFHQGHVKWPO!
1ൾൿൿൺ-&E³0RGRVGHGHVDUUROORWUDEDMR\HPSOHRHQOD$UJHQWLQD
´5HYLVWD(VWDGR\3ROtWLFDV3~EOLFDVQƒ$xR9'LVSRQLEOHHQ
KWWSSROLWLFDVSXEOLFDVIODFVRRUJDUUHYLVWDQXPHURB!
1ൾൿൿൺ-&FRRUG8QDUHIRUPDTXHQRUHVXHOYHORVSUREOHPDVGHORV
ULHVJRVGHOWUDEDMRHQ$UJHQWLQD%XHQRV$LUHV8QLYHUVLGDG0HWURSROLWD-
QDSDUDOD(GXFDFLyQ\HO7UDEDMR'LVSRQLEOHHQKWWSZZZUHODWVRUJ
GRFXPHQWRV667$/&$UJ1HIID/57SGI!
1ൾൿൿൺ-&³/DHYROXFLyQGHODUHODFLyQVDODULDOGXUDQWHODSRVWFRQYHUWL-
bilidad”5HYXHGHODUpJXODWLRQ. &DSLWDOLVPHLQVWLWXWLRQVSRXYRLUVQƒ
1ൾൿൿൺ-&\'ൾඅൺ*ൺඋඓൺ7ඈඅൾൽඈ(FRPSV7UDEDMR\PRGHORVSURGXF-
WLYRVHQ$PpULFD/DWLQD$UJHQWLQD%UDVLO&RORPELD0p[LFR\9HQH]XHOD
luego de las crisis del modo de desarrollo neoliberal%XHQRV$LUHV&/$&62
1ൾൿൿൺ-&³(YROXFLyQFRQFHSWXDOGHOD7HRUtDGHOD5HJXODFLyQ´(Qൽൾඅൺ
*ൺඋඓൺ7ඈඅൾൽඈ(FRRUG7HRUtDVVRFLDOHV\HVWXGLRVGHOWUDEDMRQXHYRV
HQIRTXHVSS%DUFHORQD$QWKURSRV

220 EL IMPERIO DE LAS FINANZAS