Financialization of agriculture and land in Brazil and the Investment Funds in Agroindustrial Productive Chains (Fiagros) in a context of crisis: default and social conflicts in Mato Grosso
Financialization, Agribusiness, Fiagro, Crisis, Default, Sociology of Finance
This research aims to investigate the relationships between the financial market and agribusiness in the recent Brazilian socioeconomic context. The study is situated in the field of the sociology of finance and starts from the historicization of rural credit and the advancement of private financing mechanisms via the capital market in agricultural financing, highlighting the emergence of Investment Funds in Agroindustrial Productive Chains (Fiagros) as a central expression of the process we call financialization. In this sense, we seek to outline the sociogenesis of this analytical category and the active role of the State in this process, as well as to point out the creation and the broader context that sustains Fiagros, examining their implications and consequences. Emphasis is placed on the analysis of the recent crisis of these instruments in 2024, three years after their creation. This movement is marked by a wave of defaults and requests for judicial recovery, as well as by a series of socio-environmental conflicts that have become associated with the dynamics of these funds. As we extend the analysis, we center the research on the state of Mato Grosso for a more comprehensive understanding of the problems and logics of Fiagros as they "land" in the territory. Methodologically, through a multi-method approach, the research seeks to triangulate information through a documentary analysis of the main Fiagro reports, in addition to laws, decrees, normative instructions and a bibliographic review specific to the sociology of finance, financialization, the critical analysis of agribusiness and the agrarian reality of Mato Grosso. Furthermore, we employ the analysis of news regarding the funds and the financed groups. We seek to gather material to understand the scenario and the actors intertwined in these dynamics, their portfolios, claims, and disputes, as well as the responses and arrangements in the face of a scenario of instability, where they reinvent themselves in the face of transformations. In this way, we investigate the mechanisms by which new financial instruments intertwine with, reinforce and update, old dynamics in rural areas.