Abstract The literature on transnational legal orders (TLOs) establishes new criteria for the elaboration of analyses regarding complex legal and economic issues which transcend the nation state. By looking into the so-called "currency war" controversy of 2010-2013, the paper argues that TLO theory remains limited in its ability to shed light on relevant aspects of cross-border impacts of monetary policy changes.

Este trabalho discute as transições políticas no Brasil no contexto da globalização. Focaliza os legados políticos que ofereceram resistência aos processos externos e os "novos freios e contrapesos" que constituíram condições relevantes para o processo de formulação e tomada de decisão de política nos anos 90. Indica também que o gerenciamento de políticas macroeconômicas, combinado com o processo político mais amplo, foi uma importante dimensão das transições. Conclui salientando a existência de desafios no âmbito do tratamento da questão social e dos vínculos entre os âmbitos interno e externo.

This paper discusses political transitions in Brazil within the context of globalization. It focuses on the political legacies that offered resistance to external processes and the «new brakes and counterweights» that constituted the relevant conditions for processes of political decision formulating and making during the nineties. I also show that the management of macroeconomic policies, combined with broader political processes, was an important dimension of these transitions. I conclude by emphasizing the challenges that exist in the arena of the treatment of social issues and the connections between domestic and external environments.

Ce travail discute de transitions politiques au Brésil dans le contexte de la mondialisation. Il met en relief l'héritage politique qui a résisté aux processus externes et aux « nouveaux freins et contrepoids » qui ont été les conditions essentielles pour les processus de formulation et prise de décision de la politique des années 90. Il souligne aussi que la gestion de politiques macro-économiques, associée au processus politique global, a été une importante dimension des transitions. Il conclut en soulignant les enjeux dans le traitement de la question sociale et des liens entre la dimension interne et externe.