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The paper is about economic democracy in Brazil since the creation of its present currency, the real. It focuses on macroeconomic policy, which has been little studied by Brazilian sociology despite its relevance for social relations that are shaped by these policies and the inequalities they have caused. Macroeconomic policy in Brazil has been one more realm where capitalism shows itself to be antithetical to democracy. It does so by expanding the material inequality that reproduces political inequality and restricts real freedom. Another manifestation of this limited democracy is the selective insulation of economic policies, both in terms of classes that are not allowed to influence them, as well as issues that are not subject to public debate. Adding to that is the parliament's failure to deal with the macroeconomic agenda, which is thus left to control by the economic apparatus of the executive branch under disproportionate political influence from financial sector interests. The Brazilian capitalist state reveals its undemocratic side when it restricts popular participation in the main fiscal and monetary decisions that have important impacts on society as a whole. The route towards reducing the concentration of wealth and political power, that is towards some type of democratic socialism, can be opened by effective popular participation in economic decision-making. This can begin with those decisions that involve class struggles over the state budget. [ABSTRACT FROM AUTHOR]