The article deals with the issue "Brazilian pension funds" as a social construction process. The aim is to show how their recent changes may be understood as resulting from a fierce struggle among three groups of social agents, each one of them trying to establish their "real meaning". The agents are the traditional managers, the new "Chicago boys", and some former unions leaders put out of the show as a by-product of the 90's monetary stabilization, trying to make a new way as pension funds managers. In the first part we have some remarks on the Brazilian's pension funds recent history. The second part is dedicated to an approach of the subject as a path for the development of some theoretical consequences for the understanding of the recent Brazilian economic and social landscape.
Pension Funds; Neo-liberalism; Unions; Middle Classes; Corporate Governance