“…However, credibility is not a material attribute that can be hoarded and deployed in measurable quantities at the desired moment; it is, rather, the unstable outcome of the operation of the institutions of the state within the bounds of neoliberalism, and their attachment to financialisation and extractivist development in particular. These policy choices were favoured by powerful social groups and the mainstream media, but they had disabling implications for growth, distribution and social inclusion, and they contributed to the PT's alienation from many of its traditional supporters on the left (Baletti, 2014;Pahnke, 2018). These constraints became evident when Rousseff attempted to relax the fiscal and monetary policy stance, in 2011: that shift rapidly ruined the government's credibility with finance, the media and domestic and foreign capital, with severely adverse implications for policymaking capacity (Saad-Filho and Morais, 2018, chs.8-9).…”