The aim of this article is to show the peculiarities of modernity in a peripheral capitalist country like Brazil. To do this, our understanding of modernity and its relationship with capitalist progress will be explained. Subsequently, the particular character of capitalism in peripheral regions, with an emphasis on the Brazilian experience, will be analysed. More specifically, we shall explore the meaning of capitalist progress in Brazil in the last two decades, underlining Brazil’s role as an international platform for financial valorization and the retrocession of the country’s industrial production in a context of monetary stability. These observations on a peripheral economy and its historical trajectory will allow us, in a third step, to analyse the particularity of Brazilian modernity today. Finally, we shall discuss the role of compensatory income programs and the rise of the so-called ‘new middle class’ in this scenario.