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Büyük Buhran’dan Günümüze Avrupa Merkez Bankası Otoritelerinin Siyasal Mirası

Year 2026, Volume: 25 Issue: 1

Abstract

Bu çalışma, Büyük Buhran'dan bu yana Avrupa para otoritelerinin çevre ülkelerde oluşturduğu siyasi mirası ortaya koymaktadır. Avrupa merkez bankası yöneticileri tarafından belirli bir ekonomik yönetim zihniyetinin yaratıldığı ve dünya sisteminin çeperlerine yayıldığı iddia edilmektedir. Siyaset ve ekonomiyi birbirinden ayırmak zor olsa da, para otoriteleri bugüne kadar herhangi bir uluslararası düzenin kurucu babaları arasında anılmamış, genellikle siyasi aktörlerin gölgesinde kalmıştır. Bu çalışma, Büyük Buhran'ın ardından liberal uluslararası düzenin restorasyonunda kilit karar alıcılar olarak belirleyici rol oynayan Avrupa para otoritelerine odaklanmaktadır. Avrupa’nın merkez bankası yetkililerinin 1930'larda hazırladığı farklı kurtarma programlarının bugün Soğuk Savaş sonrası uluslararası sistem alternatifleri arayışının bir parçası olarak yeniden ele alındığına dikkat çekilmektedir. Bu uzun dönemli tarihsel yaklaşım, Avrupa ekonomik kurtarma programlarının döngüsel hareketlerini ve küresel kapsamını ortaya koymaktadır. Bu programlara dönemler ve toplumlararası bir siyasal diyalog alanı olarak yaklaşan bu çalışma, Avrupa ekonomik yönetim zihniyetinin ve onun günümüzdeki siyasi mirasının dayanıklılığını ve direncini test etmektedir.

Ethical Statement

Çalışma içerik bakımından Etik Kurul onayı gerektirmemektedir.

Thanks

Yazarın ek teşekkür beyanı bulunmamaktadır.

References

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  • File: 8234-53909-1, Date: 1955-09-01: Afghanistan Economy Minister educated in Turkey stopped in Istanbul before joining IMF meeting
  • File: 8192-52923-16, Date: 1958-06-04: Pakistan Minister of Finance, Mr. Sayed Amjad Ali, Afghanistan Minister of Commerce Mr. Sherzaad signed a transit agreement in Gulkhana Palace in Istanbul.
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  • Layton, Walter T., and Charles Rist. The Economic Situation of Austria. League of Nations, 1925.
  • Maclean, John. “Towards a Political Economy of Agency in Contemporary International Relations. In. Politics and Globalisation, edited by M. Shaw. Routledge, 2019.
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The Political Legacy of European Central Bank Authorities since the Great Depression

Year 2026, Volume: 25 Issue: 1

Abstract

This study unfolds the political legacy of European monetary authorities in peripheral countries since the Great Depression. The argument is that a specific form of European economic governmentality was created by the European central bank governors and extended to the periphery of the world system. Despite the inextricable nature of politics and economics, the money authorities have not been popularly mentioned so far among the founding fathers of any international order, but are usually overshadowed by the political actors. This study focuses on the European monetary authorities as the key decision-makers determinant in the restoration of the liberal international order following the Great Depression. It is indicated that the European central bank authorities drafting different bail-out programs in the 1930s are revisited today as part of a quest for post-Cold War international system alternatives. This longue-durée historical approach exposes the cyclical turns of the European economic recovery programs and their global reach. Approaching these programs as a political dialogue sphere across times and societies, this study tests the durability and resilience of the European economic governmentality and its political legacy today.

Ethical Statement

The author declares no conflict of interest.

Thanks

The author has no acknowledgments to declare.

References

  • File: 8080-54168-29, Date: 1951-08-07): Afghanistan government requesting two economy professors from Turkey.
  • File: 8234-53909-1, Date: 1955-09-01: Afghanistan Economy Minister educated in Turkey stopped in Istanbul before joining IMF meeting
  • File: 8192-52923-16, Date: 1958-06-04: Pakistan Minister of Finance, Mr. Sayed Amjad Ali, Afghanistan Minister of Commerce Mr. Sherzaad signed a transit agreement in Gulkhana Palace in Istanbul.
  • Adolph, Christoher. Bankers, Bureaucrats, and Central Bank Politics: The Myth of Neutrality. Cambridge University Press, 2013.
  • Avramov, Roumen. “The Bulgarian National Bank, 1926-1935,” Economic History Conference Celebrating the 90th Anniversary of the Bank of Greece (2018). Athens, Bank of Greece.
  • Ay, İsmail C. “II. Dünya Savaşı Ulusal Planlama Faaliyetleri: 1946 İvedili Sanayi Planı ve 1947 Türkiye İktisadi Kalkınma Planı’nın Karşılaştırmalı Analizi,” İstanbul Üniversitesi İktisat Fakültesi Mecmuası 62, no.1 (2018): 147-172.
  • Bacon, M. et.al. 2022. Money Doctors from the 1800s to the Present. Studies in Applied Economics, no. 223 (2022): 1-44.
  • Bandera, V.N. Foreign Capital as an Instrument of National Economic Policy. Springer, 1968.
  • Barker, James M. The Economy of Turkey: An Analysis and Recommendations for a Development Program. John Hopkins Press, 1952.
  • Barlas, Dilek. 1998. Etatism and Diplomacy in Turkey: Economic and Foreign Policy Strategies in an Uncertain World, 1929-1939. Brill, 1998.
  • Bollard, Alan. Economists at War: How a Handful of Economists Helped Win and Lose the World Wars. Oxford University Press, 2019.
  • Bulletin of International News, July 4, 1936
  • Buzogány, Aron, and Mihai Varga. 2018. “The Ideational Foundations of the Illiberal Backlash in Central and Eastern Europe: The Case of Hungary.” Review of International Political Economy 25, no. 6 (2018): 811-828.
  • Cassis, Youssef. 1991. “Financial elites in three European centres: London, Paris, Berlin, 1880s-1930s.” Business History 33, no. 3 (2006): 53-71.
  • Cassis, Youssef. Capitals of Capital: A History of International Financial Centres 1780-2005. Cambridge University Press, 2006.
  • Cernuschi, Henri. Monetary Diplomacy in 1878. PS King, 1878.
  • Chandavarkar, Anand G. “Keynes and Central Banking. Indian Economic Review 20, no. 2 (1985): 283-297.
  • “Charles, Rist.” Leibniz Information Centre for Economics Press Archives, Available from: https://pm20.zbw.eu/folder/pe/0478xx/047811/about [Accessed December 1, 2023].
  • Chase-Dunn, Christopher. “Core-Periphery Relations: the Effects of Core Competition.” Social Change in the Capitalist World Economy 1, no. 1 (1978): 720-736.
  • Chiappini, Raphael., et.al. “Romania’s Unsustainable Stabilization: 1929–1933.” Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, no. 43 (2019). Available from: https://afse2017.sciencesconf.org/143369/chiappini_costache_torre_tosi_20feb.pdf [Accessed November 20, 2023].
  • Chrishtodoulaki, Olga. “The Origins of Central banking in Greece.” PhD dissertation, London School of Economics, 2015.
  • Costigliola, Frank C. Awkward Dominion: American Political, Economic, and Cultural Relations with Europe 1919-1933. Cornell University Press, 1984.
  • Cottrell, Philip L. “Austrian Reconstruction, 1920-1921: A Matter for Private Business or the League of Nations? In. Business in the Age of Extremes: Essays in Modern German and Austrian Economic History, edited by H. Berghoff, and J. K. Ziegler. Cambridge University Press, 2013.
  • Davis, Joseph S. “Charles Rist on Germany's War Finances.” The Quarterly Journal of Economics 36, no.1 (1921):136-144.
  • De Almedia, Oliveira, É., and Bruno De Conti. “The International Division of Finance: Reassessing the Peripheral Condition in a Financialised Capitalism. New Political Economy, published online, (2024): 1-15. Available from: https://www.tandfonline.com/doi/full/10.1080/13563467.2024.2405522 [Accessed November 12, 2024].
  • Dr. Schacht in the Balkans: The Economic Background. Bulletin of International News,13, no. 1 (1936): 3-9.
  • Dreyfus, Hubert L., and Paul Rabinow. Michel Foucault: Beyond Structuralism and Hermeneutic. Routledge, 2014.
  • Duménil, Gerard., and Dominique Lévy. “The Economics of US Imperialism at the Turn of the 21st Century.” Review of International Political Economy 11, no. 4 (2004): 657-676.
  • Dyson, Kenneth. “Norman’s Lament: The Greek Euro Area Crisis in Historical Perspective.” New Political Economy15, no. 4 (2010): 597-608.
  • Dyson, Kenneth. States, Debts and Power: ‘Saints’ and ‘Sinners’ in European History and Integration. Oxford University Press, 2014.
  • Flandreau, Marc. Money Doctors: The Experience of International Financial Advising 1850-2000. Routledge, 2005.
  • “Foreign News.” Time, April 3, 1939. Available from: https://content.time.com/time/subscriber/article/0,33009,771596,00.html [Accessed November 24, 2023].
  • Frieden, Jeffry A. “Actors and Preferences in International Relations.” In. Strategic Choice and International Relations, edited by D. A Lake and R. Powell. Princeton University Press, 1999.
  • Gallarotti, Giulio, M. History of International Monetary Diplomacy, 1867 to the Present: The Rise of the GuardianSstate and Economic Sovereignty in a Globalizing World. Routledge, 2021.
  • Geerken, Horst H. Hitler’s Asian Adventure. Bali: Bukitcinta, 2017.
  • Gide, Charles and Charles Rist. Fizyokratlardan Günümüze İktisadi Mezheplerin Tarihi (A history of economic doctrines from the time of physiocrats to the present day) translated by Ş. Kaya, A. Muammer. Cumhuriyet Matbaası, 1922.
  • Holtfrerich, Carl. L., and Jaime Reis. The Emergence of Modern Central Banking from 1918 to the Present. Routledge, 1999.
  • Horak, Stephan M. Poland and Her National Minorities, 1919-39. Vantage, 1961.
  • Howe, Frederic C. “Dollar Diplomacy and Imperialism.” Proceedings of the Academy of Political Science, May 24-29, 1915, New York, Academy of Political Science, 1917.
  • “International Bankers,” Time, November 7, 1927. Available from: https://eds.p.ebscohost.com/eds/detail/detail?vid=12&sid=1de94b30-ec80-4d49-b3d702a2c4381144%40redis&bdata=Jmxhbmc9dHImc2l0ZT1lZHMtbGl2ZQ%3d%3d#AN=54756671&db=f6h [Accessed November 7, 2023].
  • Jonung, Lars, and Tarmo Haavisto. “Central Banking in Sweden and Finland in the Twentieth Century.” In. The Emergence of Modern Central Banking from 1918 to the Present., edited by C. L. Holtfrerich, and J. Reis. London: Routledge, 1999.
  • Koloğlugil, Serhat. “Michel Foucault's Archaeology of Knowledge and Economic Discourse.” Erasmus Journal for Philosophy and Economics 3, no. 2 (2010): 1-25.
  • Krishnamurthy, V. “Putin’s Calculus.” Deccan Herald. Available from: https://www.deccanherald.com/opinion/putin-s-calculus-1096538.html [Accessed January 4, 2024].
  • LaRouche Jr, L. H. Why Ignorant Bankers Believe Schacht Succeeded. Executive Intelligence Review 48, no. 42 (2021): 39-46. First published in May 15, 1976.
  • Layton, Walter T., and Charles Rist. The Economic Situation of Austria. League of Nations, 1925.
  • Maclean, John. “Towards a Political Economy of Agency in Contemporary International Relations. In. Politics and Globalisation, edited by M. Shaw. Routledge, 2019.
  • Manioudis, Manolis and Giorgos Meramveliotakis. “Broad Strokes towards a Grand Theory in the Analysis of Sustainable Development: A Return to the Classical Political Economy.” New Political Economy 27, no. 5 (2022): 866-878.
  • Marsh, David. The Most Powerful Bank: Inside Germany's Bundesbank. Times Books, 1992.
  • Marois, Thomas. “The Lost Logic of State-owned Banks: Mexico, Turkey, and Neoliberalism.” Canadian Political Science Association, 79th Annual Conference Proceedings. University of Saskatchewan, 2007.
  • Matveev, Ilya. “From the Chicago boys to Hjalmar Schacht: The Trajectory of the (Neo) liberal Economic Expertise in Russia.” Problems of Post-communism, Jan 3, 2024. Published online. Available from: https://www.tandfonline.com/doi/full/10.1080/10758216.2023.2291359?src= [Accessed December 7, 2024].
  • Maxfield, Sylvia. Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries. Princeton University Press, 1998.
  • Mazower, Mark. The Battle for the Drachma, Greece and the Inter-war Economic Crisis. Oxford University Press, 1991.
  • Nichols, Jeanette. P. “Roosevelt's Monetary Diplomacy in 1933.” The American Historical Review 56, no. 2 (1951): 295-317.
  • “Ominous Rist, Time,” June 13, 1932. Available from: https://eds.p.ebscohost.com/eds/detail/detail?vid=6&sid=95406700-c483-4b39-b381-a47c332479b5%40redis&bdata=Jmxhbmc9dHImc2l0ZT1lZHMtbGl2ZQ%3d%3d# [Accessed December 2, 2023].
  • Özder, Ferruh. “Birinci Beş yıllık Sanayi Planı Ekseninde Atatürk Dönemi Türk-Sovyet Ekonomik ve Ticari İlişkileri” (Turkish-Soviet economic and commercial relations in Atatürk’s era within the framework of first five yearly industry plan) Atatürk Yolu Dergisi no. 60 (2017):143-170.
  • Painter, Joe. “Governmentality and Regional Economic Strategies.” In. Habitus: A Sense of Place, edited by J. Hiller, and E. Rooksby. Routledge, 2017.
  • Péteri, György. “Central Bank Diplomacy: Montagu Norman and Central Europe's Monetary Reconstruction after World War I. Contemporary European History 1, no. 3 (1992): 233- 258.
  • Porfireanu, Emma. “Between Expectations and Hesitations: Romanian-American Relations, 1938-1940.” MA Thesis, University of Nebraska, 1997.
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Details

Primary Language English
Subjects International Economics (Other), European and Region Studies
Journal Section Research Article
Authors

Emine Tutku Vardağlı 0000-0001-6466-7881

Early Pub Date October 7, 2025
Publication Date October 11, 2025
Submission Date April 15, 2025
Acceptance Date August 4, 2025
Published in Issue Year 2026 Volume: 25 Issue: 1

Cite

Chicago Vardağlı, Emine Tutku. “The Political Legacy of European Central Bank Authorities since the Great Depression”. Ankara Avrupa Çalışmaları Dergisi 25, no. 1 (October 2025). https://doi.org/10.32450/aacd.1676544.

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