A STUDY ON FINANCIAL TRANSFORMATION OF THE CAPITALIST CRISES

Year 2022, Volume: 23 Issue: 4, 404 - 425, 31.12.2022

Kürşad Atalay

https://doi.org/10.53443/anadoluibfd.1151821

Abstract

This study examines the transformation of the structure of capitalism that emerged with financialization. In this direction, the process behind the financial crises is explained. The dynamic structure of the capitalist economic structure has emerged at different stages in the historical process. This dynamic structure is depends on capital accumulation, and capital finally escaped to the field of finance. Financialization is transforming capitalism and changing the form of crises. Thus, crises occur in financial markets. In addition, the duration and impact of financial crises are felt much more deeply. In the study, a Minskyan approach is used to explain financial crises and the reasons behind the instability of stability are emphasized. In particular, the capitalist tendencies behind the crises and the relationship between ideology and economy come to fore. Staying in this context in the study; crises and financialization of capitalism, Glass-Steagall Law and Minsky Moment are examined.

Keywords

Capitalism, Financialization, Crisis, Minsky Moment, Glass-Steagall Law

KAPİTALİST KRİZLERİN FİNANSAL DÖNÜŞÜMÜ ÜZERİNE BİR İNCELEME

Abstract

Bu çalışma, kapitalizmin krizlere içkin yapısının finansallaşma ile beraber geçirdiği dönüşümü ve finansal krizlerin arkasındaki işleyişi incelemektedir. Kapitalist iktisadi yapının koşullara göre değişim gösteren dinamik yapısı, tarihsel süreç içerisinde farklı aşamalarda ortaya çıkmaktadır. Bu dinamik yapının temel hareket noktası sermaye birikim sürecinin devam etmesidir. Sermayenin kaçtığı son alan ise finansallaşmadır. Finansallaşma, kapitalizmi yeni bir dönüşümün eşiğine getirirken aynı zamanda krizlerin biçimini de değiştirmektedir. Böylelikle krizler kendini finansal piyasalarda göstermekte, süresi ve etkisi de çok daha derin hissedilmektedir. Çalışmada, finansal krizlerin açıklanmasında Minskyen bir yaklaşım kullanılarak, istikrarın istikrarsızlık yaratmasının altındaki nedenler üzerinde durulmaktadır. Özellikle, krizlerin arkasındaki kapitalist eğilimler ve ideoloji-iktisat ilişkisi ön plana çıkarılmaktadır. Çalışmada bu bağlamda kalınarak; kapitalizmin krizleri ve finansallaşması, Glass-Steagall Yasası ve Minsky Anı incelenmektedir.

Keywords

Kapitalizm, Finansallaşma, Kriz, Minsky Anı, Glass-Steagal Yasası

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