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FİNANSAL SERBESTLEŞME DÖNEMİNDE FONKSİYONEL GELİR DAĞILIMI: GERÇEKLEŞMELER VE ETKİLEŞİM MEKANİZMALARI ÜZERİNE BİR LİTERATÜR ÇALIŞMASI

Year 2018, Volume: 7 Issue: 13, 34 - 50, 12.07.2018

Abstract

Bu çalışmanın amacı 1980’den bu yana fonksiyonel
gelir dağılımındaki bozulmanın nedenlerini ana akım ve heterodoks literatürden
hareketle incelemektir. Tartışmalara bakıldığında ana akım literatür genellikle
becerileri gözeten teknik ilerleme (teknolojik değişim) üzerinde dururken,
heterodoks yaklaşımlar küreselleşme ve finansallaşma olgularının yarattığı yeni
iktisadi mimariyi ön plana çıkarmaktadır. Çalışmada heterodoks yaklaşımların
emek gelirlerinin azalmasını açıklamada daha kapsamlı bir çerçeve çizdiği
sonucuna ulaşılmıştır. Bununla birlikte becerileri gözeten teknik ilerleme ve
finansallaşma olgularının birlikte ele alınmasının etkin ve anlamlı bir
açıklama gücüne sahip olacağının altı çizilmiştir.

References

  • ACEMOĞLU, Daron (2002), “Technical Change, Inequality and the Labor Market”, Journal of Economic Literature, Vol. XL, March, 7-72. ALDERSON, Arthur S. ve NİELSEN, Francois (2002), “Globalization and the great U-turn: income inequality trends in 16 OECD countries”, American Journal of Sociology, vol. 107, no. 5, 1244–1299. ALVAREZ, Ignacio (2015), “Financialization, non-financial corporations and income inequality: the case of France”, Socio-Economic Review, Vol. 13, No. 3, 449–475. BARBA, Aldo ve PIVETTI, Massimo (2009), “Rising Household Debt: İts Causes And Macroeconomic İmplications- A Long-Period Analysis”, Cambridge Journal of Economics, 33, 113–137. BBC Türkçe, [Erişim Adresi: http://www.bbc.com/turkce/haberler-dunya-40198324, Erişim Tarihi: 11.12.2017]. BENGTSSON, Erik (2014) “Do unions redistribute income from capital to labour? Union density and labour’s share since 1960”. Industrial Relations Journal, 45 (5), 389-408. BLACK, Boyd; GOSPEL, Howard ve PENDLETON, Andrew (2007), “Finance, Corporate Governance, and the Employment Relationship”, Industrial Relations, 46, 643–650. CYNAMON, Barry Z. ve FAZZARİ, Steven M. (2016), “Inequality, the Great Recession and Slow Recovery”, Cambridge Journal of Economics, 40, 373-399. DAĞDEMİR, Özcan (2008), Küreselleşmenin Gelişmekte Olan Ülkelerde Gelir Dağılımı Üzerindeki Etkileri, İktisat İşletme ve Finans, 23(265), 114-129. DARCILLON, Thibault (2015), “How does finance affect labor market institutions? An empirical analysis in 16 OECD countries”, Socio-Economic Review, Vol. 13, No. 3, 477–504. DUNHAUPT, Petra (2013), “The effect of financialization on labor’s share of income”, Institute for International Political Economy Berlin, Working Paper, No. 17/2013, 1-25. DUNHAUPT, Petra (2017), “Determinants of labour’s income share in the era of financialisation”, Cambridge Journal of Economics,41,283–306. ECKHARD, Hein (2015) “Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective”, Cambridge Journal of Economics, Volume 39, Issue 3, 907–934. EPSTEIN, Gerald (2005), “Introduction: Financialization and the World Economy”, iç. Gerald EPSTEIN (Ed.), Financialization and the World Economy, Cheltenham and Northampton: Edwar Elgar, 3-16. EPSTEIN, Gerald (2013), “Developmental central banking: winning the future by updating a page from the past”, Review of Keynesian Economics, Vol.1 No.3, 273-287. EUROPEAN COMMISSION (EC) (2007), ‘The labour income share in the European Union’, iç Employment in Europe, Brussels, 237–72. FITOUSSI, Jean-Paul ve SARACENO, Francesco (2010), “Inequality and Macroeconomic Performance”, OFCE – Centre De Recherche En Économie De Sciences, 2010(13), 1-18. GOLDİN, Claudia ve KATZ, Lawrence F. (2007), “Long-Run Changes In The U.S. Wage Structure: Narrowing, Widening, Polarizing”, NBER WORKING PAPER SERIES, Paper No: 13568, 1-37. HARRISON, Ann (2002), Has globalization eroded labor’s share? Some cross-country evidence, [Erişim Adresi: http://www.iadb.org/res/publications/pubfiles/pubS-Fdi-9.pdf, Erişim Tarihi: 12.07.2017]. IACOVIELLA, Matteo (2008), “Household Debt and Income Inequality, 1963–2003”, Journal of Money, Credit and Banking, Vol. 40, No. 5, 929-965. ILO (2011), World of Work Report 2011: Making Markets Work for Jobs, (Erişim Adresi: http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/ documents / publication/wcms_166021.pdf, Erişim Tarihi: 24.10.2017) IMF (2007), “The Globalization of Labor”, iç. World Economic Outlook, Chapter 5, April, 2007, Washington, 161-192. JAYADEV, Arjun (2007), “Capital Account Openness and the Labour Share of Income”, Cambridge Journal of Economics, 31, 423-443. KOHLER, Karsten; GUSCHANSKİ, Alexander ve STOCKHAMMER, Engelbert (2016), “How does financialization affect functional income distribution? A theoretical clarification and empirical assessment”, Socio-Economic Review, Vol. 0, 1-26. KRISTAL, Tali (2010), “Good Times, Bad Times: Postwar Labor’s Share of National Income in Capitalist Democracies”, American Sociological Review, 75 (5), 729-763. KUS, Başak (2012), “Financialization and Income Inequality in OECD Countries: 1995-2007”, The Economic and Social Review, Vol. 43, No: 4, 477-495. LAZONICK, William ve O’SULLIVAN, Mary (2000), “Maximizing Shareholder Value: A New Ideology for Corporate Governance”, Economy and Society, 29 (1), 13-35. MCKINSEY GLOBAL INSTITUTE (2015), “Debt and (Not Much) Deleveraging” February 2015. ONARAN, Özlem (2007), “Wage Share, Globalization, and Crisis: The Case of the Manufacturing Industry in Korea, Mexico, and Turkey”, Political Economy Research Institute (PERI), Working Paper Series, No.132, 1-44. ORHANGAZİ, Özgür (2008), “Keynesgil Finansal Düzenlemelerden Finansallaşmaya: İktisat Literatürü ve ABD Ekonomisinin Finansallaşmasına Tarihsel Bir Bakış”, ODTÜ Gelişme Dergisi, 35 (Haziran), 133-159. PALLEY, Thomas I. (2010), “The Limits of Minsky’s Financial Instability Hypothesis as an Explanation of the Crisis”, Monthly Review, April, 28-43. PALLEY, Thomas I. (2012), From Financial Crisis to Stagnation – The Destruction of Shared Prosperity and the Role of Economics, Cambridge University Press New York, USA.

FUNCTIONAL INCOME DISTRIBUTION IN FINANCIAL LIBERALIZATION ERA: A LITERATURE SURVEY ON REALIZATIONS AND INTERACTION MECHANISMS

Year 2018, Volume: 7 Issue: 13, 34 - 50, 12.07.2018

Abstract

The aim of this study is to examine the causes of the deterioration in functional income distribution at global
level since 1980, with the mainstream and heterodox literature. When discussions are made, while the
mainstream literature generally focuses on skill-biased technical change (technological change), heterodox
approaches highlight the new economic architecture created by globalization and financialization. The study
has reached the conclusion that heterodox approaches have drawn a broader framework to explain the decline
in labor incomes. However, it has been underlined that the co-operation of skill-biased technical change and
financialization phenomena will have an efficient and meaningful explanation power.

References

  • ACEMOĞLU, Daron (2002), “Technical Change, Inequality and the Labor Market”, Journal of Economic Literature, Vol. XL, March, 7-72. ALDERSON, Arthur S. ve NİELSEN, Francois (2002), “Globalization and the great U-turn: income inequality trends in 16 OECD countries”, American Journal of Sociology, vol. 107, no. 5, 1244–1299. ALVAREZ, Ignacio (2015), “Financialization, non-financial corporations and income inequality: the case of France”, Socio-Economic Review, Vol. 13, No. 3, 449–475. BARBA, Aldo ve PIVETTI, Massimo (2009), “Rising Household Debt: İts Causes And Macroeconomic İmplications- A Long-Period Analysis”, Cambridge Journal of Economics, 33, 113–137. BBC Türkçe, [Erişim Adresi: http://www.bbc.com/turkce/haberler-dunya-40198324, Erişim Tarihi: 11.12.2017]. BENGTSSON, Erik (2014) “Do unions redistribute income from capital to labour? Union density and labour’s share since 1960”. Industrial Relations Journal, 45 (5), 389-408. BLACK, Boyd; GOSPEL, Howard ve PENDLETON, Andrew (2007), “Finance, Corporate Governance, and the Employment Relationship”, Industrial Relations, 46, 643–650. CYNAMON, Barry Z. ve FAZZARİ, Steven M. (2016), “Inequality, the Great Recession and Slow Recovery”, Cambridge Journal of Economics, 40, 373-399. DAĞDEMİR, Özcan (2008), Küreselleşmenin Gelişmekte Olan Ülkelerde Gelir Dağılımı Üzerindeki Etkileri, İktisat İşletme ve Finans, 23(265), 114-129. DARCILLON, Thibault (2015), “How does finance affect labor market institutions? An empirical analysis in 16 OECD countries”, Socio-Economic Review, Vol. 13, No. 3, 477–504. DUNHAUPT, Petra (2013), “The effect of financialization on labor’s share of income”, Institute for International Political Economy Berlin, Working Paper, No. 17/2013, 1-25. DUNHAUPT, Petra (2017), “Determinants of labour’s income share in the era of financialisation”, Cambridge Journal of Economics,41,283–306. ECKHARD, Hein (2015) “Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective”, Cambridge Journal of Economics, Volume 39, Issue 3, 907–934. EPSTEIN, Gerald (2005), “Introduction: Financialization and the World Economy”, iç. Gerald EPSTEIN (Ed.), Financialization and the World Economy, Cheltenham and Northampton: Edwar Elgar, 3-16. EPSTEIN, Gerald (2013), “Developmental central banking: winning the future by updating a page from the past”, Review of Keynesian Economics, Vol.1 No.3, 273-287. EUROPEAN COMMISSION (EC) (2007), ‘The labour income share in the European Union’, iç Employment in Europe, Brussels, 237–72. FITOUSSI, Jean-Paul ve SARACENO, Francesco (2010), “Inequality and Macroeconomic Performance”, OFCE – Centre De Recherche En Économie De Sciences, 2010(13), 1-18. GOLDİN, Claudia ve KATZ, Lawrence F. (2007), “Long-Run Changes In The U.S. Wage Structure: Narrowing, Widening, Polarizing”, NBER WORKING PAPER SERIES, Paper No: 13568, 1-37. HARRISON, Ann (2002), Has globalization eroded labor’s share? Some cross-country evidence, [Erişim Adresi: http://www.iadb.org/res/publications/pubfiles/pubS-Fdi-9.pdf, Erişim Tarihi: 12.07.2017]. IACOVIELLA, Matteo (2008), “Household Debt and Income Inequality, 1963–2003”, Journal of Money, Credit and Banking, Vol. 40, No. 5, 929-965. ILO (2011), World of Work Report 2011: Making Markets Work for Jobs, (Erişim Adresi: http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/ documents / publication/wcms_166021.pdf, Erişim Tarihi: 24.10.2017) IMF (2007), “The Globalization of Labor”, iç. World Economic Outlook, Chapter 5, April, 2007, Washington, 161-192. JAYADEV, Arjun (2007), “Capital Account Openness and the Labour Share of Income”, Cambridge Journal of Economics, 31, 423-443. KOHLER, Karsten; GUSCHANSKİ, Alexander ve STOCKHAMMER, Engelbert (2016), “How does financialization affect functional income distribution? A theoretical clarification and empirical assessment”, Socio-Economic Review, Vol. 0, 1-26. KRISTAL, Tali (2010), “Good Times, Bad Times: Postwar Labor’s Share of National Income in Capitalist Democracies”, American Sociological Review, 75 (5), 729-763. KUS, Başak (2012), “Financialization and Income Inequality in OECD Countries: 1995-2007”, The Economic and Social Review, Vol. 43, No: 4, 477-495. LAZONICK, William ve O’SULLIVAN, Mary (2000), “Maximizing Shareholder Value: A New Ideology for Corporate Governance”, Economy and Society, 29 (1), 13-35. MCKINSEY GLOBAL INSTITUTE (2015), “Debt and (Not Much) Deleveraging” February 2015. ONARAN, Özlem (2007), “Wage Share, Globalization, and Crisis: The Case of the Manufacturing Industry in Korea, Mexico, and Turkey”, Political Economy Research Institute (PERI), Working Paper Series, No.132, 1-44. ORHANGAZİ, Özgür (2008), “Keynesgil Finansal Düzenlemelerden Finansallaşmaya: İktisat Literatürü ve ABD Ekonomisinin Finansallaşmasına Tarihsel Bir Bakış”, ODTÜ Gelişme Dergisi, 35 (Haziran), 133-159. PALLEY, Thomas I. (2010), “The Limits of Minsky’s Financial Instability Hypothesis as an Explanation of the Crisis”, Monthly Review, April, 28-43. PALLEY, Thomas I. (2012), From Financial Crisis to Stagnation – The Destruction of Shared Prosperity and the Role of Economics, Cambridge University Press New York, USA.
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Details

Primary Language Turkish
Journal Section Articles
Authors

Umut Üzar

Suat Oktar

Publication Date July 12, 2018
Published in Issue Year 2018 Volume: 7 Issue: 13

Cite

APA Üzar, U., & Oktar, S. (2018). FİNANSAL SERBESTLEŞME DÖNEMİNDE FONKSİYONEL GELİR DAĞILIMI: GERÇEKLEŞMELER VE ETKİLEŞİM MEKANİZMALARI ÜZERİNE BİR LİTERATÜR ÇALIŞMASI. Global Journal of Economics and Business Studies, 7(13), 34-50.