The 2008 Global Crisis and State-Capital Relations in East Asia: A Critique of Decoupling Thesis

Abstract

Purpose: After the 1997 Asian Crisis, the role of East Asian states in the global economic system began to be assessed through the decoupling thesis. However, the spread of the 2008 crisis to the East Asian region and the states’ responses to mitigate its effects demonstrate the need to evaluate the region beyond the decoupling thesis. This study aims to analyze state-capital relations in East Asia and assess its integration into the global economy beyond this thesis. Methodology: The restructuring of state capacity before the 2008 crisis and the connections of regional states with the global financial system will be analyzed through the cases of China, South Korea, and Japan. Findings: The decoupling thesis does not adequately explain the connections between East Asian manufacturing, the export-led growth strategy, and global finance and demand. Emphasizing the global framework of financialization enhances understanding of the region’s position. Implications: The study demonstrates that East Asian states with export-led growth models are deeply connected to the global economy through trade and financial relations before and during the crisis. To this end, the discussions on restructuring state capacity in state-capital relations, regional cooperation, and national manufacturing dependent on global demand and investment are presented, positioning East Asian states within the framework of global financialization. It is also explained that the form of state-capital relations in the region does not serve as an alternative to this framework but rather aims to stabilize it. Limitations: In the study of East Asia, only the experiences of three cases are examined, while further discussions on state-class relations and related changes in social policies are reserved for future research.

Keywords

• 2008 crisis
• East Asian economies
• Decoupling thesis
• State-capital relations

2008 Küresel Krizi ve Doğu Asya’da Devlet-Sermaye İlişkileri: Ayrıklaşma Tezinin Bir Eleştirisi

Abstract

Amaç: 1997 Asya Krizinin ardından Doğu Asya devletlerinin küresel ekonomik sistem içerisindeki konumu ayrıklaşma tezi üzerinden değerlendirilmeye başlamıştır. Ancak 2008 krizinin Doğu Asya bölgesine yayılması ve krizin etkilerini azaltmak için devletlerin verdiği tepkilere bakılacak olursa bölgeyi ayrıklaşma tezinin ötesinde değerlendirmenin gerekliliği ortaya koyulmaktadır. Bu çalışmada Doğu Asya’da devlet-sermaye ilişkileri incelenerek bu tezin ötesinde bir küresel ekonomiye entegrasyon tahlili yapmak hedeflenmektedir. Yöntem: 2008 krizi öncesinde devlet kapasitesinin yeniden yapılandırılması ve bölge devletlerinin küresel finansal sistem ile olan bağları Çin, Güney Kore ve Japonya örnekleri üzerinden ele alınacaktır. Bulgular: Ayrıklaşma tezi Doğu Asya’daki imalatın ve ihracata dayalı büyüme stratejisinin küresel finans ve talep ile olan bağlarını açıklayamamaktadır. Finansallaşmanın küresel çerçevesine yapılan vurgu bölgenin konumunu anlamaya olanak sağlamaktadır. Sonuç ve Katkılar: Çalışma ihracata dayalı büyüme modeline sahip Doğu Asya devletlerinin küresel ekonomiye derinden bağlı olduğunu kriz öncesinde ve sırasındaki ticari ve finansal ilişkiler üzerinden göstermiştir. Bu amaçla devlet-sermaye ilişkilerinde devlet kapasitesinin yeniden yapılandırılması, bölgesel iş birlikleri ve küresel talep ve yatırıma bağlı olan ulusal imalat tartışmaları ele alınmış ve Doğu Asya’daki devletler küresel finansallaşma çerçevesi içine yerleştirilmiştir. Bunun yanı sıra bölgenin devlet-sermaye ilişkilerinin aldığı biçimin bu çerçeveye alternatif oluşturmadığı, onu istikrarlı kılmayı hedeflediği açıklanmıştır. Sınırlılıklar: Doğu Asya üzerine olan çalışmada sadece üç vakanın deneyimleri ele alınmış ve ayrıca devlet-sınıf ilişkileri ve bununla alakalı olarak sosyal politikalardaki değişimlere dair tartışmalar ileriki araştırmalara bırakılmıştır.

Keywords

• 2008 Krizi
• Doğu Asya ekonomileri
• Ayrıklaşma tezi
• Devlet-sermaye ilişkileri

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