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Büyük Durgunluk, Finansallaşma ve Marksist Politik İktisat

Year 2017, , 241 - 259, 31.07.2017
https://doi.org/10.17233/sosyoekonomi.267162

Abstract

Keynesyen ve Neoklasik iktisat gibi ana akım yaklaşımlar, kapitalizmin krizinin yine kapitalizm içinde kalınarak çözülebileceği üzerinde anlaşmaktadırlar. Keynesyenler krizi önleme konusunda devlet müdahalesini savunurken, Neoklasik iktisat devlet müdahalesine gerek kalmadan piyasanın bütün problemleri çözeceğine inanmaktadır. Keynesyenler, 1930’larda yaşanan Büyük Buhran sonrasında popüler olmuş fakat 1970’li yıllarda Neoklasik iktisat onların yerini almıştır. Günümüzde, Keynesyen iktisadın popülaritesi tekrar yükselmiştir. Her iki yaklaşım da, piyasa sisteminin bir alternatifi olmadığını ifade eder. Yaşanan kriz sürecine alternatif bir açıklama ise, Marksist teoriden gelmiştir. Bu çalışmanın amacı, küresel kriz sürecine yönelik ortaya konan bu alternatif açıklamayı finansallaşma bağlamında tartışmaktır.

References

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  • Crotty, J. 2003, “The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era”, Review of Radical Political Economics, 35(3), 271-279.
  • Crouch, C. (2014), The Strange non-death of Neoliberalizm, [trans.] Uğur Gezen, İstanbul, Türkiye: Açılım Kitap.
  • Duménil, G. and Lévy, D. (2004), “The Real and Financial Components of Profitability”, Review of Radical Political Economics, 36 (1), 82-110.
  • Duménil, G. and Lévy, D. (2005), “The Neoliberal (Counter-) Revolution”, In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London,UK: Pluto Press.
  • Dunn, B. (2011), “Can Marxism explain the crisis?”, Socialist Review, 363.
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  • Lapavistas, C. (2011), “Theorizing financialization”, Work, Employment and Society, 25(4), 611-626.
  • Lucarelli, B. (2004), Monopoly Capitalism in Crisis, New York, USA: Palgrave Macmillan.
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  • Marx, K. (2009) [1894], Capital A Critical Analysis of Capitalist Production, volume III, [trans.] Alaattin Bilgi, Ankara, Türkiye: Sol Yayınları.
  • Mohun, S. (2010), “The Present Crisis in Historical Perspective” Historical Materialism 7th Annual Conference, 11-14 November 2010.
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  • Orhangazi, Ö. (2008), Financialization and The US Economy, Northampton, MA, USA: Edward Elgar.
  • Palley, T. I. (2005), “From Keynesianism to Neoliberalism: Shifting Paradigms in Economics”, In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London, UK: Pluto Press.
  • Palley, T. I. (2007), “Financialization: What it is and Why it Matters”, Political Economy Research Institute Working Paper Series, Number 153.
  • Palma, J. G. (2009), “The revenge of the market on the rentiers. Why neo-liberal reports of the end of history turned out to be premature”, Cambridge Journal of Economics, 33, 4, 829-869.
  • Patomäki, H. (2009), “Neoliberalism and the Global Financial Crisis”, New Political Science, 31( 4), 431-442.
  • Peter, T. (2010), “The Great Recession and the Great Depression”, National Bureau of Economic Research, Working Paper, No.15645.
  • Resnick, S. and Wolff, R. (2010), “The Economic Crisis: A Marxian Interpretation”, Rethinking Marxism, 22(2), 170-186.
  • Stockhammer, E. (2004), “Financialization and the slowdown of accumulation”, Cambridge Journal of Economics, 28(5), 719-741.
  • Sweezy, P. M. (1997), “More (or less) on globalization”, Monthly Review, 49(4).
  • Tabb, W. (2010), “Marxism, Crisis Theory and the Crisis of the 21st Century”, Science & Society, 74(3), 305-323.
  • United States Department of Labor, Bureau of Labor Statistics
  • Venugopal, R. (2015), “Neoliberalism as concept”, Economy and Society, 44(2), 165-187.
  • Sweezy, P. M. (1997), “More (or less) on globalization”, Monthly Review, 49(4), September, http://monthlyreview.org/1997/09/01/more-or-less-on-globalization/, 18.11.2016.
  • Tabb, W. (2010), “Marxism, Crisis Theory and the Crisis of the 21st Century”, Science & Society, 74(3), 305-323.
  • Temin, P. (2010), “The Great Recession and the Great Depression”, National Bureau of Economic Research, Working Paper, No.15645.
  • United States Department of Labor (2016), “Bureau of Labor Statistics”, http://www.bls.gov/ , 18.11.2016.
  • Venugopal, R. (2015), “Neoliberalism as concept”, Economy and Society, 44(2), 165-187.

Great Recession, Financialization and Marxian Political Economy

Year 2017, , 241 - 259, 31.07.2017
https://doi.org/10.17233/sosyoekonomi.267162

Abstract

Mainstream economic approaches, such as Keynesian and Neoclassical, agree one another in that the crises of capitalism should be handled within the capitalism. While Keynesians defend preemptive state intervention to avoid crises, neoclassical economics believe that the market will solve all problems without the need to resort to state action. After the Great Depression in 1930, Keynesian economics gained popularity, while neoclassical economics took over in the 1970s. Today, Keynesian economics became popular again in the aftermath of 2008 financial crisis. According to them, there is no alternative to the market system. Marxian explanation of 2008 financial crisis presents an alternative to the both. In this light, the aim of this study is to discuss the Marxian take on the 2008 global crisis, focusing on the phenomenon of financialization in this context.

References

  • Clarke, S. (2005), “The Neoliberal Theory of Society”, In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London,UK: Pluto Press, 50-59.
  • Crotty, J. 2003, “The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era”, Review of Radical Political Economics, 35(3), 271-279.
  • Crouch, C. (2014), The Strange non-death of Neoliberalizm, [trans.] Uğur Gezen, İstanbul, Türkiye: Açılım Kitap.
  • Duménil, G. and Lévy, D. (2004), “The Real and Financial Components of Profitability”, Review of Radical Political Economics, 36 (1), 82-110.
  • Duménil, G. and Lévy, D. (2005), “The Neoliberal (Counter-) Revolution”, In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London,UK: Pluto Press.
  • Dunn, B. (2011), “Can Marxism explain the crisis?”, Socialist Review, 363.
  • Federal Reserve Bank of ST. Louis (FRED)
  • Foster, J. B. (2008), “The Financialization of Capital and the Crisis” Monthly Review, 59(11).
  • Harvey, D. (2005), A Brief History of Neoliberalizm, New York, USA: Oxford University Press.
  • Hossein-zadeh, I. (2014), “Flaws in the Marxian Explanations of the Great Recession”, Review of Radical Political Economics, 46(4), 473-480.
  • Keynes, J.M. (1937), “Some Economic Consquences of a Declining Population”, Eugenics Review, 29(1), 13-17.
  • Keynes, J.M. (2008) [1936], The General Theory of Employment, Interest and Money, [trans.] Uğur Selçuk Akalın, İstanbul, Türkiye : Kalkedon.
  • Kliman, A. (2015), “The Great Recession and Marx’s Crisis Theory”, American Journal of Economics and Sociology, 74(2), 236-277.
  • Kotz, D. M. (2009), “The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism”, Review of Radical Political Economics, 20(10), 1-13.
  • Krippner, G. R. (2005), “The Financialization of the American Economy”, Socio-Economic Review, 3(2), 173-208.
  • Lapavistas, C. (2005), “Mainstream Economics in the Neoliberal Era” In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London,UK: Pluto Press, 30-40.
  • Lapavistas, C. (2011), “Theorizing financialization”, Work, Employment and Society, 25(4), 611-626.
  • Lucarelli, B. (2004), Monopoly Capitalism in Crisis, New York, USA: Palgrave Macmillan.
  • Luxemburg, R. (2004) [1913], Die Akkumulation des Kapitals [trans.] Tayfun Ertan, İstanbul, Türkiye: Belge Yayınları.
  • Marx, K. (2009) [1894], Capital A Critical Analysis of Capitalist Production, volume III, [trans.] Alaattin Bilgi, Ankara, Türkiye: Sol Yayınları.
  • Mohun, S. (2010), “The Present Crisis in Historical Perspective” Historical Materialism 7th Annual Conference, 11-14 November 2010.
  • Orhangazi, Ö. (2007), “Financialization and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973-2003”, Cambridge Journal of Economics, 32(6), 863-886.
  • Orhangazi, Ö. (2008), Financialization and The US Economy, Northampton, MA, USA: Edward Elgar.
  • Palley, T. I. (2005), “From Keynesianism to Neoliberalism: Shifting Paradigms in Economics”, In: Alfreo Saad-Filho and Deborah Johston (eds.), Neoliberalism A Critical Reader, London, UK: Pluto Press.
  • Palley, T. I. (2007), “Financialization: What it is and Why it Matters”, Political Economy Research Institute Working Paper Series, Number 153.
  • Palma, J. G. (2009), “The revenge of the market on the rentiers. Why neo-liberal reports of the end of history turned out to be premature”, Cambridge Journal of Economics, 33, 4, 829-869.
  • Patomäki, H. (2009), “Neoliberalism and the Global Financial Crisis”, New Political Science, 31( 4), 431-442.
  • Peter, T. (2010), “The Great Recession and the Great Depression”, National Bureau of Economic Research, Working Paper, No.15645.
  • Resnick, S. and Wolff, R. (2010), “The Economic Crisis: A Marxian Interpretation”, Rethinking Marxism, 22(2), 170-186.
  • Stockhammer, E. (2004), “Financialization and the slowdown of accumulation”, Cambridge Journal of Economics, 28(5), 719-741.
  • Sweezy, P. M. (1997), “More (or less) on globalization”, Monthly Review, 49(4).
  • Tabb, W. (2010), “Marxism, Crisis Theory and the Crisis of the 21st Century”, Science & Society, 74(3), 305-323.
  • United States Department of Labor, Bureau of Labor Statistics
  • Venugopal, R. (2015), “Neoliberalism as concept”, Economy and Society, 44(2), 165-187.
  • Sweezy, P. M. (1997), “More (or less) on globalization”, Monthly Review, 49(4), September, http://monthlyreview.org/1997/09/01/more-or-less-on-globalization/, 18.11.2016.
  • Tabb, W. (2010), “Marxism, Crisis Theory and the Crisis of the 21st Century”, Science & Society, 74(3), 305-323.
  • Temin, P. (2010), “The Great Recession and the Great Depression”, National Bureau of Economic Research, Working Paper, No.15645.
  • United States Department of Labor (2016), “Bureau of Labor Statistics”, http://www.bls.gov/ , 18.11.2016.
  • Venugopal, R. (2015), “Neoliberalism as concept”, Economy and Society, 44(2), 165-187.
There are 39 citations in total.

Details

Journal Section Articles
Authors

Hasan Bakır

Görkem Bahtiyar This is me

Publication Date July 31, 2017
Submission Date November 18, 2016
Published in Issue Year 2017

Cite

APA Bakır, H., & Bahtiyar, G. (2017). Great Recession, Financialization and Marxian Political Economy. Sosyoekonomi, 25(33), 241-259. https://doi.org/10.17233/sosyoekonomi.267162
AMA Bakır H, Bahtiyar G. Great Recession, Financialization and Marxian Political Economy. Sosyoekonomi. July 2017;25(33):241-259. doi:10.17233/sosyoekonomi.267162
Chicago Bakır, Hasan, and Görkem Bahtiyar. “Great Recession, Financialization and Marxian Political Economy”. Sosyoekonomi 25, no. 33 (July 2017): 241-59. https://doi.org/10.17233/sosyoekonomi.267162.
EndNote Bakır H, Bahtiyar G (July 1, 2017) Great Recession, Financialization and Marxian Political Economy. Sosyoekonomi 25 33 241–259.
IEEE H. Bakır and G. Bahtiyar, “Great Recession, Financialization and Marxian Political Economy”, Sosyoekonomi, vol. 25, no. 33, pp. 241–259, 2017, doi: 10.17233/sosyoekonomi.267162.
ISNAD Bakır, Hasan - Bahtiyar, Görkem. “Great Recession, Financialization and Marxian Political Economy”. Sosyoekonomi 25/33 (July 2017), 241-259. https://doi.org/10.17233/sosyoekonomi.267162.
JAMA Bakır H, Bahtiyar G. Great Recession, Financialization and Marxian Political Economy. Sosyoekonomi. 2017;25:241–259.
MLA Bakır, Hasan and Görkem Bahtiyar. “Great Recession, Financialization and Marxian Political Economy”. Sosyoekonomi, vol. 25, no. 33, 2017, pp. 241-59, doi:10.17233/sosyoekonomi.267162.
Vancouver Bakır H, Bahtiyar G. Great Recession, Financialization and Marxian Political Economy. Sosyoekonomi. 2017;25(33):241-59.