Publication: Dünya ekonomisinde finansallaşma sürecinin eleştirel bir değerlendirmesi
Abstract
Yeni bir sermaye birikimi biçimi olarak finansallaşma 1970li yıllardan sonraki önemli bir dönüşümü simgelemektedir. Bu süreçte, hem merkez kapitalist ülkelerde finansal sermaye birikiminin baskın hale gelmesi hem de yerel piyasaların uluslararası sermaye hareketlerine açılması ve uluslararası ve ulusal borçlanma dinamikleri ile bir yandan finansal işlem hacmi dramatik olarak artarken, diğer taraftan yerel ve global düzeyde firma, hane halkı davranışlarında ve makroekonomide önemli değişiklikler ortaya çıkmıştır. Global ekonomide son otuz yıllık dönemdeki finansallaşma eğilimi, bir yandan da kendi bünyesinde taşıdığı çelişkili eğilimlerin iyice olgunlaşması ile 2007-2009 arasında yaşanan ve etkileri hala devam eden yakın tarihin en büyük finansal krizine yol açmıştır. Bilindiği gibi söz konusu finansal kriz hem dünya ekonomisinin hegemonik gücü ABDde hem de diğer ülke ekonomilerinde, iflaslar, küçülme, işsizliğin artışı, banka kurtarma operasyonlarının maliyetinin kamuya yüklenmesi gibi iktisadi ve sosyal maliyetlere yol açmıştır. Bu çalışmada yakın dönemde, dünya ekonomisi ve toplumsal hayatı yakından etkileyen finansallaşma olgusu çeşitli yönleri ile ele alınarak değerlendirilmekte; finansal müsadere yoluyla gelir dağılımının daha da bozulması ve giderek özerkleşen finans kesimine olan açık ve zımni bağlılığın artışının, seçimle işbaşına gelen siyasal otoritelerin manevra alanlarının daraltmasının yol açtığı demokrasi zafiyeti gibi kritik hususlara vurgu yapılmaktadır.
Financialisation as a new form of capital accumulation represents a significant transformation in the aftermath of the 1970s. Through the process, the amount of financial transactions have dramatically increased and significant changes regarding the behaviours of firms and households both at the national and international levels and regarding the macroeconomic environment have come into being through the financial capital accumulation s gaining dominancy in the central capitalist countries and the local markets opening up to the international capital flows and the national and international debt dynamics. As the internal contradictions of the financialization tendency in the global economy in the last thirty years have matured, the largest financial crisis of the recent past has broken out between 2007-2009 whose impact still persists. As well known, this financial crisis has led to the economic and social costs both in the USA, the hegemonic economic power of the World, and the other countries such as bankruptcies, contraction, unemployment, the costs of bank rescues imposed on the public. In this study the financialization phenomenon, which affected the World economy and the social life closely in the recent history, has been assessed with its various aspects and some critical issues have been emphasized such as the further deterioration in the income distribution due to financial exploitation and the democratic weakness which happens in the form of contraction in the maneuvering areas of the elected political authority caused by the rise in the dependence explicitly and implicitly to the financial sector which becomes more autonomous itself.
Financialisation as a new form of capital accumulation represents a significant transformation in the aftermath of the 1970s. Through the process, the amount of financial transactions have dramatically increased and significant changes regarding the behaviours of firms and households both at the national and international levels and regarding the macroeconomic environment have come into being through the financial capital accumulation s gaining dominancy in the central capitalist countries and the local markets opening up to the international capital flows and the national and international debt dynamics. As the internal contradictions of the financialization tendency in the global economy in the last thirty years have matured, the largest financial crisis of the recent past has broken out between 2007-2009 whose impact still persists. As well known, this financial crisis has led to the economic and social costs both in the USA, the hegemonic economic power of the World, and the other countries such as bankruptcies, contraction, unemployment, the costs of bank rescues imposed on the public. In this study the financialization phenomenon, which affected the World economy and the social life closely in the recent history, has been assessed with its various aspects and some critical issues have been emphasized such as the further deterioration in the income distribution due to financial exploitation and the democratic weakness which happens in the form of contraction in the maneuvering areas of the elected political authority caused by the rise in the dependence explicitly and implicitly to the financial sector which becomes more autonomous itself.