Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi

GÜNGEN, Ali Rıza

Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi

Ali Rıza GÜNGEN (Orta Doğu Teknik Üniversitesi, İktisadi İdari Bilimler Fakültesi, Siyaset Bilimi ve Kamu Yönetimi Bölümü, Ankara, Türkiye)

Praksis

25 9

Yıl: 2010 Cilt: 0 Sayı: 22 Sayfa Aralığı: 85 - 108 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi

Öz:

Küresel kapitalizmdeki aşırı birikim sorunu finansal işlemlerin büyük oranda artmasına yol açmış ve yeni “hayali sermaye” oluşumlarını desteklemiştir. Bu dönüşüm finansallaşma literatüründe eleştirel bir şekilde irdelenmektedir. Ancak üç önemli sorun bakidir: Finansallaşma aracılığıyla dönemlendirme girişimlerinin çözümlenmesi birçok araştırmacının geçmişte varolduğu öne sürülen bir altın çağı Bretton Woods’un çöküşü sonrasındaki değişikliklerden ayırmaya meylettiğini göstermektedir. Buna ek olarak, literatür, erken kapitalistleşmiş ülkelere dair stilize bulgulara odaklanmakta ancak “yükselen piyasalar”da yaşanan finansallaşmaya aynı ölçüde dikkat etmemektedir. Son olarak, son onyıllarda görülen finansal yeniliklerin sadece biçim olarak değil öz olarak da yeni araçların yaratılması anlamına geldiği düşüncesi zımni olarak kabul edilmektedir. Bu çalışma literatürü gözden geçirmekte ve finansallaşma kavramının Marksist siyasal iktisat eleştirisine dayanılarak kullanılmasının bahsedilen sorunların üstesinden gelme ve küresel kapitalizmdeki ana dönüşümleri anlama konusunda faydalı olacağını vurgulamaktadır.

Anahtar Kelime: dönemlendirme finansal piyasalar küresel kapitalizm bretton woods sistemi küresel ekonomik kriz sanal sermaye küresel finans yönetimi finansal el koyma aşırı birikim finansallaşma marksist yaklaşım

Financialisation: A troubling concept and a fruitful research agenda

Öz:

The overaccumulation problem in global capitalism has led to the proliferation of financial transactions and underpinned the formation of new “fictitious capitals”. This transformation has been critically investigated within the literature of financialisation. Three main problems, however, remain: The analysis of the attempts for periodisation via financialisation indicates that many scholars tend to demarcate alleged golden age from the changes in the aftermath of the collapse of Bretton Woods. In addition, the literature does not pay attention to the financialisation in “emerging markets” to the same extent as it pays to the stylised facts of advanced capitalist countries. Last but not least, there is an implicit agreement that the financial innovations of the last decades signify new instruments not only in form but also in essence. The study reviews the literature and claims that a critical use of the concept of financialisation that builds on the insights of Marxian critique of the political economy can overcome the mentioned problems and help understanding major transformations in global capitalism.

Anahtar Kelime: overaccumulation financialization marxist approach periodization financial markets global capitalism bretton woods system global economic crisis fictitious capital global financial management financial expropriation

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

Aglietta, M. (2000) “Shareholder Value and Corporate Governance: Some Tricky Questions”, Economy and Society, 29(1): 146-159.
Aglietta, M. (2008) “New Trends in Corporate Governance: The Prominent Role of the Long Run Investor”, Competition and Change, 12(2): 203-222.
Albo, G., S. Gindin ve L. Panitch (2010) In and Out of Crisis: The Global Financial Meltdown and Left Alternatives, Oakland: PM Press.
Altvater, E. ve K. Hübner (1991) “The Causes and Course of the International Debt Crisis”, Altvater, E., K. Hübner, J. Lorentzen, R. Rojas (der.) The Poverty of Nations: A Guide to Debt Crisis From Argentina to Zaire, Londra: Zed Books, 3-15.
Arrighi, G. (1994) The Long Twentieth Century: Money, Power and the Origins of Our Times, New York: Verso.
Arrighi, G. (2004) “Spatial and Other ‘Fixes’ of Historical Capitalism”, Journal of World Systems Research, 10(2): 527-539.
Arrighi, G. (2009) Adam Smith Pekin’de: 21. Yüzyılın Soykütüğü, Istanbul: Yordam.
Balkan, N. (1994) Kapitalizm ve Borç Krizi, Istanbul: Bağlam.
Baran, P. ve P. Sweezy (1966) Monopoly Capital: An Essay on the American Economic and Social Order, New York: Monthly Review.
Boyer, R. (1992), “The Eighties: The Search for Alternatives to Fordism”, Jessop B., H. Kastendiek, K. Nielsen ve O. Pedersen (der), The Politics of Flexibility, Aldershot: Edward Elgar, 106-132.
Boyer, R. (2000) “Is a Finance-led Growth Regime a Viable Alternative to Fordism”, Economy and Society, 29(1): 111-145.
Boyer, R. (2005a) “How and Why Capitalisms Diff er”, Economy and Society, 34(4): 509-557.
Boyer, R. (2005b) “From Shareholder Value to CEO Power: the Paradox of the 1990s”, Competition and Change, 9(1): 7-47.
Bryan, D. ve M. Raff erty (2006), “Money in Capitalism or Capitalist Money?”, Historical Materialism, 14(1): 75-95.
Bryan, D., R. Martin ve M. Raff erty (2009), “Financialization and Marx: Giving Labor and Capital a Financial Makeover”, Review of Radical Political Economics, 41(4): 1-15.
Burn, G. (2006) The Re-emergence of Global Finance, Londra: Palgrave.
Cleaver, H. (1989) “Close the IMF, Abolish Debt and End Development: A Class Analysis of the International Debt Crisis”, Capital and Class, 39: 17-50.
D’arista, J. (2005) “The Role of International Monetary System in Financialization”, Epstein, G. (der.), Financialization and the World Economy, Cheltenham: Edward Elgar, 220-243.
Dembinski, P. (2009), Finance: Servant or Deceiver?: Financialization at the Crossroads, Hampshire: Palgrave Macmillan.
Dickens, E. (2005) “The Eurodollar Market and the New Era of Global Financialization”, Epstein, G. (der.), Financialization and the World Economy, Cheltenham: Edward Elgar, 210-219.
Engelen, E (2008) “The Case for Financialization”, Competition and Change, 12(2): 111-119.
Epstein, G. (2005) “Introduction: Financialization and the World Economy”, Epstein, G. (der.), Financialization and the World Economy, Cheltenham: Edward Elgar, 3-16.
Ergüneş, N. (2009) “Global Integration of the Turkish Economy in the Era of Financialisation”, SOAS Research on Money and Finance Discussion Paper, no 8.
Fine, B. (2010) “Financialisation as Neoliberalism: Engaging Neoliberalism”, Saad-Filho, A. ve G. Yalman (der.) Transition to Neoliberalism in Middle Income Countries, Londra: Routledge, 11-23.
Foster, J. B. (2007) “Financialization of Capitalism”, Monthly Review, 58(11): 1-12.
Foster, J. B. (2008) Kapitalizmin Malileşmesi ve Kriz, Istanbul: Kalkedon.
Froud, J., C. Haslam, S. Johal ve K. Williams (2000) “Shareholder Value and Financialization: Consultancy Promises, Management Moves”, Economy and Society, 29(1): 80-110.
Froud, J. C. Haslam, S. Johal ve K. Williams (2002) “Financialisation and the Coupon Pool”, Capital and Class, 78: 119-151.
Froud, J., S. Johal, A. Leaver, K. Williams (2006) “Financialization and Corporate Performance”, Financialization and Strategy: Narrative and Numbers, Londra: Routledge, 65-98.
Gloukoviezoff , G. (2006) “From Financial Exclusion to Overindebtedness: the Paradox of Diffi culties for People on Low Income?”, Anderloni, L., M. D. Braga, E. M. Carluccio (der.), New Frontiers in Banking Services: Emerging Needs and Tailored Products for Untapped Markets, Berlin: Springer Verlag, 213-245.
Gowan, P. (2009) “Crisis in the Heartland: Consequences of the New Wall Street System”, New Left Review, 55: 5-29.
Guttman, R. (2008) “A Primer on Finance-Led Capitalism and its Crisis”, Revue de la Régulation, no 3 / 4, http:// regulation.revues.org/index5843.html, indirilme tarihi 10 Şubat 2009.
Güngen, A. R. (2009a), “Fictitious Capital Speculation and Real Accumulation: Notes on Finance Capital and Financialization”, Eighth METU Conference on International Relations, Patterns of Change in the Global System’da sunulmuş tebliğ, 18 Haziran 2009, ODTÜ Ankara.
Güngen, A. R. (2009b) “Kapitalizasyon ve Finansallaşma: Birikim Merkezlerindeki Dönüşüm ve Dönemlendirme Sorunları”, 11. TSBD Kongresi’ne sunulmuş tebliğ, 11 Aralık 2009, ODTÜ Ankara.
Güngen, A. R. (2010) “Fictitious Capital Speculation and Financialisation: Critical Moments of Instability, Crisis and Intervention in the Turkish Experience”, IIPPE Financialization Working Paper, no 5.
Hanieh, A. (2009) “Hierarchies of a Global Market: The South and the Economic Crisis”, Studies in Political Economy, 83: 61-84.
Hardie, I. (2008) “Trading of Risk: Financialisation, Loyalty and Emerging Market Government Policy Autonomy”, ISA’s 49th Annual Convention Bridging Multiple Divides’da sunulmuş tebliğ, Hilton San Francisco, San Francisco, California, USA, 26 Mart 2008.
Hilferding, R. (1981) Finance Capital: A Study of the Latest Phase of Capitalist Development, Londra: Routledge and Kegan Paul.
Klein, N. (2007) Shock Doctrine: The Rise of Disaster Capitalism, New York: Metropolitan.
Krippner, G. (2005) “The Financialization of the American Economy”, Socio-Economic Review, 3(2): 173-208.
Langley, P. (2007) “Uncertain Subjects of Anglo-American Financialization”, Cultural Critique, 65: 67-91.
Lapavitsas, C. (2009a) “Financialised Capitalism: Crisis and Financial Expropriation”, SOAS Research on Money and Finance Discussion Paper, no 1.
Lapavitsas, C. (2009b) “Financialisation or the Search for Profi ts in the Sphere of Circulation”, SOAS Research on Money and Finance Discussion Paper, no 10.
Lapavitsas, C. (2009c) “Financialisation Embroils Developing Countries”, SOAS Research on Money and Finance Discussion Paper, no 14.
Lapavitsas, C. ve S. Aybar (2001) “Financial System Design and the post-Washington Consensus”, Lapavitsas, C., B. Fine ve J. Pincus (der.) Neither the Washington nor the Post-Washington Consensus: Development at the Crossroads, Londra: Routledge, 28-51.
Little, J. S. (1975) Euro-Dollars: The Money Market Gypsies, New York: Harper & Row Publishers.
Marazzi, C. (2007) “Measure and Finance”, Measure for Measure: a workshop on value from below’da sunulmuş tebliğ, Goodenough College, Londra, 21 Eylül 2007, http://www.generation-online.org/c/fc_measure. htm, indirilme tarihi 24 Kasım 2009.
Marazzi, C. (2010) “The Violence of Financial Capitalism”, Fumagalli, A. ve S. Mezzadra (der.) Crisis in the Global Economy: Financial Markets, Social Struggles and New Political Scenarios, Los Angeles: Semiotext(e), 17-59.
Martin, R. (2002) Financialization of Everyday Life, Philadelphia: Temple University.
Marx, K. (1991) Capital: A Critique of Political Economy Volume 3, Londra: Penguin.
Marx, K. (1992) Capital: A Critique of Political Economy Volume 2, Londra: Penguin.
Mavroudeas, S. D. (1999) “Regulation Theory: The Road from Creative Marxism to Post-Modern Disintegration”, Science and Society, 63(3): 310-337.
McNally, D. (2009) “From Financial Crisis to World Slump: Accumulation, Financialisation and the Global Slowdown”, Historical Materialism, 17(2): 35-83.
Negri, A. (1992) “Interpretation of the Class Situation Today: Methodological Aspects”, Bonefeld, W., R. Gunn, K. Psychopedis (der.), Open Marxism vol. II, Londra: Pluto Press, 69-105.
Nesvetailova, A. (2010) “The Crisis of Invented Money: Liquidity Illusion and the Global credit Meltdown”, Theoretical Inquiries in Law, 11(1): 125-147.
Orhangazi, Ö. (2008) Financialization and the U. S. Economy, Northampton: Edward Elgar.
Painceira, J. P. (2009) “Developing Countries in the Era of Financialisation: From Defi cit Accumulation to Reserve Accumulation”, SOAS Research on Money and Finance Discussion Paper, no 4.
Pally, T. (2009) “The Limits of Minsky’s Financial Instability Hypothesis as an Explanation of the Crisis”, Macroeconomic Policy Institute Working Paper, 11/2009.
Panitch, L. ve Konings, M. (2009) “Myths of Neoliberal Deregulation”, New Left Review, 57: 67-83.
Satlıgan, N. (1988) “Günümüz Kapitalizminin Pamuk İpliği: Hayali Sermaye Spekülasyonu”, Satlıgan, N. ve S.
Savran (der.) Dünya Kapitalizminin Bunalımı, Istanbul: Alan Yayıncılık, 501-524. Savage, M. ve Williams, K. (2008) “Elites: Remembered in Capitalism and Forgotten by Social Sciences”, Sociological Review, 56(1): 1-24.
Stockhammer, E. (2004) “Financialisation and the Slowdown of Accumulation”, Cambridge Journal of Economics, 28(5): 719-741.
Strange, S. (1997) Casino Capitalism, Manchester: Manchester University.
Sweezy, P. (1994) “The Triumph of Financial Capital”, Monthly Review, 46(2): 1-9.
van Treek, T. (2008) “The Political Economy Debate on ‘Financialization’: A Macroeconomic Perspective”, Macroeconomic Policy Institute Working Paper, 01/2008.
Vasudevan, R. (2008) “The Borrower of Last Resort: International Adjustment and Liquidty in a Historical Perspective”, Journal of Economic Issues, 42(4): 1055-1082.
Wallerstein, I. (2000) “Globalization or the Age of Transition”, International Sociology, 15(2): 249-265.
Williams, K. (2000), “From Shareholder Value to Present-day Capitalism”, Economy and Society, 29(1): 1-12.
Yeldan, E. (2009), “On the Nature and Causes of the Collapse of the Wealth of Nations, 2007/2008: The End of a Façade Called Globalization”, Political Economy Research Institute Working Paper Series, no 197.

APA	GÜNGEN A (2010). Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. , 85 - 108.
Chicago	GÜNGEN Ali Rıza Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. (2010): 85 - 108.
MLA	GÜNGEN Ali Rıza Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. , 2010, ss.85 - 108.
AMA	GÜNGEN A Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. . 2010; 85 - 108.
Vancouver	GÜNGEN A Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. . 2010; 85 - 108.
IEEE	GÜNGEN A "Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi." , ss.85 - 108, 2010.
ISNAD	GÜNGEN, Ali Rıza. "Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi". (2010), 85-108.

APA	GÜNGEN A (2010). Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. Praksis, 0(22), 85 - 108.
Chicago	GÜNGEN Ali Rıza Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. Praksis 0, no.22 (2010): 85 - 108.
MLA	GÜNGEN Ali Rıza Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. Praksis, vol.0, no.22, 2010, ss.85 - 108.
AMA	GÜNGEN A Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. Praksis. 2010; 0(22): 85 - 108.
Vancouver	GÜNGEN A Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi. Praksis. 2010; 0(22): 85 - 108.
IEEE	GÜNGEN A "Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi." Praksis, 0, ss.85 - 108, 2010.
ISNAD	GÜNGEN, Ali Rıza. "Finansallaşma: Sorunlu bir kavram ve verimli bir araştırma gündemi". Praksis 22 (2010), 85-108.