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This volume provides a comprehensive study of Turkey's financial
transformation into one of the most dynamic, if not trouble-free,
emerging capitalisms. While this financial evolution has
underwritten Turkey's dramatic economic growth, it has done so
without ameliorating the persistently exploitative and unequal
social structures that characterize neoliberalism today. This
edited volume, written by an interdisciplinary range of political
economists, critically examines Turkey's financial transformation,
contributing to debates on the nature of peripheral
financialization. Eschewing economistic interpretations, The
Political Economy of Financial Transformation in Turkey underscores
both the quantitative significance of exponential growth in
financial flows and investments, and the qualitative importance of
the state's institutional restructuring around financial
imperatives. The book presents today's reality as historically
rooted. By understanding the choices made under the new Republic
(from 1923 onwards), one can better locate the changes launched as
a newly liberalizing society (since 1980). Likewise, the decisions
made in response to Turkey's 2001 financial crisis spurred a
tectonic break in state-market-society financial relations. The
waves of change have reached far and wide: from corporate
strategies of accumulation and growth to small- and medium-sized
enterprises' strategies of financial survival; from how finance has
penetrated the provisioning of housing to how households have
become financialized. Put together, one grasps the complexity and
historicity of the power of contemporary finance. One also sees
that the changes made have not been class-neutral, but have
entailed elevating the interests of major capital groups,
particularly financial capital, above the interests of the poor and
workers in Turkey. Nor are these changes constrained to its
national borders, as what transpires domestically contributes to
the making of a financialized world market. Through this 'Made in
Turkey' approach the contributions in this volume thus challenge
dominant understandings of financialization, which are derived from
the advanced capitalisms, by sharing the specificity of emerging
capitalisms such as Turkey.
This volume provides a comprehensive study of Turkey's financial
transformation into one of the most dynamic, if not trouble-free,
emerging capitalisms. While this financial evolution has
underwritten Turkey's dramatic economic growth, it has done so
without ameliorating the persistently exploitative and unequal
social structures that characterize neoliberalism today. This
edited volume, written by an interdisciplinary range of political
economists, critically examines Turkey's financial transformation,
contributing to debates on the nature of peripheral
financialization. Eschewing economistic interpretations, The
Political Economy of Financial Transformation in Turkey underscores
both the quantitative significance of exponential growth in
financial flows and investments, and the qualitative importance of
the state's institutional restructuring around financial
imperatives. The book presents today's reality as historically
rooted. By understanding the choices made under the new Republic
(from 1923 onwards), one can better locate the changes launched as
a newly liberalizing society (since 1980). Likewise, the decisions
made in response to Turkey's 2001 financial crisis spurred a
tectonic break in state-market-society financial relations. The
waves of change have reached far and wide: from corporate
strategies of accumulation and growth to small- and medium-sized
enterprises' strategies of financial survival; from how finance has
penetrated the provisioning of housing to how households have
become financialized. Put together, one grasps the complexity and
historicity of the power of contemporary finance. One also sees
that the changes made have not been class-neutral, but have
entailed elevating the interests of major capital groups,
particularly financial capital, above the interests of the poor and
workers in Turkey. Nor are these changes constrained to its
national borders, as what transpires domestically contributes to
the making of a financialized world market. Through this 'Made in
Turkey' approach the contributions in this volume thus challenge
dominant understandings of financialization, which are derived from
the advanced capitalisms, by sharing the specificity of emerging
capitalisms such as Turkey.
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