1988-95 Yılları Arası Türkiye''nin Birikim Sürecinde Devlet Finansal Kurumlar ve Çalışanlar

Abstract

Every new development theory is set within a particular institutional framework. Today this institutional framework is characterised by the liberalisation of financial markets which have a deterministic effect on the economic and social development processes of the periphery. Finance has gained a high degree of autonomy amongst other economic parameters especially after 1990. As such finance is becoming a parameter which can hardly be included in the making of economic policies. Hence, from a means of ?financing? production ?finance? has come to determine the process of production itself. This in return has not only caused a disequilibrium between the wage earners and the capital in favour of the latter, but it has also led to the accumulation of the capital in the hands of non-productive units which in turn led to a stuctural deterioration of the society/social classes. Thus, recent financial developments implies the development of a rentier class disconnected from the productive activities to the detriment of the wage earners. The article analyses the developments above in the case of Turkey. Two periods are considered: 1980-89 and 1989 onwards. The first period is charactersied by state-led liberalisation and export-led growth which has aminly been financed through wage repression. The policies under the second period conforms neither to importsubstituting industrialisation nor to export-led growth startegies. The production structure and economic activities here are determined by the financial institutions. Whereas in the first period resource was transfered from wage earners to the industrial bourgeoisie (i.e., production), in the second, the transfer occurs again from wage earners to rentiers (luxurious consumption).