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Financialization Debates From A Long-Term and Historical Perspective

Author

Listed:
  • Kerim Eser AFÅžAR
  • Aylin ABUK DUYGULU
  • Mehmet ÖZYİĞİT

Abstract

Financialization is one of the concepts to explain the transformation of capitalism in the literature of political economy. The differences in financialization argument of schools beclouds the use of concept and weakens the explanatory power of concept. Therefore, in the study, financialization is discussed as a historical and long term point of view. The aim of this study is to analyze the role of financialization in capitalist accumulation relations based on different definitions. According to findings that are obtained by descriptive analysis method, the difference between the financial extensions which are emerged during capitalist cycles and the shift of capital accumulation to the financial sphere due to the blockages in the material production process, determines the functionality of the financialization concept. By clarifying this distinction, it can be understood that financialization is a necessity of the system rather than a choice in terms of capital. Even if there is no blockage in the capital accumulation process, this necessity has a critical determinant for the redistribution of the resulting surplus value.

Suggested Citation

  • Kerim Eser AFÅžAR & Aylin ABUK DUYGULU & Mehmet ÖZYİĞİT, 2023. "Financialization Debates From A Long-Term and Historical Perspective," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 1.
    • Handle: RePEc:fis:journl:230135
    DOI: 10.25295/fsecon.1106318
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    JEL classification:

    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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