Synopses & Reviews
This comprehensive study of the historical and contemporary changes in banking, finance and development in Turkey, an exemplary case of structural adjustment, offers timely analysis of the impact of the global financial crisis on Turkey together with a critical account of how neoliberal financial transformation has been consolidated in Turkey.
Turkey s neoliberal economy has evolved into one of the most dynamic among the rising powers since its 2001 financial crisis. Changes in the banking and financial sector have been vital both to Turkey s overall economic growth and to the underlying exploitative social structures that characterize neoliberal development strategies. This edited collection written by an interdisciplinary range of political economists seeks to provide the first volume which explores this transformation in detail, engaging in wider contemporary debates on the nature of peripheral financialization and varieties of capitalism.
Turkey s variety of finance capitalism is defined by the increasing quantitative significance of financial flows and investments in the national economy and by the qualitative neoliberal and finance-led restructuring of the state s institutional apparatus. From this book s critical perspective, these changes have not been a class-neutral process 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 the changes occurring in Turkey constrained to its national borders. The political and economic changes privileging financial capital in Turkey have contributed to the construction and maintenance of the increasingly financialized world market.
Core concepts: neoliberalism; financialisation; class restructuring; internationalization of the state and capital; variegated capitalism.