Mustafa DURMUŞ

4042

Aşırı Birikim - Finansallaşma ilişkisinin 2008 krizi bağlamında analizi

2008 krizi, kapitalizmin tarihinde Büyük Depresyon’dan bu yana görülmüşen derin krizdir. Nisan 2009’dan bu yana zayıf da olsa toparlanma işaretleri mevcutolsa da yığınsal işsizlik, devasa bütçe açıkları, kamu borç stoklarındaki büyük çaptaartışlar, finansal sektördeki kredi kurumasının henüz tamamen çözülememiş olmasıve türev araçların barındırdığı risklerin devam etmesi gibi faktörler toparlanmanınönünde ciddi engeller oluşturmaktadır.Mevcut krizin diğer krizlerden ayrılan en önemli yanı, finansallaşmanın bukrizin tetiklenmesinde oynadığı roldür. Teminatlı Borç Yükümlülükleri (CDO)biçimindeki menkul kıymetleştirme, Kredi Riski Swap’ları (CDS) gibi yeni türevaraçlar ve hedge fonlar, hem çok büyük risklerin oluşmasında, hem de bu riskintransfer edilerek dünya çapında yaygınlaşmasında çok etkili olmuştur.Diğer taraftan, finansal krizi gerçekte bir semptom olarak görmek gerekir.Finansal kriz, 1960’ ların sonlarından bu yana, giderek büyüyen kapitalist aşırıbirikim, aşırı kapasite yatırımları, aşırı üretim ve beraberinde kâr oranlarınıngiderek düşmesinin ve uzatılmış bir durgunluğun bir sonucudur. Giderekfinansallaşan ABD ekonomisinin canlılığını koruyabilmesi için 2000 yılındaki WallStreet borsa balonu ve mortgage balonu gibi balonlar yaratılması gerekli olmuş veakabinde bu son balonun patlaması krize yol açmıştır.

The analysis of Overaccumulation-Financialisation relationship in context of the 2008 financial crisis

2008 crisis is the deepest crisis of capitalism since Great Depression.Although there have been some signs of weak recovery since April 2009, hugeunemployment levels, tremendous budget deficits, remarkable increases in publicdebt stocks, continuing credit crunch problems and existing risks of derivativesthreaten any economic recovery that might actually begin. The distinctive character of the current crisis is the triggering role offinancialisation in this crisis process. New derivatives instruments of securitisationlike collateralized debt obligations (CDO), credit default swaps (CDS) have createdhuge risks and then so-called hedge funds have spreaded these risks globally.However the current crisis is only a symptom. In fact, current financial crisisis the unavoidable result of the excess accumulation of capital, excess capacityinvestments, over production and associating diminishing profit rates andstagnation that have prevailed in most capitalist economies since the end of 1960s.Thus, it was necessary to create bubbles like 2000 Wall Street Stock bubble and2008 housing bubble to keep the American economy going. However, the crash ofthe housing bubble after a while has led the collapse of the subprime mortgagemarket then a global crisis.
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Ekonomik Yaklaşım-Cover
  • ISSN: 1300-1868
  • Yayın Aralığı: 3
  • Yayıncı: Ekonomik Yaklaşım Derneği
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