Finansallaşma çağında ekonomik gelişme: Gelişme politikalarının sonu mu?

İkinci Dünya Savaşı sonrası yaşanan altın çağın ardından, 1970li yıllara doğru gelişmiş ülkelerde kar oranları düşmeye başladı. Bunun yanı sıra 1970lerde asıl olarak petrol fiyatlarındaki artıştan kaynaklanan ve mevcut finansal piyasalarn boyutlarını aşan finansal bir genişleme de söz konusuydu. Bu koşullar altında kar oranlarındaki düşmeyi telafi etmek ve uluslararası finansal sermayenin önündeki engelleri kaldırmak üzere finansal piyasaların küresel düzeyde deregülasyonu kaçınılmazdı. Daha sonra finansallaşma olarak adlandırılacak bu dönüşüm süreci ge- lişmekte olan ülkeleri de içine aldı ve neoliberalizm ve küreselleşme ile birlikte bu ülkelerin ekonomilerinde ve izledikleri iktisadi politikalarda önemli ölçüde belirleyici oldu. Bu çalışmada, 1980li yıllardan itibaren finansallaşma olgusunun gelişmekte olan ülkelerin ekonomik gelişme süreçlerine olan etkisi, söz konusu ülkelerin karşı karşıya olduğu sanayisizleşme tehdidi açısından ele alınmaktadır. Çalışma kap- samında gelişme olgusuna bakışın ve gelişme politikalarının neoliberalizmle birlikte nasıl değiştiği incelenmektedir. Gelişmekte olan ülkelerin pek çoğunun 1980li ve 1990lı yıllardaki deneyimleri, dış ticaret rejimlerinin ve uluslararası sermaye hareketlerinin serbestleştirilmesinin, içeride de finansal sistem üzerindeki her türlü denetim ve müdahalenin kaldırılmasıyla birlikte ilerleyen bir süreç olduğunu göstermektedir. Uluslararası finansal sermayenin etkisine açık hale gelerek kırılgan bir yapıya sahip olan pek çok gelişmekte olan ülkede mevcut sanayi altyapısının zayıflaması, sınai üretim ve istihdamın azalmasıyla kendisini gösteren sanayisizleşme olgusunun finansallaşmaya eşlik ettiği görülmektedir.

Economic development in the era of financialisation: The end of development policies?

Following the golden age of the post-Second World War era, the rates of pro- fits in the developed world started to decline towards the 1970s. Beside that, there was a financial expansion mainly stemming from petro-dollars in the 1970s that could not be absorbed by then existing financial markets. Under these circumstances, deregu- lation of financial markets globally was inevitable in order to liberate international financial capital and compensate the decline in rates of profit. Along with neolibera- lism and globalisation, this transformation process, which would be called financia- lisation , also comprised developing countries and had significant influence on those economies and economic policies they employed. This paper investigates the implications of financialisation for economic de- velopment processes of developing countries from the 1980s with a specific focus on the threat of deindustrialisation . It also considers how the idea of development and development policies have changed under the impact of neoliberalism. Most of the developing countries experienced the liberalisation of foreign trade regimes and international capital movements that went along with abolishment of all sort of inter- vention and control over domestic financial systems in the 1980s and 1990s. In many developing countries that became fragile to the impact of international financial ca- pital, financialisation process has been accompanied by the phenomenon of deindustrialisation, which can be seen by weakening industrial structure, declining industrial production and employment.

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