Uzun Dönemli ve Tarihsel Bir Çerçeveden Finansallaşma Tartışmaları
Financialization Debates from a Long-Term and Historical Perspective

Summary/Abstract: Financialization is one of the concepts to explain the transformation of capitalism in the literature of political economy. The differences in the financialization argument of schools obscure the use of this concept and weaken its explanatory power of the concept. Therefore, in the study, financialization is discussed from a historical and long -term point of view. The aim of this study is to analyze the role of financialization in capitalist accumulation process relations based on different definitions. According to findings that are obtained by the descriptive analysis method, the difference between the financial expansions 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 concluded that financialization is a necessity for the capitalist system rather than a choice in terms of capital. Even if there is no blockage in the capital accumulation process, this necessity is a critical determinant for the redistribution of the resulting surplus value.

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