ISSN 1300-1868
 

Original Research (Original Article) 


The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis

Mustafa DURMUŞ.

Abstract
2008 crisis is the deepest crisis of capitalism since Great Depression. Although there have been some signs of weak recovery since April 2009, huge unemployment levels, tremendous budget deficits, remarkable increases in public debt stocks, continuing credit crunch problems and existing risks of derivatives threaten any economic recovery that might actually begin. The distinctive character of the current crisis is the triggering role of financialisation in this crisis process. New derivatives instruments of securitisation like collateralized debt obligations (CDO), credit default swaps (CDS) have created huge risks and then so-called hedge funds have spreaded these risks globally. However the current crisis is only a symptom. In fact, current financial crisis is the unavoidable result of the excess accumulation of capital, excess capacity investments, over production and associating diminishing profit rates and stagnation 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 and 2008 housing bubble to keep the American economy going. However, the crash of the housing bubble after a while has led the collapse of the subprime mortgage market then a global crisis.

Key words: Crisis, financialisation, over accumulation, profit rate, derivatives. JEL Classification: E44, E69, G01, H12, O10.



AŞIRI BİRİKİM - FİNANSALLAŞMA İLİŞKİSİNİN 2008 KRİZİ BAĞLAMINDA ANALİZİ

Ozet
2008 krizi, kapitalizmin tarihinde Büyük Depresyon’dan bu yana görülmüş en derin krizdir. Nisan 2009’dan bu yana zayıf da olsa toparlanma işaretleri mevcut olsa da yığınsal işsizlik, devasa bütçe açıkları, kamu borç stoklarındaki büyük çapta artışlar, finansal sektördeki kredi kurumasının henüz tamamen çözülememiş olması ve türev araçların barındırdığı risklerin devam etmesi gibi faktörler toparlanmanın önünde ciddi engeller oluşturmaktadır. Mevcut krizin diğer krizlerden ayrılan en önemli yanı, finansallaşmanın bu krizin tetiklenmesinde oynadığı roldür. Teminatlı Borç Yükümlülükleri (CDO) biçimindeki menkul kıymetleştirme, Kredi Riski Swap’ları (CDS) gibi yeni türev araçlar ve hedge fonlar, hem çok büyük risklerin oluşmasında, hem de bu riskin transfer 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 aşırı birikim, aşırı kapasite yatırımları, aşırı üretim ve beraberinde kâr oranlarının giderek düşmesinin ve uzatılmış bir durgunluğun bir sonucudur. Giderek finansallaşan ABD ekonomisinin canlılığını koruyabilmesi için 2000 yılındaki Wall Street borsa balonu ve mortgage balonu gibi balonlar yaratılması gerekli olmuş ve akabinde bu son balonun patlaması krize yol açmıştır.

Anahtar Kelimeler: Kriz, finansallaşma, aşırı birikim, kar oranı, türev araçlar. JEL Sınıflaması: E44, E69, G01, H12, O10.


 
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Mustafa DURMUS. [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim. 2010; 21(77): 1-48. Turkish. doi:10.5455/ey.20036


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Mustafa DURMUS. [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. http://www.ekonomikyaklasim.org/?mno=151000 [Access: August 19, 2019]. Turkish. doi:10.5455/ey.20036


AMA (American Medical Association) Style

Mustafa DURMUS. [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim. 2010; 21(77): 1-48. Turkish. doi:10.5455/ey.20036



Vancouver/ICMJE Style

Mustafa DURMUS. [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim. (2010), [cited August 19, 2019]; 21(77): 1-48. Turkish. doi:10.5455/ey.20036



Harvard Style

Mustafa DURMUS (2010) [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim, 21 (77), 1-48. Turkish. doi:10.5455/ey.20036



Turabian Style

Mustafa DURMUS. 2010. [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim, 21 (77), 1-48. Turkish. doi:10.5455/ey.20036



Chicago Style

Mustafa DURMUS. "[The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]." Ekonomik Yaklasim 21 (2010), 1-48. Turkish. doi:10.5455/ey.20036



MLA (The Modern Language Association) Style

Mustafa DURMUS. "[The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]." Ekonomik Yaklasim 21.77 (2010), 1-48. Print.Turkish. doi:10.5455/ey.20036



APA (American Psychological Association) Style

Mustafa DURMUS (2010) [The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis]. Ekonomik Yaklasim, 21 (77), 1-48. Turkish. doi:10.5455/ey.20036