ISSN 1300-1868
 

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EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION

Sinan SÖNMEZ.

Abstract
External borrowing is one of the major tendencies in the world economy as from the eighteenth century to present time. The regime and the models of capital accumulation both in the core and the peripheral econonies are the decisive factors in the analysis of the external borrowing. In this paper at first the external borrowing during the period of colonialism and imperialism is emphasized by making reference to Lenin’s theory of imperialism. Second emphasis is on the period following the Second World War during which the foreign loan is considered as an international aid contributing to the economic development and the concerned theoretical models. This period as well as the policies bringing a heavy debt burden on the peripheral economies are ended by the Latin American foreign debt crisis that occured in the early 1980s. Finally the role played by the foreign finance/borrowing as well as the fragilities due to the -external- financial liberalization in the era neo-liberal globalization and/or global financial capitalism is the last theme of this paper.

Key words: Imperialism, Development, Globalization, Capitalism, Foreign Borrowing, Finacial Liberalization



KALKINMANIN FİNANSMANI, EMPERYALİZM VE FİNANSAL SERBESTLİK ÜÇGENİNDE DIŞ BORÇLANMA

Ozet
Dış borçlanma dünya ekonomisinde özellikle 18. yüzyıldan itibaren giderek belirginleşmiştir. Merkez ve çevre ülkelerdeki sermaye birikim rejimi ve modelleri dış borçlanmanın analizinde belirleyici olmaktadır. Bu çalışmada önce sömürgecilikten emperyalizme uzanan zaman diliminde dış borçlanmanın işlevi ele alınmakta ve Lenin’in emperyalizm teorisi çerçeve olarak kullanılmaktadır. İkinci olarak 2. Dünya Savaşı ertesinde oluşturulan uluslararası işbölümü çerçevesinde dış borcun “kalkınma için uluslararası yardım” olarak değerlendirilmesi ve dış borç-kalkınma ilişkisi üzerinde durulmaktadır. Bu süreç 1980’lerin başlarındaki Latin Amerika kökenli dış borç krizi ile sona ermiştir. Son olarak neoliberal küreselleşme ve/veya küresel finansal kapitalizmin dayanağı olan - dış - finansal serbestlik ekseninde dış borçlanmanın işlevi ve neden olduğu kırılganlıklar ele alınmaktır.

Anahtar Kelimeler: Emperyalizm, Kalkınma, Küreselleşme, Kapitalizm, Dış Borçlanma, Finansal Serbestlik


 
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REFERENCES
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How to Cite this Article
Pubmed Style

Sinan SONMEZ. [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim. 2010; 21(75): 123-140. Turkish. doi:10.5455/ey.10706


Web Style

Sinan SONMEZ. [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. http://www.ekonomikyaklasim.org/?mno=156123 [Access: May 24, 2019]. Turkish. doi:10.5455/ey.10706


AMA (American Medical Association) Style

Sinan SONMEZ. [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim. 2010; 21(75): 123-140. Turkish. doi:10.5455/ey.10706



Vancouver/ICMJE Style

Sinan SONMEZ. [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim. (2010), [cited May 24, 2019]; 21(75): 123-140. Turkish. doi:10.5455/ey.10706



Harvard Style

Sinan SONMEZ (2010) [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim, 21 (75), 123-140. Turkish. doi:10.5455/ey.10706



Turabian Style

Sinan SONMEZ. 2010. [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim, 21 (75), 123-140. Turkish. doi:10.5455/ey.10706



Chicago Style

Sinan SONMEZ. "[EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]." Ekonomik Yaklasim 21 (2010), 123-140. Turkish. doi:10.5455/ey.10706



MLA (The Modern Language Association) Style

Sinan SONMEZ. "[EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]." Ekonomik Yaklasim 21.75 (2010), 123-140. Print.Turkish. doi:10.5455/ey.10706



APA (American Psychological Association) Style

Sinan SONMEZ (2010) [EXTERNAL BORROWING: A MEANS OF THE ECONOMIC DEVELOPMENT, AN INSTRUMENT OF THE IMPERIALISM AND AN OUTCOME OF THE FINANCIAL LIBERALIZATION]. Ekonomik Yaklasim, 21 (75), 123-140. Turkish. doi:10.5455/ey.10706