The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What i...The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well展开更多
The financialized world of the 21st century is a world marked by a high degree of economic rationality, secularism and value commensurability. Profit-driven financial voluntarism is spreading everywhere, leading direc...The financialized world of the 21st century is a world marked by a high degree of economic rationality, secularism and value commensurability. Profit-driven financial voluntarism is spreading everywhere, leading directly to the ＂financial internalization＂ of individual lives and the decline of the holistic spirit in human life. World development is inseparable from financial innovation, but the present financial system has diverged from its true nature. Undeniably, capital＇s innate quest for surplus value has not changed since Marx＇s times, nor have its essential social relations or the leverage effect of capital in wealth creation. However, the 21st century has seen a great change in the development of the logic of capital： driven by the global capital financial system, it has become more abstract, overriding regional boundaries. Its subject orientation is heterogeneous and diverse, while its operating mode is virtual and enigmatic. In particular, as instrumental rationality has become more intelligent, the mental dimension of capital has become more subjective. An interpretation of the financialized world from the point of view of phenomenology of spirit reveals the underlying issue of the alienation of man＇s spirit from his objectified world in the 21st century, and thus offers food for thought at the level of spirit for the objective understanding of the category of capital in the 21 st century,展开更多
文摘The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well
文摘The financialized world of the 21st century is a world marked by a high degree of economic rationality, secularism and value commensurability. Profit-driven financial voluntarism is spreading everywhere, leading directly to the ＂financial internalization＂ of individual lives and the decline of the holistic spirit in human life. World development is inseparable from financial innovation, but the present financial system has diverged from its true nature. Undeniably, capital＇s innate quest for surplus value has not changed since Marx＇s times, nor have its essential social relations or the leverage effect of capital in wealth creation. However, the 21st century has seen a great change in the development of the logic of capital： driven by the global capital financial system, it has become more abstract, overriding regional boundaries. Its subject orientation is heterogeneous and diverse, while its operating mode is virtual and enigmatic. In particular, as instrumental rationality has become more intelligent, the mental dimension of capital has become more subjective. An interpretation of the financialized world from the point of view of phenomenology of spirit reveals the underlying issue of the alienation of man＇s spirit from his objectified world in the 21st century, and thus offers food for thought at the level of spirit for the objective understanding of the category of capital in the 21 st century,
