Financialisation of Capitalism: Expansion of Indebtness from Global Level to Household Level in Turkey

Authors : Erdal Eroğlu

Pages : 101-129

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Publication Date : 2014-08-01

Article Type : Research

Abstract :One of the most notable features of today’s capitalist economies is that they impoverish a great majority of societies while growing. In other words, this is a kind of capital accumulation model dependent on increasing income and wealth inequality on one hand and keeping wages low on the other hand. Such a model can be sustainable only with borrowing. It is an undeniable fact that lending-borrowing relation is one of the most significant leverages of capital accumulation. It seems that lending-borrowing relation deepening and expanding not only from global to national level but also from national level to households has become the center of the social life. This study will focus both on the financial capital accumulation process that started to rise in the early 21st century in Turkey and on indebtedness of households.
Keywords : Financialization, Economic Crises