Aşırı Birikim - Finansallaşma İlişkisinin 2008 Krizi Bağlamında Analizi

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[English Title] The Analysis of Overaccumulation-Financialisation Relationship in Context of the 2008 Financial Crisis [English 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. [English Keywords] Crisis, financialisation, over accumulation, profit rate, derivatives.

10.5455/ey.20036 [DOI]