Hostname: page-component-586b7cd67f-dsjbd Total loading time: 0 Render date: 2024-11-24T02:55:06.671Z Has data issue: false hasContentIssue false
  • English
  • Français

Internationalization of finance capital in Spain and Turkey: Neoliberal globalization and the political economy of state policies

Published online by Cambridge University Press:  05 March 2015

Mustafa Kutlay
Mustafa Kutlay*
Affiliation:
Koç University, Department of International Relations and Political Science, Rumeli Feneri Yolu, 34450, Sariyer, İstanbul, [email protected]
Get access Rights & Permissions [Opens in a new window]

Abstract

This study applies the proactive/reactive state framework to the transformation of Spanish and Turkish finance capital in a comparative perspective. It concludes that the “proactive” policies pursued by the Spanish state and the strategic coalition established between political elites and the integrationist segments of finance capital resulted in the heterodox internationalization of Spanish firms, whereas the “reactive” state policies in Turkey, designed in line with orthodox neoliberal dictums, paved the way for an incomplete internationalization. The 2007/2008 crisis, however, demonstrates that the same state may be both proactive and reactive across various policy fields over time. The recent Spanish financial crisis and Turkey's regulatory success after 2001 illustrate this point.

Keywords

neoliberal globalizationproactive/reactive statestate capacitytransformation of finance capitalcomparative political economy
Type
Articles
Information
New Perspectives on Turkey , Volume 47: Special Issue on Turkey's Experience with Neoliberal Policies and Globalization , Fall 2012 , pp. 115 - 137
Copyright
Copyright © New Perspectives on Turkey 2012

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Akyüz, Yılmaz and Boratav, Korkut. “The Making of the Turkish Financial Crisis.” World Development 31, no. 9 (2003): 1549–1566.CrossRefGoogle Scholar
Arocena, Pablo. Privatization Policy in Spain: Stuck Between Liberalization and the Protection of Nationals’ Interests, CESifo Working Paper Series, CESifo Working Paper No. 11872004.Google Scholar
Baklanoff, Eric Ν.“Spain’s Economic Strategy toward the ‘Nations of Its Historical Community’: The ‘Reconquest’ of Latin America?” Journal of Interamerican Studies and World Affairs 38, no. 1 (1996): 105–127.CrossRefGoogle Scholar
Boix, Carles. Building a Social Democratic Strategy in Southern Europe: Economic Policy under the Gonzalez Government (1982–93), juan March Working Paper Series. Madrid: Centro de Estudios Sociales Avanzados Fundación, 1995.Google Scholar
Boix, Carles. “Managing the Spanish Economy within Europe.” South European Society and Politics 5, no. 2 (2000): 165–190.CrossRefGoogle Scholar
Boratav, Korkut and Yeldan, Erinç.“Turkey, 1980–2000: Financial Liberalization, Macroeconomic (In¬stability, and Patterns of Distribution.” In External Liberalization In Asia, Post-Socialist Europe, and Brazil, edited by Taylor, Lance417–455. New York: Oxford University Press, 2006.CrossRefGoogle Scholar
Buğra, Ayşe. State and Business in Modern Turkey: A Comparative Study. New York: State University of New York Press, 1994.Google Scholar
Central Bank of the Republic of Turkey. Financial Stability Report. Vol. 13. Ankara: 2011.Google Scholar
Chang, Ha-Joon. “Breaking the Mould: an Institutionalist Political Economy Alternative to the Neo-liberal Theory of the Market and the State.” Cambridge Journal of Economics 26, no. 5 (2002): 539–559.CrossRefGoogle Scholar
Chislett, William. Spain, Going Places: Economic, Political and Social Progress, 7975–2008. Madrid: Telefónica, 2008.Google Scholar
Economist Intelligence Unit. Country Profile 2008: Spain. London: EIU, 2008.Google Scholar
Erro, Ma, Jesús, Valdemoros, Cuillén, Mauro F. and Bouza, Maria Crandal. Yearbook 200g: Internationalization of Spanish Companies. Madrid: Círculo de Empresarios, 2009.Google Scholar
Etchemendy, Sebastián. “Revamping the Weak, Protecting the Strong, and Managing Privatization: Governing Globalization in the Spanish Takeoff.” Comparative Political Studies 37, no. 6 (2004): 623–651.CrossRefGoogle Scholar
Friedman, Thomas. The World Is Flat: A Brief History of the Twenty-first Century. New York: Farrar-Straus & Giroux Publishers, 2005.Google Scholar
Cuillén, F. Mauro. The Rise of Spanish Multinationals: European Business in the Global Economy. Cambridge: Cambridge University Press, 2005.Google Scholar
Guitart, Joan. “Zapatero: Left in Form, Right in Essence.” International Viewpoint Online Magazine (2008), http://www.internationalviewpoint.org/spip.php?article1508.Google Scholar
Gültekin-Karakaş, Derya. Hem Hasımız Hem Hısımız: Türkiye’de F’ınans Kapitalin Dönüşümü ve Banka Reformu. İstanbul: iletişim Yayınları, 2009.Google Scholar
Heper, Metin and Keyman, Fuat. “Double-Faced State: Political Patronage and the Consolidation of Democracy in Turkey.” Middle Eastern Studies 34, no. 4 (1998): 259–277.CrossRefGoogle Scholar
Hobson, John M. and Ramesh, M.“Globalisation Makes of States What States Make of It: Between Agency and Structure in the State/Globalisation Debate.” New Political Economy 7, no. 1 (2002): 5–22.CrossRefGoogle Scholar
Holman, Otto. Integrating Southern Europe: EC Expansion and the Transnationalization of Spain. London: Routledge, 1996.Google Scholar
Inciarte, Matías R.“The Financial System and the Internationalization of Spanish Companies.” In Yearbook 2007: Internationalization of Spanish Companies, edited by Garcia, Belén Romana, Cuillén, Mauro F.,Valdemoros Erro, Ma Jesús and Alvarez Arce, José Luis, 75–105. Madrid: Circulo de Empresarios, 2007.Google Scholar
Kutlay, Mustafa. “Economy as the ‘Practical Hand’ of ‘New Turkish Foreign Policy’: A Political Economy Explanation.” Insight Turkey 13, no. 1 (2011): 67–88.Google Scholar
Lieberman, Sima. Growth and Crisis in the Spanish Economy: 1940–1993. London: Routledge, 1995.Google Scholar
Lopez, Issidro and Rodriguez, Emmanuel. “The Spanish Model.” New Left Review, no. 69 (2011): 5–28.Google Scholar
Mann, Michael. The Sources of Social Power. Vol. 2. Cambridge: Cambridge University Press, 1993.CrossRefGoogle Scholar
Ohmae, Kenichi. The Next Global Stage: Challenges and Opportunities in Our Borderless World. New Jersey: Wharton School Publishing, 2005.Google Scholar
Öniş, Ziya. “Domestic Politics versus Global Dynamics: Towards a Political Economy of the 2000 and 2001 Financial Crises in Turkey.” In Turkish Economy in Crisis, edited by Öniş, Ziya and Rubin, Barry, 1–30. London: Frank Cass, 2003.Google Scholar
Öniş, Ziya. “Turgut Özal and His Economic Legacy: Turkish Neo-liberalism in Critical Perspective.” Middle Eastern Studies 40, no. 4 (2004): 113–134.Google Scholar
Öniş, Ziya and Bakır, Caner. “The Regulatory State and Turkish Banking Reforms in the Age of Post-Washington Consensus.” Development and Change 41, no. 1 (2010): 77–106.Google Scholar
Öniş, Ziya and Bayram, İsmail Emre. “Temporary Star or Emerging Tiger? Turkey’s Recent Economic Performance in a Global Setting.” New Perspectives on Turkey, no. 39 (2008): 47–84.CrossRefGoogle Scholar
Öniş, Ziya and Şenses, Fikret. “Global Dynamics, Domestic Coalitions, and a Reactive State: Major Policy Shifts in Post-War Turkish Economic Development.” METU Studies in Development 34, no. 2 (2007): 251–286.Google Scholar
Özel, Işık. “Beyond the Orthodox Paradox: The Breakup of State-Business Coalitions in 1980s Turkey.” Journal of International Affairs 57, no. 1 (2003): 97–110.Google Scholar
Özel, Saruhan. Küresel Dengesizliklerin Dengesi. İstanbul: Alfa, 2007.Google Scholar
Öztürk, Özgür. Türkiye’de Büyük Sermaye Grupları: Finans Kapitalin Oluşumu ve Gelişimi. İstanbul: SAV, 2010.Google Scholar
Perez, Sophia. Banking on Privilege: The Politics of Spanish Financial Reform. New York: Cornell University Press, 1997.Google Scholar
Real, Rosio V.“Reform of State Enterprises in Spain.” The Aslan Journal of Public Administration 23, no. 1 (2001): 167–180.CrossRefGoogle Scholar
Royo, Sebastian. “After the Siesta: The Spanish Economy Meets the Global Financial Crisis.” South European Society and Politics 14, no. 1 (2009): 19–34.CrossRefGoogle Scholar
Somçağ, Selim. Türkiye’nin Ekonomik Krizi: Oluşumu ve Çıkış Yollan. İstanbul: 2006 Yayınevi, 2006.Google Scholar
Stiglitz, Joseph. “Capital Market Liberalization, Economic Growth, and Instability.” World Development 28, no. 6 (2000): 1075–1086.CrossRefGoogle Scholar
Tayfur, M. Fatih. Semiperipheral Development and Foreign Policy: The Cases of Greece and Spain. Aldershot: Ashgate, 2003.Google Scholar
Tayfur, M. Fatih. “Yunanistan ve ispanya’nın Batılılaşma Serüveni ve Türkiye: ‘iki Nikah, Bir Cenaze’.” İn Türkiye ve Avrupa, edited by Atila Eralp, 177–239. İstanbul: imge, 1997.Google Scholar
Tekinbaş, Ege. “The Political Economy of Spanish Financial Sector and Foreign Policy.” Unpublished MSc Thesis, The Graduate School of Social Sciences of the Middle East Technical University, 2009.Google Scholar
Toral, Pablo. “The Foreign Direct Investments of Spanish Multinational Enterprises in Latin America, 1989¬2005.” Journal of Latin American Studies, no. 40 (2008): 513–544.CrossRefGoogle Scholar
Weiss, Linda. “Globalization and the Myth of the Powerless State.” New Left Review 1, no. 225 (1997): 3–27.Google Scholar
Weiss, Linda. The Myth of the Powerless State. Ithaca: Cornell University Press, 1998.CrossRefGoogle Scholar