DİJİTAL VERİNİN FİNANSALLAŞMASI VE PLATFORM KAPİTALİZMİ

Year 2022, , 665 - 690, 26.07.2022

Zeynep Küçükkıralı , Kerim Eser Afşar

https://doi.org/10.14783/maruoneri.1069841

Abstract

Bu çalışmada finansallaşma olgusu, dijital verinin metalaştığı kapitalizmin güncel biçimlerinden biri olan platform kapitalizmi çerçevesinde tartışılmaktadır. Finansallaşma, literatürde çoğunlukla yeni bir birikim rejimi, şirket yönetimlerinin amaç fonksiyonlarının değişmesi ve gündelik hayatın finansallaşması şeklinde üç farklı yaklaşımla ele alınmaktadır. Bu makalede, bu sınıflandırmaya dördüncü bir ayrım eklemeyi öneriyoruz: dijital finansallaşma. Dijital finansallaşma, bireylerin dijital verileri aracılığıyla gözetimi ve bu yolla kâr elde edilmesine olanak sağlayan melez bir alan yaratmak için dijital ve finansal alanların bütünleşmesini ifade eder. Çalışmanın amacı geleneksel finansallaşma argümanlarının, dijital finansallaşma bağlamında geçerliliğini sorgulamak ve finansallaşma analizini dijital veriyi kapsayacak biçimde genişletmektir. Çalışmanın bulgularına göre, BigTech ve FinTech şirketleri bütünleşik bir dijital-finansal alan oluşturarak dijital veriyi finansallaştırmaktadır. Veriye dayalı finansal kapsayıcılık faaliyetleri, finansın demokratikleşmesi söylemi altında, finansal ürün kullanımını dünya nüfusunun büyük bir kesimine yaymayı amaçlar. Sonuç olarak dijital finansallaşma “bankasız nüfus” dahil olmak üzere geniş kesimlere platformlar aracılığıyla erişim sağlayarak finansallaşmayı genişletmekte ve derinleştirmektedir. Platform kapitalizmi altında geliştirilen iş modellerinin finansallaşma bağlantıları dikkate alındığında, dijital veriye dayalı yeni “sömürü” mekanizmaları oluşabilir

Keywords

Dijital Finansallaşma, Dijital Veri, Platform Kapitalizmi, Finansal Teknoloji, Dijital Ekonomi

FINANCIALIZATION OF DIGITAL DATA AND PLATFORM CAPITALISM

Abstract

In this study, the phenomenon of financialization is discussed within the framework of platform capitalism, which is one of the current forms of capitalism in which digital data is commodified. Financialization is mostly discussed in the literature around three different approaches: new accumulation regime, the change in the purpose functions of company management, and the financialization of daily life. In this article, we propose to add digital financialization as a fourth approach to this classification. Digital financialization refers to the integration of digital and financial realms to create a hybrid realm, based on surveillance of individuals through their digital data and enabling profits in this way. The aim of the study is to question the validity of traditional financialization arguments within the context of digital financialization and to expand financialization analysis to include digital data. According to the findings of the study, BigTech and FinTech companies financialize digital data by creating an integrated digital-financial space. Data-driven financial inclusion activities aim to expand the use of financial products to a large part of the world's population, under the discourse of democratization of finance. As a result, digital financialization expands and deepens financialization by providing access to large segments through platforms, including the “unbanked population”. When financialization links of business models developed under platform capitalism taken into account, new "exploitation" mechanisms based on digital data may occur.

Keywords

Digital Financialization, Digital Data, Platform Capitalism, Financial Technology, Digital Economy

References

• Aalbers, M. B. (2016). The Financialization of Home and the Mortgage Market Crisis. Aalbers, M. B. (Ed.). The Financialization of Housing (ss. 40-63). New York: Routledge.
• Aggarwal, N. (2021). The Norms Of Algorithmic Credit Scoring. The Cambridge Law Journal, 80(1), 42-73.
• Arrighi, G. (1994). The Long Twentieth Century: Money, Power, and The Origins of Our Times. Londra: Verso.
• Arvidsson, A. (2016). Facebook and Finance: on The Social Logic of The Derivative. Theory, Culture ve Society, 33(6), 3-23.
• Bateman, M. (2014). South Africa's Post-Apartheid Microcredit-Driven Calamity. Law, Democracy and Development, 18, 92-135.
• BEA (Bureau of Economic Analysis). (2021, 24 Kasım). National Income and Product Accounts (NIPA). Corporate Profits by Industry. Table 6.16D. 11 Aralık 2021 tarihinde https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2# adresinden alındı.
• Beck, T., Demirgüç-Kunt, A. & Levine, R. (2007). Finance, Inequality and the Poor. Journal of Economic Growth, 12(1), 27-49.
• BIS (Bank for International Settlements). (2021, 15 Kasım). Statistical Release: OTC Derivatives Statistics at End June 2021. 27 Kasım 2021 tarihinde https://www.bis.org/publ/otc_hy2111.pdf adresinden alındı.
• Birch, K. & Muniesa, F. (2020). Assetization: Turning Things Into Assets in Technoscientific Capitalism. London: MIT Press.
• Birch, K. (2017). Rethinking Value in The Bio-Economy: Finance, Assetization, and The Management of Value. Science, Technology & Human Values, 42(3), 460-490.
• Birch, K., Chiappetta, M. & Artyushina, A. (2020). The Problem of Innovation in Technoscientific Capitalism: Data Rentiership And The Policy Implications of Turning Personal Digital Data Into a Private Asset. Policy Studies, 41(5), 468-487.
• Birch, K., Cochrane, D. T. & Ward, C. (2021). Data As Asset? The Measurement, Governance, And Valuation Of Digital Personal Data By Big Tech. Big Data ve Society, 8(1), 1-15.
• Bottis, M., & Bouchagiar, G. (2018). Personal Data v. Big Data: Challenges of Commodification of Personal Data. Open Journal of Philosophy, 8, 206-215.
• Boyer, R. (2000). Is A Finance-Led Growth Regime A Viable Alternative To Fordism? A Preliminary Analysis. Economy And Society, 29(1), 111-145.
• CBInsights. (2021, 17 Haziran). The Big Tech in Fintech Report: How Facebook, Apple, Google, and Amazon are Battling for The $28.2T Market. https://www.cbinsights.com/reports/CB-Insights_Big-Tech-In-Fintech.pdf.
• Ciuriak, D. (2018, 5 Mart). The Economics of Data: Implications For The Data-Driven Economy. 2018 Data Governance in The Digital Age (ss. 1-9), Düzenleyen Centre for International Governance Innovation. Waterloo.
• Ciuriak, D. (2020, 25 Haziran). Economic Rents and the Contours of Conflict in the Data-driven Economy. Policy Brief (ss. 1-15), Düzenleyen Centre for International Governance Innovation. Waterloo.
• Couldry, N. & Mejias, U. A. (2019). Data Colonialism: Rethinking Big Data’s Relation To The Contemporary Subject. Television ve New Media, 20(4), 336-349.
• Crain, M. (2018). The Limits of Transparency: Data Brokers and Commodification. New Media & Society, 20(1), 88-104.
• Currie, W. L. & Lagoarde-Segot, T. (2017). Financialization and Information Technology: Themes, Issues And Critical Debates–Part I. Journal of Information Technology, 32, 211-217.
• Davis, G. F. & Kim, S. (2015). Financialization of the Economy. Annual Review of Sociology, 41, 203-221.
• Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. & Hess, J. (2018). The Global Findex Database 2017: Measuring Financial Inclusion And The Fintech Revolution. World Bank Publications. https://elibrary.worldbank.org/doi/abs/10.1596/978-1-4648-1259-0.
• Diem Association. (2022, 31 Ocak). Statement by Diem CEO Stuart Levey on the Sale of the Diem Group’s Assets to Silvergate, 3 Şubat 2022 tarihinde https://www.diem.com/en-us/updates/stuart-levey-statement-diem-asset-sale/ adresinden alındı.
• Donner, L. (2021, 29 Nisan). The Dignity of Work. United States Committee on Banking, Housing, and Urban Affairs. 7 Aralık 2021 tarihinde https://www.banking.senate.gov/imo/media/doc/Donner%20Testimony%204-29-21.pdf adresinden alındı.
• Epstein, G. A. (2005) Introduction: Financialization and the World Economy. Northampton: Edward Elgar.
• Forbes. (2021). World’d Most Valuable Brands. 27 Kasım 2021 tarihinde https://www.forbes.com/the-worlds-most valuable-brands/#236b4cb9119c adresinden alındı.
• Foster, J. B. (2008). The Financialization of Capital and the Crisis. Monthly Review New York, 59(11), 1-15.
• Frost, J., Gambacorta, L., Huang, Y., Shin, H. S. & Zbinden, P. (2019). BigTech and The Changing Structure of Financial Intermediation. Economic Policy, 34(100), 761-799.
• Fuchs, C. (2019). Karl Marx in The Age of Big Data Capitalism. Chandler D. & Fuchs, C. (Ed.). Digital Objects, Digital Subjects (ss. 53–71). London: University of Westminster Press.
• Gabor, D. & Brooks, S. (2017). The Digital Revolution in Financial Inclusion: International Development in The Fintech Era. New Political Economy, 22(4), 423-436.
• Greenwood, J. & Jovanovic, B. (1990). Financial Development, Growth, And The Distribution Of Income. Journal Of Political Economy, 98(5), 1076-1107.
• Jain, S. & Gabor, D. (2020). The Rise Of Digital Financialisation: The Case Of India. New Political Economy, 25(5), 813-828.
• Krippner, G. R. (2005). The Financialization Of The American Economy. Socio-Economic Review, 3(2), 173-208.
• Lagoarde-Segot, T. & Currie, W. L. (2018). Financialization And Information Technology: A Multi-Paradigmatic View Of IT And Finance–Part II. Journal of Information Technology, 33(1), 1-8.
• Lagoarde-Segot, T. (2017). Financialization: Towards a New Research Agenda. International Review of Financial Analysis, 51(1), 113-123.
• Langley, P. & Leyshon, A. (2017a). Platform Capitalism: The Intermediation and Capitalization Of Digital Economic Circulation. Finance and Society, 3(1), 11-31.
• Langley, P. & Leyshon, A. (2017b). Capitalizing on The Crowd: The Monetary and Financial Ecologies of Crowdfunding. Environment and Planning A, 49(5), 1019-1039.
• Langley, P. & Leyshon, A. (2021). The Platform Political Economy of Fintech: Reintermediation, Consolidation and Capitalisation. New Political Economy, 26(3), 376-388.
• Langley, P. (2020). Assets and Assetization in Financialized Capitalism. Review of International Political Economy, 28(2), 382-393.
• Lapavitsas, C. (2011). Theorizing Financialization. Work, Employment And Society, 25(4), 611-626.
• Lin, K. H. & Tomaskovic-Devey, D. (2013). Financialization and US Income Inequality, 1970–2008. American Journal of Sociology, 118(5), 1284-1329.
• Marois, T. (2012). Finance, Fnance Capital And Financialization. Fine B., Saad-Filho, A. & Boffo, M. (Ed.). The Elgar Companion To Marxist Economics (ss. 138-143). Birleşik Krallık: Edward Elgar Publishing.
• Maximize Market Research. (2021). Global Data Broker Market: Industry Analysis and Forecast (2021-2027) by Material, Application and Region. 1 Ekim 2021 tarihinde https://www.maximizemarketresearch.com/market-report/global-data-broker-market/55670/ adresinden alındı.
• Meyskens, M. & Bird, L. (2015). Crowdfunding and Value Creation. Entrepreneurship Research Journal, 5(2), 155-166.
• Mohd Daud, S. N., Ahmad, A. H. & Ngah, W. A. S. W. (2020). Financialization, Digital Technology And Income Inequality. Applied Economics Letters, 28(16), 1339-1343.
• Ozili, P. K. (2018). Impact of Digital Finance on Financial Inclusion and Stability. Borsa Istanbul Review, 18(4), 329-340.
• Palley, T. I. (2013). Financialization: What It Is and Why It Matters. Financialization (ss. 17-40). London: Palgrave Macmillan.
• Prato, S. & Sonkin, F. (2018). Inequalities, Financialization, Technology: Sometimes the Nearest Exit is Behind You. Development, 61(1), 1-5.
• Sadowski, J. (2019). When Data is Capital: Datafication, Accumulation and Extraction. Big Data ve Society, 6(1), 1-12.
• Sawyer, M. (2013). What is Financialization?. International Journal of Political Economy, 42(4), 5-18.
• Srnicek, N. (2017). The Challenges of Platform Capitalism: Understanding The Logic of a New Business Model. Juncture, 23(4), 254-257.
• Statista. (2021). Most Popular Social Networks Worldwide As of October 2021, Ranked by Number of Active Users, 8 Aralık 2021 tarihinde https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/ adresinden alındı.
• Stockhammer, E. (2010, 13 Ekim). Financialization and the Global Economy. Political Economy Research Institute Working Paper 2010-240. 2 Ekim 2021 tarihinde http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.434.2586&rep=rep1&type=pdf adresinden alındı.
• Stockhammer, E. (2012). Financialization, Income Distribution and the Crisis. Investigación Económica, 71(279), 39-70.
• Thatcher, J., O’Sullivan, D. & Mahmoudi, D. (2016). Data Colonialism Through Accumulation by Dispossession: New Metaphors For Daily Data. Environment and Planning D: Society and Space. 34(6): 990-1006.
• UN (United Nations). (2016). Digital Financial Inclusion. Issue Brief Series. https://www.un.org/esa/ffd/wp-content/uploads/2016/01/Digital-Financial-Inclusion_ITU_IATF-Issue-Brief.pdf.
• UNCTAD (United Nations Conference on Trade and Development). (2019). Digital Economy Report 2019. https://unctad.org/system/files/official-document/der2019_en.pdf.
• Valverde, S. C. & Fernández, F. R. (2020). Financial Digitalization: Banks, Fintech, Bigtech, and Consumers. Journal of Financial Management, Markets and Institutions, 8(1), 1-12.
• Van der Zwan, N. (2014). Making Sense Of Financialization. Socio-Economic Review, 12(1), 99-129.
• Wallerstein, I. (2011). Historical Capaitalism. London: Verso.
• Westermeier, C. (2020). Money is Data – The Platformization of Financial Transactions. Information, Communication & Society, 23(14), 2047-2063.
• World Bank. (2020). Poverty and Shared Prosperity 2020: Reversals of Fortune. https://elibrary.worldbank.org/doi/pdf/10.1596/978-1-4648-1602-4.
• World Bank. (2021a). Market Capitalization Of Listed Domestic Companies (Current US$), 27 Kasım 2021 tarihinde https://data.worldbank.org/indicator/CM.MKT.LCAP.CD adresinden alındı.
• World Bank. (2021b). GDP (Current US$). 7 Aralık 2021 tarihinde https://data.worldbank.org/indicator/NY.GDP.MKTP.CD adresinden alındı.
• Zuboff, S. (2019). The Age of Surveillance Capitalism. Londra: Profile Books.