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ABD Hegemonik Paradigmasının Dönüşümünün Tarihsel Süreçteki İzini Sürmek: Gömülü Liberalizmden Parçalanmış Finansal Liberalizme

Year 2023, Volume: 24 Issue: 1, 17 - 40, 29.03.2023
https://doi.org/10.17494/ogusbd.1200653

Abstract

Amerika’nın İkinci Dünya Savaşı’ndan bu yana dünya çapında hakim bir güç olarak ortaya çıkışı, bazı tarihsel tecrübeler ışığında incelenmesi gereken bir konudur. İkinci Dünya Savaşı’nın ardından ABD dünyanın çöken uluslararası para ve finans sistemini yeniden kurmuş, böylelikle lider pozisyonda olacağı uluslararası kapitalist sistemi oluşturmuştur. Gömülü liberalizm, ekonomik, politik ve kurumsal bir örgütlenme stratejisi olarak ABD hegemonyasını sağlamlaştırarak istikrarlı bir hale getirmiş, uluslararası sistemde ABD’nin başrol oynadığı bir küresel ekonominin somutlaşmasının koşullarını yaratmıştır. 1970'lerin ortalarından itibaren ise-neoliberal politikalara geçişin doğal bir sonucu olarak, dünya ekonomisinin finans kapital ile karakterize bir birikim rejimine entegrasyonunun ardından, parçalanmış finansal liberalizmin ABD hegemonyasının devamlılığını sağlayacak yeni bir strateji olarak etkisini göstermeye başladığı anlaşılmıştır. Çalışma, ABD hegemonyasının ortaya çıkışından günümüze kadar uzanan zaman diliminde, ABD’nin hegemonik stratejisinde meydana gelen değişimi açıklama sorunsalından hareket etmiştir. Bu sorunsal bağlamında, ABD hegemonik stratejisinin gömülü liberalizmden parçalanmış finansal liberalizme kayışı ve bu kayışı belirleyen temel dinamikler tarihsel perspektif ekseninde irdelenmiştir.

Supporting Institution

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Project Number

-

Thanks

Bu çalışma Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü İngilizce İktisat Anabilim Dalı’nda Doç. Dr. Muammer KAYMAK danışmanlığında Betül SARI AKSAKAL tarafından “Financialization and the US Hegemony: A Critical Approach to Contemporary Debates” başlığı devam etmekte olan –Doktora tezinden türetilmiştir. Hocama emekleri ve bana sunduğu katkılardan dolayı çok teşekkür ederim.

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Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism

Year 2023, Volume: 24 Issue: 1, 17 - 40, 29.03.2023
https://doi.org/10.17494/ogusbd.1200653

Abstract

The emergence of the United States (US) as the worldwide dominant power is an affair that needs to be investigated in light of some historical experiences. Afterward the Second World War, the US reestablished the world’s deteriorating international monetary and financial system. Embedded liberalism reinforced and stabilized the US hegemony (as the form of economic, political, and institutional organization) by generating the requirements for consolidating the global economy in which the US takes a leading role. From the mid-1970s, after integrating the world economy into an accumulation regime characterized by finance capital-as, a natural consequence of the transition to neoliberal policies-it was understood that fragmented financial liberalism began to show its effect as a new strategy that would ensure the continuity of the US hegemony. The study has departed from the problematic of elucidating the change in the hegemonic strategy of the US from its birth to the present day. In this problematic context, the shift of the US hegemonic strategy from embedded liberalism to disembedded financial liberalism and the central dynamics determining this shift is examined in the axis of historical perspective.

Project Number

-

References

  • Akdağ, Y. (2014). Kapitalizm ve sınıf mücadelesi. İstanbul: Evrensel.
  • Alvarez-Cuadrado, F. (2008). The Marshall Plan. The New Palgrave Dictionary of Economics, 1(1), 1-6.
  • Amin, S. (2008). Market economy or Oligopoly-finance capitalism? Monthly Review, 59 (11), 51–61.
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  • Badkar, M. and Greeley, B. (2020). New data shows vast scale of US economic breakdown. Financial Times. URL: https://www.ft.com/content/6361247d-a1df-4a50-b0aa-59395801b3f3 (31/10/2022).
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  • Bieler, A. and Morton, D. (2004). A critical theory route to Hegemony, world order and historical change: Neo-Gramscian perspectives in International Relations. Capital & Class, 28(1), 85-113.
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  • Bond, P. (2004). Bankrupt Africa: Imperialism, sub-imperialism and the politics of finance. Historical Materialism, 12(4), 145-172.
  • Bonefeld, W. (2010). Free economy and the strong state: Some notes on the state. Capital & Class, 34(1), 15-24.
  • Boylan, B. M., McBeath, J. and Wang, B. (2021). US–China relations: Nationalism, the trade war, and COVID-19. Fudan Journal of the Humanities and Social Sciences, 14, 23-40.
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  • Brown, W. (2015). Undoing the demos: Neoliberalism’s stealth revolution. Cambridge: MIT Press.
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  • Chang, H-J. and Grabel, I. (2004). Reclaiming development from the Washington Consensus. Journal of Post Keynesian Economics, 27(2), 273-291.
  • Cohen, B. (2007). The Transatlantic Divide: Why are American and British IPE so Different? Review of International Political Economy, 14(2), 197-219.
  • Corbridge, S. (1994). Bretton Woods revisited: Hegemony, stability, and territory. Environment and Planning A, 26(12), 1829-1859.
  • Cox, R. (1977). Labor and hegemony. International Organization, 31(3), 385-424.
  • Cox, R. (1981). Social forces, states, and world orders: Beyond International Relations Theory. Millennium, 10(2), 126-155.
  • Cox, R. (1983). Gramsci, hegemony and International Relations: An Essay In Method. Millennium, 12(2), 162-175.
  • Cox, M. (2017). The Rise of populism and the crisis of globalization: Brexit, Trump and beyond. Irish Studies in International Affairs 28, 9–17.
  • Dowd, D. (2006). Kapitalizm ve kapitalizmin iktisadı: Eleştirel bir tarih. İstanbul: Yordam. (Trs. C. Gerçek).
  • Eichengreen, B. and Uzan, M. (1992). The Marshall Plan: Economic effects and implications for Eastern Europe and the Former USSR. Economic Policy, 7(14), 13-75.
  • Epstein, G. (2005). Financialization and the world economy. US: Edward Elgar Publishing.
  • Fayyaz, S. and Malik, S. (2020). Question of US Hegemony and COVID-19 Pandemic. Global Political Review, 1(1), 72-83.
  • Foster, J. B. (2008). The financialization of capital and the crisis. Monthly Review, 59(11), 1-19.
  • Foster, J. B. (2011), Tekelci Finans Sermayesi. (İstanbul: Kalkedon) (Trs. Barış Baysal, Onur Ayretli and Selim Sezer).
  • Frank, A. G. (1967). Capitalism and underdevelopment in Latin America. NYU Press.
  • Frank, A. G. (1970). Latin America and underdevelopment. NYU Press.
  • Frieden, J. (2006). Global Capitalism: Its fall and rise in the Twentieth Century. New York: WW Norton and Company.
  • Gamble, A. (1994). The free economy and the strong state: The politics of Thatcherism. London: Macmillan.
  • Gauttam, P., Singh, B. and Kaur, J. (2020). COVID-19 and Chinese global health diplomacy: Geopolitical opportunity for China’s hegemony?. Millennial Asia, 11(3), 318-340.
  • Gemici, K. (2008). Karl Polanyi and the antinomies of embeddedness. Socioeconomic Review, 6(1), 5-33. Gindin, S. and Panitch, L. (2012). The making of global capitalism: The political economy of the American Empire. London: Verso Books.
  • Gough, I. (1979). The political economy of the welfare state. Palgrave: Macmillan.
  • Gough, I. (2011). “From Financial Crisis to Fiscal Crisis,” Farnsworth, K. and Irving, Z. (Eds.), Social Policy and Economic Crisis, London: Policy Press, pp. 49– 50.
  • Gramsci, A. (1971). Selections from the Prison Notebooks (Q. Hoare & G. Nowell Smith, Ed. and Trans.). New York: International.
  • Harvey, D. (2005). A brief history of neoliberalism. New York: Oxford University Press.
  • Harvey, D. (2019). Yeni emperyalizm. İstanbul: Sel. (Trs: Nüvit Bingöl).
  • Helleiner, E. (1994). The world of money: The political economy of international capital mobility. Policy Sciences, 27(4), 295-298.
  • Helleiner, E. (2006). Reinterpreting Bretton Woods: International development and the neglected origins of embedded liberalism. Development and Change, 37(5), 943-967.
  • Helleiner, E. (2019). The life and times of embedded liberalism: Legacies and innovations since Bretton Woods. Review of International Political Economy, 26(6), 1112-1135.
  • Hindery, L. (2020). Distorted jobs numbers are misguiding stimulus policy. The Financial Times. URL: https://ftalphaville.ft.com/2020/09/17/1600360453000/Distortedjobs-numbers-are-misguiding-stimulus-policy. (19/10/2022).
  • Hobson, J. (1898). Free trade and foreign policy. The Contemporary Review, 74, 167-180.
  • Ingram, A. (2017). Geopolitical events and fascist machines: Trump, Brexit and the deterritorialization of the West. Political Geography, 57, 91-93.
  • Itoh, M. and Lapavitsas, C. (1998). The political economy of money and finance. New York: Springer.
  • Ivanova, M. (2007). Why there was no ‘Marshall Plan for Eastern Europe and why this still matters. Journal of Contemporary European Studies, 15(3), 345-376.
  • Jones, L. and Hameiri, S. (2022). COVID-19 and the failure of the neoliberal regulatory state. Review of International Political Economy, 29(4), 1027-1052.
  • Kiely, R. (2005). Empire in the age of globalization: US hegemony and neoliberal disorder. London: Pluto.
  • Kirshner, J. (1999). Keynes, capital mobility, and the crisis of embedded liberalism. Review of International Political Economy, 6(3), 313-337.
  • Krugman, P. (2011). The profession and the crisis, Eastern Economic Journal, 37(3), 307-312.
  • Lacher, H. (1999). Embedded liberalism, disembedded markets: Reconceptualizing the Pax Americana. New Political Economy, 4(3), 343-360.
  • Lapavitsas, C. (2009). Financialised Capitalism: Crisis and financial expropriation. Historical Materialism, 17(2), 114-148.
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There are 104 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Betül Sarı Aksakal 0000-0003-2668-364X

Project Number -
Publication Date March 29, 2023
Submission Date November 7, 2022
Published in Issue Year 2023 Volume: 24 Issue: 1

Cite

APA Sarı Aksakal, B. (2023). Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 24(1), 17-40. https://doi.org/10.17494/ogusbd.1200653
AMA Sarı Aksakal B. Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi. March 2023;24(1):17-40. doi:10.17494/ogusbd.1200653
Chicago Sarı Aksakal, Betül. “Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism”. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi 24, no. 1 (March 2023): 17-40. https://doi.org/10.17494/ogusbd.1200653.
EndNote Sarı Aksakal B (March 1, 2023) Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi 24 1 17–40.
IEEE B. Sarı Aksakal, “Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, vol. 24, no. 1, pp. 17–40, 2023, doi: 10.17494/ogusbd.1200653.
ISNAD Sarı Aksakal, Betül. “Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism”. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi 24/1 (March 2023), 17-40. https://doi.org/10.17494/ogusbd.1200653.
JAMA Sarı Aksakal B. Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi. 2023;24:17–40.
MLA Sarı Aksakal, Betül. “Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism”. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, vol. 24, no. 1, 2023, pp. 17-40, doi:10.17494/ogusbd.1200653.
Vancouver Sarı Aksakal B. Tracing the Transformation of the US’s Hegemonic Paradigm in the Historical Process: From Embedded Liberalism to Disembedded Financial Liberalism. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi. 2023;24(1):17-40.