Global Integration of Turkish Finance Capital: State, Capital and Banking Reform in Turkey

The Turkish banking sector has been comprehensively restructured since the late 1990s. Historically Turkish private banks has been parts of commercial-industrial conglomerates (called Finance Capital), so the reform caused a wider restructure of capital within Turkey. This book explores the contradictory interests within Turkish Finance Capital and how state policies, under the IMF supervision, mediated those interests. The class analysis shows that there is no such set of right policies to be followed by the state on behalf of national interest. The Turkish case reveals the relationship between the state and the hegemonic part of Finance Capital which seeks for an inclusion into international capital. Drawing from the Turkish case, the book argues that current globalisation debates which center on weakening or enduring power of nation state neglect that as a node of global accumulation, state oversees the reproduction of social relations of capital globally. This analysis should be useful to academicians as well as research and business organizations that are interested in the issue of globalization.