Akademik Veri Yönetim Sistemi
AMME IDARESI DERGISI, cilt.43, sa.1, ss.33-56, 2010 (SSCI)
Capitalism had swung between liberalism and interventionism throughout its history, especially in the twentieth century. It started off with liberalism, and then evolved towards interventionism in the 1930s until it swung back into liberalism from the 1980s. Nowadays, interventionism has begun to prevail again due to the recent financial crisis. But the common point of all these transformations is that the financial dimension of the system has always stood at the forefront. The aim of this paper is to discuss the transformation, which the system has undergone in the last three decades as well as the recent crisis that has emerged as an outcome of this transformation process and, to evaluate the implications of this process on the Turkish economy. The roots of this transformation and crisis, it is argued, should be sought in the transformation of the financial sector from one characterized by the banking sector, which is under strict control of central banks into one, which is now characterized by the dominance of the non-banking financial sector that can no longer be controlled by the central bank.