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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, mkutlay@ku.edu.tr
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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

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