Akademik Veri Yönetim Sistemi
Historical Materialism Istanbul 2024, İstanbul, Türkiye, 5 - 07 Nisan 2024
In capitalist economies long periods of
expansion and stagnation are mostly determined by the movement of the profit
rate and real mass of profit. In this study, we attempt to analyze the
long-term accumulation and growth dynamics of the Turkish economy by examining
the movement of the profit rate and the real mass of profit.
The transition of an economy from an
expansion to a crisis phase is characterized by a stagnation in the real mass
of profit as a result of the long-run decline in the rate of profit. The
stagnation in the mass of profit gives rise to a prolonged stagnation in the
level of investment. From this perspective, we suggest that the long-run
evolution of the profit rate, real mass of profit and investment in the Turkish
economy in the 1960-2023 period indicates two long periods of expansion and
contraction after 1960. The first expansionary period starts in the 1960s and
continues until the mid-1970s. The crisis has been overcome with a
transformation of the institutional structure of the Turkish economy. We argue
that the second period of contraction-stagnation has shown its symptoms since
the second half of the 2010s. Since the second half of the 2010s, the Turkish
economy has been characterized by ongoing stagnation similar to the previous one.
It is argued that some, but not all, of the symptoms of the crisis begin to be
observed during this period.