Economic Issues in Retrospect and Prospect I

ECONOMIC ISSUES IN RETROSPECT AND PROSPECT Jose R. Pires Manso VOL. I Ahmet Arif Eren IJOPEC PUBLICATION London ijopec.co.uk Istanbul ECONOMIC ISSUES IN RETROSPECT AND PROSPECT I EDITORS Prof. Jose R. Pires MANSO Assoc. Prof. Ahmet Arif EREN SEPTEMBER - 2018 ECONOMIC ISSUES IN RETROSPECT AND PROSPECT I Prof. Jose R. Pires MANSO, Assoc. Prof. Ahmet Arif EREN IJOPEC PUBLICATION London ijopec.co.uk Istanbul IJOPEC Publication Limited www.ijopec.co.uk CRN:10806608 E-Mail: [email protected] 615 7 Baltimore Wharf Phone: (+44) 73 875 2361 (UK) London E14 9EY (+90) 488 217 4007 (Turkey) United Kingdom Economic Issues in Retrospect and Prospect I First Edition, September 2018 IJOPEC Publication No: 2018 / 24 ISBN: 978-1-912503-45-2 No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronically without author’s permission. No responsibility is accepted for the accuracy of information contained in the text, illustrations or advertisements. The opinions expressed in these chapters are not necessarily those of the editors or publisher. A catalogue record for this book is available from Nielsen Book Data, British Library and Google Books. The publishing responsibilities of the chapters in this book belong to the authors. Printed in London. Composer: Çelebi Şenel Cover illustration created by Freepik II CONTENTS PART I POLITICAL ECONOMY PART I. CHAP 1. A NEW WAY OF NEOLIBERALISM ..............................................................................................3 Yeliz SARIÖZ GÖKTEN PART I. CHAP 2. ONE BELT, ONE ROAD: CAPITAL EXPORT WITH CHINESE CHARACTERISTICS ........15 Kerem GÖKTEN PART I. CHAP 3. ECONOMIC NATIONALISM: INTERNATIONAL POLITICAL ECONOMY AND STRATEGIC RESOURCE POLICIES ...........................................................................................29 Orhan ŞİMŞEK PART I. CHAP 4. TO REREAD POLITICAL CRISES OVER ECONOMIC CRISES IN THE 21ST CENTURY....................................................................................................................41 İnan AKDAĞ PART I. CHAP 5. KARL MARX; OPERATION OF CAPITALISM AND ETHICAL CRITICISM THROUGH PERFECTIONISM .............................................................................53 Hülya DERYA PART I. CHAP 6. ON DISTRIBUTION: RECENT DISCUSSIONS IN ECONOMICS ........................................69 Aslı Ceren SARAL PART I. CHAP 7. MARGINALIST REVOLUTION: FROM POLITICAL ECONOMY TO NEOCLASSICAL ECONOMICS ..................................................................................................83 Hüsnü BİLİR PART I. CHAP 8. THE INFLUENCE OF THE GERMAN HISTORICAL SCHOOL ON MAX WEBER’S ECONOMIC THOUGHT .................................................................................97 Gülenay BAŞ DİNAR III PART I. CHAP 9. JOHN MAYNARD KEYNES AS AN ECONOMIC THINKER: THE POLITICAL ECONOMY OF EMPLOYMENT ................................................................111 Yusuf Kemal ÖZTÜRK PART I. CHAP 10. AN ANALYSIS OF MULTICULTURALISM IN TURKEY: COMPARING THE DISADVANTAGED GROUPS AND REFUGEES .....................................................................123 Sertan AKBABA PART II GLOBALIZATION PART II. CHAP 1. A CONTEMPORARY ECONOMIC ISSUE: GLOBAL IMBALANCES...................................143 Deniz ABUKAN PART II. CHAP 2. TÜRKİYE WEALTH FUND (TWF) AS A TOOL FOR FINANCE AND INVESTMENT: TWF’S POSITION IN SOVEREIGN WEALTH FUNDS (SWF) ..............................................159 Gizem EREN PART II. CHAP 3. GLOBALIZATION AND INCOME INEQUALITY ..................................................................167 Fındık Özlem ALPER PART II. CHAP 4. 2008 GLOBAL FINANCIAL CRISIS: THE END OF LAISSEZ FAIRE? ...................................191 Şükrü APAYDIN PART II. CHAP 5. THE COMPLEXITY OF THE RELATIONSHIP BETWEEN GLOBALIZATION AND POVERTY ..........................................................................................209 Ezgi SEÇKİNER BİNGÖL PART II. CHAP 6. GLOBALIZATION AND NATION-STATE: CONCEPTUAL AND THEORETICAL INVESTIGATION ..........................................................................................221 Hatice Sevgi ZENGİN Emin SALİHİ PART II. CHAP 7. FUTURE OF THE NATION STATE WITHIN THE CONTEXT OF 2008 GLOBAL FINANCIAL CRISIS ....................................................................................235 Mustafa ARSLAN IV PART II. CHAP 8. TOWARDS A NEW FINANCIAL SYSTEM: END OF THE DOLLAR ERA AND RISE OF A MULTI-CURRENCY SYSTEM ...................................253 Mehmet GÜNAL PART III GROWTH & DEVELOPMENT ECONOMICS PART III. CHAP 1. PUBLIC EXPENDITURE AS AN INDICATOR OF ECONOMIC GROWTH ......................275 Seda BAYRAKDAR PART III. CHAP 2. ........................................................................................................................285 OFFICIAL DEVELOPMENT ASSISTANCE AND ECONOMIC GROWTH: THE CASE OF THE TURKIC REPUBLICS ..............................................................................285 Doğan BAKIRTAŞ PART III. CHAP 3. RE-EXAMINATION OF THE EASTERLIN PARADOX IN THE SHADOW OF GLOBALIZATION: MONEY CAN BUY LIFE SATISFACTION, BUT NOT HAPPINESS .... 303 Merter AKINCI PART III. CHAP 4. THE IMPACTS OF DOMESTIC AGRICULTURAL CREDIT VOLUME ON ECONOMIC DEVELOPMENT: A TURKISH CASE (1995-2018) ...........................................323 Ayberk Nuri BERKMAN PART III. CHAP 5. ANALYSIS OF THE FACTORS THAT AFFECT CHILD DEATHS IN SUSTAINABLE DEVELOPMENT: TURKEY CASE ..................................................................333 Mehmet Vahit EREN PART IV MONETARY ECONOMICS PART IV. CHAP 1. CHANGING ROLES OF CENTRAL BANKING AFTER THE GLOBAL FINANCIAL CRISIS ....................................................................................................351 Onur POLAT PART IV. CHAP 2. RELATIONSHIP BETWEEN THE INFLATION, UNEMPLOYMENT AND MONEY SUPPLY IN TURKEY: BOUND TESTING APPROACH ..........................................365 Sevilay SARICA V PART IV. CHAP 3. AN EVALUATION OF INFLATION EXPECTIONS SURVEY IN TURKEY ..........................395 Bige KÜÇÜKEFE PART IV. CHAP 4 MICRO AND MACRO PERSPECTIVE OVERVIEW OF RATIONAL EXPECTATIONS THEOREM ...............................................................................403 Aslıhan NAKİBOĞLU Merve LEVENT PART IV. CHAP 5 LEARNING PROCESSES AND CONCEPTS IN RATIONAL EXPECTATIONS THEORY ......413 Aslıhan NAKİBOĞLU Merve LEVENT PART V GENDER ECONOMICS PART V. CHAP 1. THE CHANGING ROLE OF WOMAN’S LABOR IN THE WORLD ECONOMY IN THE GRIPPER OF CAPITALISM AND PATRIARCHY ................................429 Şeyda GÜDEK GÖLÇEK PART V. CHAP 2. GENDER DIFFERENCES IN EMPLOYMENT: THE CASE OF TURKEY.............................447 Sinem Gözde BEŞBALLI PART V. CHAP 3. THE EVALUATION OF FEMALE COOPERATIVES IN TERMS OF THE DEVELOPMENT OF FEMALE ENTREPRENEURSHIP ........................................................471 Esra ÇIKMAZ VI PART I POLITICAL ECONOMY PART I. CHAP 1. A NEW WAY OF NEOLIBERALISM Yeliz SARIÖZ GÖKTEN* I. Introduction The 2008 global financial crisis is named as a Great Depression. It was triggered by a mort- gage crisis in the US, but that was not the cause. This crisis had a normal phase of a dynamic pattern of capital accumulation in which long booms eventually caused to long downturns (Shaikh, 2011: 44). The capitalist system, as a result of its own inner contradictions, is undergoing periods of depression and expansion at certain periods. As the case for every global crisis, it is debated whether the system has come to an end. The 2008 crisis is the deepest crisis of global capitalism that has been experienced since 1929. The basic problematic here is where the post-crisis world order evolved. The generally accepted claim for this process is that the global order will revive it- self and provide its continuity. Capitalism has became stronger after every crisis and many laps in its functioning have gone away. But at this point one should say that the contributions of China and BRIC economies, which have cheap labor and raw material resources that are effec- tive in overcoming the 2008 crisis, are also diminishing. The neoliberal order, both economically and ecologically is no longer sustainable. Economically, consumption demand can only be sustained by continuous borrowing, and ecologically the extensive use of natural resources in BRIC and undeveloped economies is unsustainable. In this study, firstly the neoliberal order will be discussed and then the sustainability of the system will be questioned. II. On Neoliberal Order Between 1945 and 1973, global capitalism experienced the "golden age" with democratic insti- tutions such as big government, class consensus, redistribution of wealth, and capital regulations. Under Keynesian capital accumulation conditions the early capitalist countries achieved rapid and steady economic growth, low unemployment, rising living standards. Peripheral and semi- peripheral countries were able to make considerable progress by implementing national develop- mentalist policies through "import-substitution" or "socialist" industrialization (Li, 2004: 30). * Asst. Prof. Niğde Ömer Halisdemir University, FEAS, Department of Economics, [email protected] 3 A NEW WAY OF NEOLIBERALISM Yeliz SARIÖZ GÖKTEN Again in this period, the consent of the working class has won by tying up economic growth and wages. In this process U.S., the only capitalist winner of the Second World War, was economically superior to other countries. In this process, peace between capitalist countries has contributed to the formation

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