Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi

Yıl: 2018 Cilt: 26 Sayı: 35 Sayfa Aralığı: 87 - 118 Metin Dili: Türkçe İndeks Tarihi: 08-07-2019

Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi

Öz:
Bu makale üç farklı iktisadi düşünce okulunun (Neo-klasik, Post-Keynesyen ve Radikal Politik İktisat) teorileri ışığında çağdaş küresel kapitalizmin en önemli sorunlarından biri olan uzun-dönemli stagnasyon olgusunu incelemektedir. Stagnasyon çağında küresel kapitalist sistemin istikrarını koruyabilmesi ve hatta yaşamını sürdürebilmesi giderek zorlaşmaktadır. İktisadi stagnasyon sosyal sınıflar arasındaki oydaşmayı zayıflatarak, bir ‘siyasal krize’ ve çağdaş kapitalizmde otoriterleşme eğilimlerinin artmasına neden olmuştur. Bu makalede stagnasyona ilişkin modern ortodoks teorik açıklamalar üç kategoriye ayrılmıştır: talep-yönlü (Summers/Krugman), arz yönlü (Gordon) ve stagnasyonu inkâr eden teoriler (Bernanke & Rogoff). Bazı önde gelen ortodoks iktisatçılar ileri kapitalist dünyada bu yüzyılın başlangıcından itibaren güçlü bir stagnasyon eğilimi bulunduğunu kabul etmelerine karşın, ne stagnasyonun kapitalist birikim sürecinin bir sonucu olduğunu ne de kapitalizmin neo-liberal varyantının bir ürünü olduğunu düşünmemektedirler. Buna karşın, stagnasyon olgusunu daha geniş bir perspektiften ve tarihsel/sosyal/siyasal boyutlarını da dikkate alarak inceleyen heterodoks teoriler ortodoks teorilere oranla daha güçlü teorik temellere sahiptirler. PostKeynesyenlere göre, gelir eşitsizliğini arttırarak yapısal/kronik bir talep yetersizliği yaratan neoliberalizm stagnasyona neden olmaktadır. Buna karşın, radikal politik iktisatçılar stagnasyonun tekelci/olgun kapitalizme özgü “sistemik” bir sorun olduğunu vurgulamaktadırlar.
Anahtar Kelime:

Global Stagnation and a Comparative Analysis of Economic Stagnation Theories

Öz:
This article explores one of the most significant problems of contemporary global capitalism, namely ‘secular stagnation’, in the light of theories of the three different schools of economic thought (Neo-classical, Post-Keynesian and Radical Political Economy). In the age of stagnation, the ability of global capitalist system to maintain its stability and survival has declined significantly. The long-run stagnation has weakened the consensus among social classes, leading to a ‘political crisis’ and an increasing authoritarian tendency in contemporary capitalism. This paper divides modern orthodox theoretical explanations of stagnation into three categories: demand-sided theories (Summers/Krugman), supply-sided ones (Gordon) and theories denying the existence of stagnation (Bernanke & Rogoff). Although some leading orthodox economists accept that there has been a strong tendency of stagnation in advanced capitalist world since the start of this century, they neither consider stagnation to be a consequence of capitalist accumulation process nor one of neo-liberal variant of capitalism. In contrast, analyzing stagnation from a wider perspective with historical, social and political dimensions, heterodox theories have stronger theoretical foundations than those of orthodox theories. While Post-Keynesians argue that stagnation stems from structural/chronic demand deficiency caused by neo-liberalism enhancing income inequalities, radical political economists emphasize that stagnation is a ‘systemic’ problem inherent to monopoly, mature capitalism.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Amin, S. (2015), “Contemporary Imperialism”, Monthly Review, 67(3), (July-August).
  • Baily, M.N. & B. Bosworth (2013), “The United States Economy: Why such a Weak Recovery?”, Paper prepared for the Nomura Foundation’s Macro Economy Research Conference: Prospects for Growth in the World’s Four Major Economies, September 11, 2013, The Brookings Institution, Washington D.C.
  • Baran, P.A. (1957), The Political Economy of Growth, New York: Monthly Review Press.
  • Baran, P.A. & P.M. Sweezy (1966), Monopoly Capital, New York: Monthly Review Press.
  • Backhouse, R.E. & M. Boianovsky (2015), “Secular Stagnation: the History of a Macroeconomic Heresy”, The Blanqui Lecture (Meetings of the European Society for the History of Economic Thought, Rome, 14 May 2015).
  • Barro, R.J. (1974), “Are Government Bonds Net Wealth?”, Journal of Political Economy, 82(6), 1095-117.
  • Bernanke, B.S. (2005), “The Global Saving Glut and the U.S. Current Account Deficit”, the Sandridge Lecture, Virginia Association of Economics, Richmond, VA., March 10.
  • Blanchard, O. & L.H. Summers (1986), “Hysteresis and the European Unemployment Problem”, S.
  • Fischer (ed.), NBER Macroeconomics Annual, 1, Cambridge: MIT Press, 15-78.
  • Blaug, M. (1996), Economic Theory in Retrospect, Cambridge: Cambridge University Press.
  • Collins, R. (2013), “The End of Middle-Class Work: No More Escapes”, in I. Wallerstein & R.Collins & M. Mann & G. Derluguian & C. Calhoun (eds.), Does Capitalism Have A Future?, Oxford: Oxford University Press, 27-49.
  • Cowen, T. (2014), Average Is Over: Powering America Beyond the Age of the Great Stagnation, New York, NY: Duton.
  • DeLong, B. (2015), “The Scary Debate Over Secular Stagnation”, The Milken Institute Review, Fourth Quarter, 34-51.
  • Despain, H.G. (2015), “Secular Stagnation: Mainstream Versus Marxian Traditions”, Monthly Review, 67(4), September.
  • Dutt, A. (1984), “Stagnation, Income Distribution and Monopoly Power”, Cambridge Journal of Economics, 8, 25-40.
  • Eichengreen, B. (2014), “Secular Stagnation: A Review of the Issues”, in: C. Teulings. & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR), 41-6.
  • Foster, J.B. (2016), “Monopoly Capital at the Half-Century Mark”, Monthly Review, 68(3).
  • Foster, J.B. (2015), “The New Imperialism of Globalized Monopoly-Finance Capital: An Introduction”, Monthly Review, 67(3) (July-August).
  • Foster, J.B. (2014), The Theory of Monopoly Capitalism: An Elaboration of Marxian Political Economy, New York: Monthly Review Press.
  • Foster, J.B. (2010), “The Age of Monopoly-Finance Capital”, Monthly Review, 61(9) (February).
  • Foster, J.B. & H. Magdoff & R.W. McChesney (2001), “The New Economy: Myth and Reality”, Monthly Review, 52(11), (April).
  • Foster, J.B. & F. Magdoff (2009), The Great Financial Crisis: Causes and Consequences, New York: Monthly Review Press.
  • Foster, J.B. & R.W. McChesney (2009), “Monopoly-Finance Capital and the Paradox of Accumulation”, Monthly Review, 61(5), (October).
  • Foster, J.B. & H. Holleman & R.W. McChesney (2008), “The U.S. Imperial Triangle and Military Spending”, Monthly Review, 60(5), (October).
  • Frey, J.B & M.A. Osborne (2013), “The Future of Employment: How Susceptible are Jobs to Computerisation?”, Working Paper, Machines and Employment Workshop, Oxford University.
  • Glaeser, E.L. (2014), “Secular Joblessness”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 69-80.
  • Gordon, R.J. (2014), “The Turtle’s Progress: Secular Stagnation Meets the Headwinds”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 41-59.
  • Gordon, R.J. (2015), “Secular Stagnation: A Supply-Side View”, American Economic Review, Papers & Proceedings 2015, 105(5), 54-9.
  • Gramsci, A. (1971), Selections from the Prison Notebooks, Q. Hoare and G. Nowell-Smith (eds.), London: Lawrence and Wishart.
  • Hansen, A.H. (1939), “Economic Progress and Declining Population Growth”, American Economic Review, 29, 1-15.
  • Hein, E. (2015), “Secular Stagnation or Stagnation Policy? Steindl after Summers”, Levy Economics Institute of Bard College, Working Paper, 846, Annandale-on-Hudson, New York.
  • Hein, E. (2012), The Macroeconomics of Finance-dominated Capitalism and Its Crisis, Cheltenham, UK: Edward Elgar.
  • Kalecki, M. (1939), Essays in the Theory of Economic Fluctuations, New York: Russell and Russell.
  • Kalecki, M. (1943), “Political Aspects of Full Employment”, in: M. Kalecki (ed.), Selected Essays on The Dynamics of the Capitalist Economy 1933-1970, Cambridge: Cambridge University Press, 138-45.
  • Kalecki, M. (1965), Theory of Economic Dynamics, New York: Augustus M. Kelley.
  • Kalecki, M. (1991), “Class Struggle and Distribution of National Income”, J. Osiatynski (ed.), Capitalism: Economic Dynamics, Vol. 2 of Collected Works of Michal Kalecki, Oxford: Clarendon Press, 96-103.
  • Keynes, J.M. (1936), The General Theory of Employment, Interest and Money, London: Macmillan.
  • Krugman, P. (2009), The Return of Depression Economics and the Crisis of 2008, New York: W.W. Norton & Company.
  • Krugman, P. (2013), Secular Stagnation, Coalmines, Bubbles, and Larry Summers, The New York Times, November 16, 2013.
  • Krugman, P. (2014). “Four Observations on Secular Stagnation”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 61-8.
  • Krugman, P. (2016), “Robber Baron Recessions”, New York Times, April 18, 2016.
  • Lavoie, M. & E. Stockhammer (2012), “Wage-led Growth: Concept, Theories and Policies”, ILO Working Paper, International Labor Organization, Conditions of Work and Employment Series, 41, Geneva.
  • Lubik, T.A. & C. Matthes (2015), “Calculating the Natural Rate of Interest: A Comparison of Two Alternative Approaches”, Economic Brief, Federal Reserve Bank of Richmond, October, EB15-10.
  • Magdoff, F. (2006), “The Explosion of Debt and Speculation”, Monthly Review, 58(6) (November).
  • Magdoff, F. & J.B. Foster (2014), “Stagnation and Financialization: The Nature of the Contradiction”, Monthly Review, 66(1) (May).
  • Magdoff, H. & P.M. Sweezy (1987), Stagnation and the Financial Explosion, New York: Monthly Review Press.
  • Marglin, S. & A. Bhaduri (1990), “Profit Squeeze and Keynesian Theory”, in: S. Marglin & J. Schor (eds.), The Golden Age of Capitalism. Reinterpreting the Postwar Experience, Oxford: Clarendon, 153-86.
  • Marx, K. (1972), Capital, Volume. 3, London: Lawrence and Wishart.
  • Mokyr, J. (2014), “Secular Stagnation? Not in Our Life”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 83-9.
  • Ono, Y. (2001), “A Reinterpretation of Chapter 17 of Keynes’s General Theory: Effective Demand Shortage under Dynamic Optimization”, International Economic Review, 42(1), 207-236.
  • Palley, T.I. (2016), “Zero Lower Bound (ZLB) Economics: The Fallacy of New Keynesian Explanations of Stagnation”, IMK Working Paper, 164, Macoreconomic Policy Institute, Hans-Böckler-Stiftung, Düsseldorf.
  • Palley, T.I. (2014), “Explaining Stagnation: Why It Matters”, MRzine, <http://mrzine.monthlyreview.org/2014/palley270214.html>, 27.02.2014.
  • Palley, T.I. (2012), From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics, Cambridge: Cambridge University Press.
  • Patinkin, D. (1948). “Price Flexibility and Full Employment”, The American Economic Review, 38, 543-64.
  • Pigou, A.C. (1974). “Economic Progress in a Stable Environment”, Economica, 14, 189-90.
  • Robinson, J. (1962), Essays in the Theory of Economic Growth, London: Macmillan.
  • Rogoff, K. (2015), “Debt Supercycle, Not Secular Stagnation”, VOX, CEPR’s Policy Portal, April 22, 2015.
  • Rowthorn, R. (1982), “Demand, Real Wages and Economic Growth”, Studi Economici, (18), 3-54.
  • Steindl, J. (1952), Maturity and Stagnation in American Capitalism, Oxford: Blackwell.
  • Steindl J. (1976), “Introduction”, in J.Steindll (ed.), Maturity and Stagnation in American Capitalism, 2nd edition, New York and London: Monthly Review Press.
  • Steindl, J. (1979), “Stagnation Theory and Stagnation Policy”, Cambridge Journal of Economics, 3, 1-14.
  • Steindl, J. (1985), “Distribution and Growth”, Political Economy: Studies in the Surplus Approach, 1, 53-68.
  • Stiglitz, J. (2016), “Monopoly’s New Era”, Project Syndicate, <http://project-syndicate.org>, 13.05.2016.
  • Streeck, W. (2014), “How Will Capitalism End?”, New Left Review, 87, 35-64.
  • Streeck, W. (2016), “The Post-Capitalist Interregnum: The Old System Is Dying, but a New Social Order Cannot Yet Be Born”, Progressive Review, 23(2), 68-77.
  • Summers, L.H. (2013), “Why Stagnation Might Prove to be the New Normal”, The Financial Times, December 15, 2013.
  • Summers, L.H. (2014), “Reflections on the ‘New Secular Stagnation Hypothesis’”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 27-38.
  • Summers, L.H. (2015), “Demand Side Secular Stagnation”, American Economic Review: Papers and Proceedings, 105(5), 60-5.
  • Summers, L.H. (2016a), “The Age of Secular Stagnation: What It Is and What to Do About It”, Foreign Affairs, February 15, 2016.
  • Summers, L.H. (2016b), “Corporate Profits Are Near Record Highs. Here’s Why That Is a Problem”, Washington Post Wonkblog, <http//washingtonpost.com>, 30.03.2016.
  • Sweezy, P.M. (1980), “The Crisis of American Capitalism”, Monthly Review, 32(5), (October).
  • Sweezy, P.M. (1994), “The Triumph of Financial Capital”, Monthly Review, 46(2), (June).
  • Sweezy, P.M. (2004), “Monopoly Capitalism”, Monthly Review, 56(5), (October).
  • Sweezy, P.M. & H. Magdoff & J.B. Foster & R.W. McChesney (2002), “The New Face of Capitalism: Slow Growth, Excess Capital, and a Mountain of Debt”, Monthly Review, 53(11).
  • Taylor, J.B. (2014), “Rapid Growth or Stagnation: An Economic Policy Choice”, Journal of Policy Modeling, Special Issue, 36(4), 641-48.
  • Teulings, C. & R. Baldwin (2014), “Introduction”, in: C. Teulings & R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London: CEPR, 1-23.
  • Toporowski, J. (2016), “Kalecki and Steindl in the Transition to Monopoly Capital”, Monthly Review, 68(3), (July).
  • Tori, D. & Ö. Onaran (2016), “Financialization and the Global Race to the Bottom in Accumulation”, UNCTAD Working Paper, forthcoming.
  • Wallerstein, I. (2013), “Structural Crisis, or Why Capitalists May No Longer Find Capitalism Rewarding”, in: I. Wallerstein & R. Collins & M. Mann & G. Derluguian & C. Calhoun (eds.), Does Capitalism Have A Future?, Oxford: Oxford University Press, 8-26.
  • Wrenn, M.V. (2016), “Surplus Absorption and Waste in Neoliberal Monopoly Capitalism”, Monthly Review, 68(3), (July).
APA AKÇORAOĞLU A (2018). Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. , 87 - 118.
Chicago AKÇORAOĞLU ALPASLAN Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. (2018): 87 - 118.
MLA AKÇORAOĞLU ALPASLAN Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. , 2018, ss.87 - 118.
AMA AKÇORAOĞLU A Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. . 2018; 87 - 118.
Vancouver AKÇORAOĞLU A Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. . 2018; 87 - 118.
IEEE AKÇORAOĞLU A "Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi." , ss.87 - 118, 2018.
ISNAD AKÇORAOĞLU, ALPASLAN. "Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi". (2018), 87-118.
APA AKÇORAOĞLU A (2018). Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. Sosyoekonomi, 26(35), 87 - 118.
Chicago AKÇORAOĞLU ALPASLAN Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. Sosyoekonomi 26, no.35 (2018): 87 - 118.
MLA AKÇORAOĞLU ALPASLAN Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. Sosyoekonomi, vol.26, no.35, 2018, ss.87 - 118.
AMA AKÇORAOĞLU A Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. Sosyoekonomi. 2018; 26(35): 87 - 118.
Vancouver AKÇORAOĞLU A Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi. Sosyoekonomi. 2018; 26(35): 87 - 118.
IEEE AKÇORAOĞLU A "Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi." Sosyoekonomi, 26, ss.87 - 118, 2018.
ISNAD AKÇORAOĞLU, ALPASLAN. "Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi". Sosyoekonomi 26/35 (2018), 87-118.