Mehmet Ozyigit
I have studied economics at Akdeniz University for two years before transferring my undergraduate study to Dokuz Eylül University in Izmir. I got my bachelor's degree at Dokuz Eylül University in 2010. I started to work in the Economics Department of Adnan Menderes University, as a research assistant between 2010-2012. I attained a master’s degree in economics at Adnan Menderes University in 2014 with my thesis titled as “The Analysis of The Impacts of Historical Crisis of Capitalism on International Monetary Systems”. During this period, I won a research assistantship in the Economics Department of Dokuz Eylül University in 2013. I completed PhD in economics from Dokuz Eylül University in 2021 with my thesis named as “Analysis of Economic Dynamics of Inequalities with the Econophysics Approach”.
My research areas are; (i) political economy, (ii) macroeconomics, (iii) economic growth and the distribution of income and wealth, (iv) the interaction between labour market institutions, income distribution and technological change.
Recently, my studies are focused on the digital transformation of the capitalist mode of production and its effects on production relations such as platform capitalism, digital labour and its working conditions, distribution of income, and inequalities in the age of digital capitalism.
Address: Izmir, İzmir, Turkey
My research areas are; (i) political economy, (ii) macroeconomics, (iii) economic growth and the distribution of income and wealth, (iv) the interaction between labour market institutions, income distribution and technological change.
Recently, my studies are focused on the digital transformation of the capitalist mode of production and its effects on production relations such as platform capitalism, digital labour and its working conditions, distribution of income, and inequalities in the age of digital capitalism.
Address: Izmir, İzmir, Turkey
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/ Financialization is one of the concepts to explain the transformation of capitalism in the literature of political economy. The differences in the financialization argument of schools obscure the use of this concept and weaken its explanatory power of the concept. Therefore, in the study, financialization is discussed from a historical and long -term point of view. The aim of this study is to analyze the role of financialization in capitalist accumulation process relations based on different definitions. According to findings that are obtained by the descriptive analysis method, the difference between the financial expansions which are emerged during capitalist cycles and the shift of capital accumulation to the financial sphere due to the blockages in the material production process determines the functionality of the financialization concept. By clarifying this distinction, it can be concluded that financialization is a necessity for the capitalist system rather than a choice in terms of capital. Even if there is no blockage in the capital accumulation process, this necessity is a critical determinant for the redistribution of the resulting surplus value.
tarihsel dinamiklerini açıklamaya çalışmaktadır. Bu bağlamda kapitalist üretim biçiminin tarihsel
krizleri ile uluslararası para sistemleri arasındaki ilişkilere odaklanmaktadır. Çalışmanın temel tezi,
uluslararası para sistemlerinde meydana gelen değişimlerin nedeninin kapitalist üretim biçiminin
tarihsel krizleri olduğudur. Bu iddia, kapitalist sermaye birikimi, birikimin içsel çelişkileri olarak kriz
ve toplumların tarihsel gelişimleri içinde uluslararası para sistemleri ile krizin karşılıklı etkileşimleri
ele alınarak kanıtlanmaya çalışılmıştır. Tarihsel bir analizle, uluslararası para sistemlerindeki
değişimlerin ancak kapitalist üretim biçimi altında genel bir paradigmal değişimin ortaya çıkmasıyla
olanaklı olduğu ileri sürülmüştür. Bu paradigmal değişim ise ancak tarihsel kriz dönemlerinde
görülebilmektedir. Tarihsel kriz olarak nitelenen kriz biçimlerinin ortaya çıkış dinamiğini ise kâr
oranlarının düşme eğilimi yasası oluşturmaktadır. Çalışmada tarihsel krizler olarak tanımlanan
krizler ile uluslararası para sistemlerinin dönüşümleri arasında, tarihsel bir ilişki ortaya konmaktadır. / This study aims to explain historical dynamics of changes of international monetary systems under
the capitalist mode of production. In this context its focus on the relations between historical crisis of
capitalist mode of production and international monetary systems. Main thesis of the study is causes
of changes on international monetary systems based on historical crisis. This claim has been tried
to be proved as an accumulation of capitalist capital, as the internal contradictions of accumulation,
in the historical development of the crisis and societies, taking into account the interactions of the
international monetary systems and the crisis. Historical analysis suggests that changes in international
monetary systems are only possible with the emergence of a general paradigmal shift under capitalist
mode of production. This paradigmal shift can only seen during the historical crisis periods. The law
of the tendency of falling rate of profit constitutes the dynamic of the emergence of the crisis forms
which are described as the historical crisis. There is a historical relationship between crises defined as
historical crises in the study and the transformations of international monetary systems.
Drafts
Marxist approach argues that econimic crises in capitalist mechanism are caused by inner contradictions, which are comprised of decrease in profits, over production and the lack of consumption. Karl Marx argues that profits will be forced to decrease in the case of advancement of production techniques, the increase of fixed capital in comparison to the variable capital and the constant rate of surplus value. Hence, it can be argued that organic funds of capital has inverse proportion with profit rates, and that as the organic funds of capital increases, it will cause profit rates to decrease.
However, he also argues that the downward tendency of profit rates can be supressed and can even be temporarily stopped. Marx asserts that the real obstacle of capitalist production is caused by capitals and thus crises caused by the internal contradictions of the mode of production are inevitable. Marxism further argues that another reason of the crisis in the capitalist economies is the overproduction caused by the unplanned production and investments of the entrepreneurs. As it can be observed, economists define crisis invariousways.
Child employment is a problem that awaits a solution which should be a top priority in world agenda. Millions of children work in conditions that damage their physical, mental, educational, social, emotional and cultural development, which do not comform with the international standards and laws. Although it's impossible to specify the exact number of child workers in this day and age, according to the studies of the ILO, it is supposed that there are 250 million working children in the age brackets of 5 to 14, 283 million child workers in the age brackets of 12 to 17 and that due to their employment they can't attend school. Especially the employment of children within the age range of 6 to 17 are thought to be a means of decreasing costs of production.
The reason of the aforementioned clause is that child labour, which is easily available to supression and abuse, and has lesser needs and costs, thanks to the technological advancement of production, can provide the labour of an adult for lesser cost (Substition Fffect). On the other hand, lower income residences benefit from child labour in addition to adult labour (Income Effect). In neoclassical economist theory, child labour is defined as inferior goods as capitalist system defines labour, whether done by adult or child, as meta just like other goods.
To that end, this study will try to explain child labour will be used as a method to overcome the crisis and then continue over the long term through the arguments of the neoclassical economist theory with regards to the basic assumptions of the graphical model of Basu and Van (1998). In addition, it will also be explained that the system, in order to protect rate of profits or to increase it through an effect of opposite effect, will substitute child labour with adult labour over the long term and try to overcome the crisis.
Thesis Chapters
Books
Eşitsizliklerin iktisadi dinamiklerinin incelenmesinde iktisadi büyüme çevrimlerinde, ekonomik değişkenlerin birbiriyle çevrimsel ve içsel şekilde etkileşim içinde olduğu; çevrimin, şansa veya koşula bağlı dışsal şoklarla değil modelin determinist değişkenlerinin dinamik karşılıklı etkileşimi sonucu ortaya çıktığı; sınıflar arasındaki dağılımsal çatışmaların ürettiği içsel çevrimleri açıklayan sermaye ve emeğin ulusal gelirdeki pay mücadelelerine ilişkin iki sınıflı bir model olan Goodwin büyüme çevrimleri kullanılmıştır.
Türkiye ekonomisinin 2002-2019 dönemi için hanehalkı bütçe araştırmasından elde edilen fert gelirleri kullanılarak verinin istatistiksel dağılım yapısı ortaya konmuş, gelir verisinin dağılımsal yapısından hareketle Goodwin modelinin temel değişkenleri olan istihdam oranı ve işgücünün payı değişkenleri hesaplanmıştır.
Elde edilen bulgulara göre, Türkiye ekonomisinde gelirin iki rejimli bir dağılım yapısına sahip olduğu tespit edilmiştir. 2002-2013 yılları için Türkiye ekonomisinde bir Goodwin çevrimi gözlenmiştir. Ayrıca model, Türkiye ekonomisi için 2002 sonrası dönemde tartışılan istihdam yaratmayan büyüme olgusuyla tutarlı bir sonuç üretmektedir. İncelenen dönemde hesaplanan Gini ve Pareto katsayılarına dayanarak Türkiye ekonomisinde makroekonomik politika olarak orta gelir düzeyindeki hanehalklarından düşük ve yüksek gelir düzeyine sahip hanehalklarına doğru kaynak aktarım mekanizmaları üzerinden eşitsizlik dinamiklerinin yeniden üretildiği sonucuna ulaşılmıştır.
/ Financialization is one of the concepts to explain the transformation of capitalism in the literature of political economy. The differences in the financialization argument of schools obscure the use of this concept and weaken its explanatory power of the concept. Therefore, in the study, financialization is discussed from a historical and long -term point of view. The aim of this study is to analyze the role of financialization in capitalist accumulation process relations based on different definitions. According to findings that are obtained by the descriptive analysis method, the difference between the financial expansions which are emerged during capitalist cycles and the shift of capital accumulation to the financial sphere due to the blockages in the material production process determines the functionality of the financialization concept. By clarifying this distinction, it can be concluded that financialization is a necessity for the capitalist system rather than a choice in terms of capital. Even if there is no blockage in the capital accumulation process, this necessity is a critical determinant for the redistribution of the resulting surplus value.
tarihsel dinamiklerini açıklamaya çalışmaktadır. Bu bağlamda kapitalist üretim biçiminin tarihsel
krizleri ile uluslararası para sistemleri arasındaki ilişkilere odaklanmaktadır. Çalışmanın temel tezi,
uluslararası para sistemlerinde meydana gelen değişimlerin nedeninin kapitalist üretim biçiminin
tarihsel krizleri olduğudur. Bu iddia, kapitalist sermaye birikimi, birikimin içsel çelişkileri olarak kriz
ve toplumların tarihsel gelişimleri içinde uluslararası para sistemleri ile krizin karşılıklı etkileşimleri
ele alınarak kanıtlanmaya çalışılmıştır. Tarihsel bir analizle, uluslararası para sistemlerindeki
değişimlerin ancak kapitalist üretim biçimi altında genel bir paradigmal değişimin ortaya çıkmasıyla
olanaklı olduğu ileri sürülmüştür. Bu paradigmal değişim ise ancak tarihsel kriz dönemlerinde
görülebilmektedir. Tarihsel kriz olarak nitelenen kriz biçimlerinin ortaya çıkış dinamiğini ise kâr
oranlarının düşme eğilimi yasası oluşturmaktadır. Çalışmada tarihsel krizler olarak tanımlanan
krizler ile uluslararası para sistemlerinin dönüşümleri arasında, tarihsel bir ilişki ortaya konmaktadır. / This study aims to explain historical dynamics of changes of international monetary systems under
the capitalist mode of production. In this context its focus on the relations between historical crisis of
capitalist mode of production and international monetary systems. Main thesis of the study is causes
of changes on international monetary systems based on historical crisis. This claim has been tried
to be proved as an accumulation of capitalist capital, as the internal contradictions of accumulation,
in the historical development of the crisis and societies, taking into account the interactions of the
international monetary systems and the crisis. Historical analysis suggests that changes in international
monetary systems are only possible with the emergence of a general paradigmal shift under capitalist
mode of production. This paradigmal shift can only seen during the historical crisis periods. The law
of the tendency of falling rate of profit constitutes the dynamic of the emergence of the crisis forms
which are described as the historical crisis. There is a historical relationship between crises defined as
historical crises in the study and the transformations of international monetary systems.
Marxist approach argues that econimic crises in capitalist mechanism are caused by inner contradictions, which are comprised of decrease in profits, over production and the lack of consumption. Karl Marx argues that profits will be forced to decrease in the case of advancement of production techniques, the increase of fixed capital in comparison to the variable capital and the constant rate of surplus value. Hence, it can be argued that organic funds of capital has inverse proportion with profit rates, and that as the organic funds of capital increases, it will cause profit rates to decrease.
However, he also argues that the downward tendency of profit rates can be supressed and can even be temporarily stopped. Marx asserts that the real obstacle of capitalist production is caused by capitals and thus crises caused by the internal contradictions of the mode of production are inevitable. Marxism further argues that another reason of the crisis in the capitalist economies is the overproduction caused by the unplanned production and investments of the entrepreneurs. As it can be observed, economists define crisis invariousways.
Child employment is a problem that awaits a solution which should be a top priority in world agenda. Millions of children work in conditions that damage their physical, mental, educational, social, emotional and cultural development, which do not comform with the international standards and laws. Although it's impossible to specify the exact number of child workers in this day and age, according to the studies of the ILO, it is supposed that there are 250 million working children in the age brackets of 5 to 14, 283 million child workers in the age brackets of 12 to 17 and that due to their employment they can't attend school. Especially the employment of children within the age range of 6 to 17 are thought to be a means of decreasing costs of production.
The reason of the aforementioned clause is that child labour, which is easily available to supression and abuse, and has lesser needs and costs, thanks to the technological advancement of production, can provide the labour of an adult for lesser cost (Substition Fffect). On the other hand, lower income residences benefit from child labour in addition to adult labour (Income Effect). In neoclassical economist theory, child labour is defined as inferior goods as capitalist system defines labour, whether done by adult or child, as meta just like other goods.
To that end, this study will try to explain child labour will be used as a method to overcome the crisis and then continue over the long term through the arguments of the neoclassical economist theory with regards to the basic assumptions of the graphical model of Basu and Van (1998). In addition, it will also be explained that the system, in order to protect rate of profits or to increase it through an effect of opposite effect, will substitute child labour with adult labour over the long term and try to overcome the crisis.
Eşitsizliklerin iktisadi dinamiklerinin incelenmesinde iktisadi büyüme çevrimlerinde, ekonomik değişkenlerin birbiriyle çevrimsel ve içsel şekilde etkileşim içinde olduğu; çevrimin, şansa veya koşula bağlı dışsal şoklarla değil modelin determinist değişkenlerinin dinamik karşılıklı etkileşimi sonucu ortaya çıktığı; sınıflar arasındaki dağılımsal çatışmaların ürettiği içsel çevrimleri açıklayan sermaye ve emeğin ulusal gelirdeki pay mücadelelerine ilişkin iki sınıflı bir model olan Goodwin büyüme çevrimleri kullanılmıştır.
Türkiye ekonomisinin 2002-2019 dönemi için hanehalkı bütçe araştırmasından elde edilen fert gelirleri kullanılarak verinin istatistiksel dağılım yapısı ortaya konmuş, gelir verisinin dağılımsal yapısından hareketle Goodwin modelinin temel değişkenleri olan istihdam oranı ve işgücünün payı değişkenleri hesaplanmıştır.
Elde edilen bulgulara göre, Türkiye ekonomisinde gelirin iki rejimli bir dağılım yapısına sahip olduğu tespit edilmiştir. 2002-2013 yılları için Türkiye ekonomisinde bir Goodwin çevrimi gözlenmiştir. Ayrıca model, Türkiye ekonomisi için 2002 sonrası dönemde tartışılan istihdam yaratmayan büyüme olgusuyla tutarlı bir sonuç üretmektedir. İncelenen dönemde hesaplanan Gini ve Pareto katsayılarına dayanarak Türkiye ekonomisinde makroekonomik politika olarak orta gelir düzeyindeki hanehalklarından düşük ve yüksek gelir düzeyine sahip hanehalklarına doğru kaynak aktarım mekanizmaları üzerinden eşitsizlik dinamiklerinin yeniden üretildiği sonucuna ulaşılmıştır.
Anahtar Kelimeler: Kapitalist Olmayan Büyüme, Sermaye Birikimi, Alternatif Büyüme Teorileri, Degrowth, Pro-Growth
Jel Kodları: P16, O44, B14 //
The 21st century capitalism repeats its historical experience with its crisis (2007-08) and pandemic (Covid-19). The world is facing deep ecological destruction. Economic inequalities and their derivatives are deepening globally and nationally. As a form of social reproduction, the capitalist system is faced with a “triple crisis”: climate change and ecological collapse; the systemic crisis of global capitalism and neoliberal economic globalization and the current global coronavirus pandemic. Historically, we are going through an exceptional period in which the legitimacy of the existing system has been shaken and its functioning has become quite open to questioning. All these developments make the transition or transformation to a “new economy” debated. On the other hand, the capitalist mode of production imposes or tries to operate its laws in order to protect, maintain or advance its own existence at the expense of the existence and welfare of a large part of humanity. Under these conditions, different scenarios, solutions or ways out of both the future of capitalist growth and non-capitalist growth strategies are proposed and discussed. Well, is there a non-capitalist alternative? In the political economy literature, growth is discussed under two themes: The first is the ecological crisis in the context of “global climate change” and the other is the employment crisis or asymmetric welfare effects caused by technology-driven growth. Capitalist growth, on the one hand, destroys the environment and brings growth closer to its natural limits; on the other hand, it clusters capital accumulation in new, profitable but non-employmentdriven areas driven by digitalization. Conversely, ecological political economists seem to neglect technology, while political economy economists focusing on capital accumulation seem to neglect ecology. This study discusses the possibility of a noncapitalist growth by going back to the origins of political economy and performing a re-reading of the growth phenomenon in the context of ecological and technological crises.
Keywords: Non-Capitalist Growth, Capital Accumulation, Alternative Growth Theories, Degrowth, Pro-Growth
Jel Codes: P16, O44, B14