The transformation of central banking in the global capitalist era: The example of the Turkish Central Bank

Central Banks and capitalism have a long history. However, especially with the transformation in capitalism in the post-1980 period, the independence and role of central banks in the integration of both developed and underdeveloped countries into the financial capitalist system has had a critical importance. Discussions about Central Banks in academic studies have generally focused on their independence. However, these institutions have many different meanings beyond the independence debates. Its relations with both the public sphere and the private sphere have transformed over time, just like in capitalism. Similarly, a transformation took place during the financialization period. Along with the depoliticization discourse that emerged in the financial period, the idea of managing the economy independently from politics has emerged. Thus, it is aimed to manage the economy by international financial institutions. In order for the policies imposed by these institutions to be similar in all countries and to be followed locally, an institution on both sides of the state-capitalism relationship was needed. This task has been given to central banks, especially considering their relationship with financial structures. Therefore, in this study, after examining the reasons for the rise of global capitalism and financialization, it is discussed how the relationship between central banking, state and capitalism has transformed over time in the axis of depoliticization. Then, the role of the central bank in the developing countries in the global capitalization process was examined, focusing on the example of the Turkish Central Bank. The aim of the study is to examine how the central banks underwent a transformation with the new approaches that emerged in the post-1980 period, and the reflections of these transformations on the example of Turkey and how they went through.