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Capital Accumulation and the Development of a Financial System: The Turkish Example

This article aims at constructing an alternative view of the development of a financial system in Turkey. The main argument is that the historically specific form of accumulation is the fundamental reason why national financial systems developed as they did. The predominantly commercial form of accumulation as well as the peripheral conditions shape the development of the financial system in Turkey. Furthermore, the rise of “holding” banking in the 1970s is argued to be the culmination of these specific factors.