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Emerging market bank rescues in an era of finance-led neoliberalism: A comparison of Mexico and Turkey

Marois, Thomas (2011) 'Emerging market bank rescues in an era of finance-led neoliberalism: A comparison of Mexico and Turkey.' Review of International Political Economy, 18 (2). pp. 168-196.

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Abstract

The international community and many financial experts have singled out the positive elements of how strong institutional reforms following Mexico’s 1995 and Turkey’s 2001 banking crisis have shielded their banking sectors to- day from the wider economic impact of the world financial crisis. By contrast, this article argues from a historical materialist analytical approach that the 1995 and 2001 bank rescues and reforms preserved, renewed, and intensified the structurally unequal social relations of power and class characteristic of finance-led neoliberal capitalism in forms institutionally specific to Mexican and Turkish society. The post-crisis reforms reinforced the dominance of banking and finance capital in Mexico and Turkey at the expense of popular classes and society in general, and it is this dynamic of power that explains the resilience of banks today.

Item Type: Articles
SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Development Studies
ISSN: 09692290
DOI (Digital Object Identifier): 10.1080/09692290903475474
Depositing User: Thomas Marois
Date Deposited: 01 Jun 2011 10:41
URI: http://eprints.soas.ac.uk/id/eprint/11840

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