The social and class power of finance capital, re-institutionalized by the process of state restructuring and internalized within the state apparatus, suppresses alternatives to capitalist financial imperatives. According to the hegemonic point of view in Turkey, financial stability relied on this re-institutionalization, also named as a further step in the implementation of structural reforms. It also meant subordination to neoliberal discipline, and suppressing threats (such as the collective rights of labour and its organizational power) to the economic and political power of financial capital. The neoliberal emergence of market finance in Turkey proceeds along the lines promoted by AKP cadres, but it has not led to stable growth and the fair distribution of wealth. The increased prospects for securitization and new mechanisms mainly benefit financial capital and it is questionable whether policymakers will reap their expected benefits, such as increased savings and more developed financial markets with higher liquidity and better opportunities for investors.
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