FINANCIAL POWER OF THE UNITED STATES AND THE BRETTON WOODS INSTITUTIONS: FINANCIALIZATION IN PERIPHERY AND THE TURKISH EXPERIENCE

Date

2023-7-21

Author

Akbulut, Gülsüm

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This thesis addresses changing power dynamics in international monetary and financial affairs (IMFA), with a focus on that of the United States. It demonstrates that the U.S’s structural power rooted in the liberal financial system and institutions has faced challenges from various actors in recent years. While its structural power has declined, the U.S. has strengthened its relational power by using financial instruments such as sanctions to enforce its policies and maintain dominance. However, this rise in relational power has exacerbated challenges to the existing structure as alternative systems, regimes, and instruments are sought to circumvent U.S. hegemony. This study addresses two key questions. First, it examines how the sources of the United States’ structural power in IMFA are challenged. Second, it examines the impact of the U.S.-led monetary and financial structure on countries, with a focus on Türkiye. As more countries face the negative consequences of the U.S.-created structure, the search for alternative ideational, institutional, and instrumental approaches becomes more apparent. The theoretical framework of this study revolves around the concepts of structural power and relational power exercised by the U.S. within the IMFA and the main contribution of this study relates to the “critical cycle between structural and relational power”.

Subject Keywords

Structural and relational power, United States, financialization, international monetary and financial affairs, financially dependent countries.

URI

https://hdl.handle.net/11511/104863

Collections

Graduate School of Social Sciences, Thesis