This study explores the trend of profit rate and determines the factors that influence it in the Turkish manufacturing sector for the period between 1995–2024, following the methodology introduced by Basu and Manolakos. The profit rate reveals a declining trend, with temporary interruptions following the 2001 crisis, and it remains stagnant after the 2008–2009 crisis. The findings indicate that intensified exploitation operates as a significant countertendency, partially offsetting the downward pressure on profitability. Moreover, the impact of real wage deviations on the profit rate is shown to be conditional on the size of the reserve army of labor, highlighting the disciplining role of unemployment emphasized in Marxian political economy. Situated within Turkey’s post-2001 accumulation regime, the findings underscore the centrality of labor discipline and exploitation in sustaining profitability amid limited capital deepening.
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