sermayesi

In Turkish economics, sermaye means capital. Sermayesi is the possessive form used to refer to the capital owned by a person, a business, or an economy. It encompasses financial resources and other assets that are used to produce goods and services and to generate returns over time.

Capital can be classified into several types. Finansal sermaye includes cash, bank deposits, stocks, bonds, and credit facilities. Fiziksel sermaye covers physical assets such as machinery, buildings, infrastructure, and equipment. Beşerî sermaye refers to human capital—the skills, knowledge, and health of workers. Sosyal sermaye involves networks, institutions, and trust that facilitate economic activity.

Capital plays a central role as a factor of production alongside labor and land. Capital accumulation, achieved through saving and investment, raises potential output and productivity. Investment is funded by savings, retained earnings, or external financing, and is tempered by depreciation, which reduces the existing capital stock over time. Returns to capital appear as profits, interest, rents, or dividends.

Measurement and accounting of sermaye occur in national accounts. Gross capital formation (yatırım) tracks net additions to the capital stock within a period. The capital stock concept, including physical and intangible assets, is estimated by adjusting for depreciation and obsolescence. In modern economies, intangible capital such as software and R&D is increasingly recognized as part of the capital base.

Policy debates around sermaye focus on efficient allocation, access to finance for firms and households, property rights, and the role of public investment. Development of human capital—education and health—often determines how effectively capital translates into growth.