The world political economy passed through sea changes starting from the early-1980s. The transformation of the finance capital was an indispensible and important aspect of this change. Most of the countries in this process adapted themselves in line with the abovementioned transformation and liberalized their financial systems. However, the specific country practises diverged from each other considerably. On the one hand, some of the countries transformed their finance capital as part and parcel of a comprehensive political economy framework. As a result of the strategic involvement of the state (&lsquo / pro-active states&rsquo / ) and the organic interaction between the interest groups in the industrial and financial sphere, the transformation of financial systems materialized within the context of the upward restructuring of the overall political economy structure of these countries. On the other hand, some countries could not establish the productive link between industrial, financial and state elites (&lsquo / reactive states&rsquo / ) and the financial transformation exacerbated the structural problems in the countries in question. As illuminating examples of the former and latter categories, Spain and Turkey represent instructive cases in point. In this regard, the aim of this study is to make a comparative political economy analysis between the transformation of the finance capital in Spain and Turkey and to pinpoint the diverging paths of the political economy structures of these countries.