The drop of the Turkish lira and the role of currency speculation Heiner Flassbeck

I presented a detailed analysis of Turkey’s economic problems some time ago (here in German). The situation is now deteriorating dramatically because the Turkish lira continues to be under enormous pressure and has lost more than a third of its value against Western currencies since the beginning of the year. Last Friday alone, the value of the lira slipped by more than ten percent. In view of the economic situation, the president’s current policy, the country’s increasing political tensions with the United States, and a significantly weakening global economic environment, such speculation against a currency of an emerging economy is…

Rising Powers in a Changing Global Order: the political economy of Turkey in the age of BRICS Ziya Önis & Mustafa Kutlay

The authors use Turkey as reference to examine whether near-BRICS countries possess capabilities needed to establish themselves as significant regional and global actors. Rising_Power (Download the full text in PDF format) (The Article was originally published in the Third World Quarterly, Vol. 34, No. 8, 2013, pp 1409–1426.)

Interview with Prof. Prabhat Patnaik on the Developments in Turkey Ozay Goztepe

1-Public riot against the brutal state terror is being interpreted as ‘’Turkish Spring’’, specially by some European newspapers. Do you approve to liken the process experienced in the Middle East and called ‘’Arab Spring’’ with the events happening in Turkey? Which aspects are similar and which are different? In this framework how do you evaluate the developments in Turkey, especially comparing to Egypt? How did the people of Middle East nations evaluated the revolt in Turkey? Can we say that the moderate Islam project is coming to an end after the events in Turkey and Egypt? The media in advanced…

A Season of Protests in Turkey T. Sabri Oncu

When Turkish Prime Minister Recep Tayyip Erdogan called the protesters in the streets of Istanbul plunderers (çapulcu) on 2 June, he contributed a new verb to the English language. A video clip of the resistance—titled “Everyday I’m chapuling”—hit the Internet on 4 June with new lyrics written on the pop song “Everyday I’m Shuffling”. And the new English verb was born: to chapul. Soon after, the word moved to the French language and found a place among such words as liberté, egalité, and fraternité: chapulité. The international media has been covering the events of the ongoing uprising that started on 27 May…

Turkey and the Long Decade with the IMF: 1998-2008 A. Erinc Yeldan

This article provides a critical review of Turkey’s engagement with the IMF over the past decade which ended recently. It argues that the end of the stand by in May 2008 signifies neither autonomy from the IMF nor a successful graduation and a completion of the IMF programme. Present Turkey is characterized by high debt, speculative growth environment with jobless patterns with its government institutions under siege. Turkey_IMF (Download the full text in PDF format)

Macroeconomics of Twin-Targeting in Turkey: A general equilibrium analysis Ebru Voyvoda & Erinc Yeldan

The post-1998 Turkish macroeconomic adjustments reveal speculative-led growth patterns with limited employment creation and a widening foreign deficit together with increased foreign indebtedness. The paper provides an overview of the post-1998 Turkish economy and constructs a macroeconomic general equilibrium model to illustrate the prevalent fragilities in the financial and commodity markets and also study viable policy alternatives to the current Programme over the medium run, spanning 2006-2010. twin_target_turkey (Download the full text in PDF format)

On Economic and Social Life in Turkey in Early 2005 Independent Social Scientists

The paper traces the change in the economy and society in Turkey, which has been an inevitable result of the IMF and World Bank led structural adjustment policies that the country has been faithfully following for decades. The paper discusses how the resultant unemployment and poverty, coupled with the current dependence on international finance capital, could have significant adverse consequences for the political and economic fabric of the society, the rise of extreme political and religious ideologies among them. tsbd (Download the full text in PDF format)

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