The Crisis of Turkish Economy and Limits of Dependent Financialization
DOI:
https://doi.org/10.32387/prokla.v48i193.1149Keywords:
Turkey, Financialisation, currency crisis, crisisAbstract
2018 was marked by growing economic problems for Turkey. The economy was hit by a currency crisis when the political tension between Turkey and the USA escalated in August. There are three main explanations in the popular debate for the reasons of the current crisis in Turkey. The first argues that the two main reasons for the current crisis are the ‘wrong policies’ of the AKP, and the regime change to the executive presidential system. The second explanation is an economical one. Finally, last explanation focuses on international relations and geopolitical dynamics. In this paper, I argue that none of the aforementioned explanations are sufficient to provide a comprehensive analysis for the current crisis. Instead, I suggest that Turkey is experiencing a crisis of regime of accumulation, that is the crisis of dependent financialization.
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