Liberalization of capital movements under a high inflation regime in a developing country would m... more Liberalization of capital movements under a high inflation regime in a developing country would most likely lead to an uncontrolled growth of the external growth of the external debt. Adverse consequences on either the rate of investment or on the trade balance are likely to follow as well. These results are valid as long as developing countries face higher rates of inflation and larger margins between loan and deposit interest rates than those observed in capitalist metropoles. Under these conditions, exchange and interest rates lose their traditional and effective functions and policy makers face extremely difficult options
Turkey is not the shining example of successful adjustment that it is often made out to be. The s... more Turkey is not the shining example of successful adjustment that it is often made out to be. The stabilization and adjustment policies followed since 1980 have actually undermined the structure of its economic development without correcting its weaknesses. Indeed, taken with the post-1984 import liberalization drive, these policies have set in motion a gradual de-industrialization of the Turkish economy.It is true that, in terms of overall output, the economy escaped the worst of the depression of the early 1980s, suffering only a mild recession and then recovering slowly. But this was based mainly on an expansion of exports, which has probably reached its maximum potential levels, and on a further inflow of foreign capital. The whole programme was implemented under the 'benevolent' sponsorship of the major international institutions. Even so, per capita GNP regained its 1978 level only in 1984. More important, the policies inflicted permanent damage on the sources of future ...
The problem of primary commodities, as related with international trade, was, at times, the major... more The problem of primary commodities, as related with international trade, was, at times, the major issue which predominated international forea on the so-called "New Inkrnational Economic Order" (NIEO) in the second half of the . 1970s. As the NIEO controversy developed away from a confrontational route into a time -consuming bargaining process, certain potentially explosive demands of the Third World on commodities receded into the background, and the whole set of problems was reduced into the ways and means of securing price stability for a number of commodities,with a Common Fund as the institutional framework to realise this objective.
Turkiye Istatistik Kurumu (TUIK), yeni ulusal gelir hesaplama sonuclarini ve aciklamalarini 2016 ... more Turkiye Istatistik Kurumu (TUIK), yeni ulusal gelir hesaplama sonuclarini ve aciklamalarini 2016 Aralik ortasinda yayimlamistir. TUIK, OECD’nin talebi uzerine ve gecikmeli olarak bu calismayi yapmis ve Birlesmis Milletler’in SNA-2008 ve Avrupa Birligi’nin ESA-2010 cercevelerine uygun veriler elde etmeyi amaclamistir. Yeni ulusal gelir serilerinde, gelir duzeyi yaninda, reel gelirin buyume hizlarinda onemli artislar, gelirin ve hasilanin sektorel dagiliminda koklu degisiklikler gorulmustur. Bu yazinin amaci, yeni ulusal gelir hesaplamalarinda, iktisat degerlendirmelerini ve politikalarini da yanlis yonlendirebilecek, eksiklere ve yetersizliklere vurgu yapmaktir. Ornegin, eski serilerle yapilan incelemeler, Turkiye ekonomisinin yuksek cari aciklarin dis finansmani ile desteklenen “tuketim itisli” bir buyume patikasi izledigini ima etmekteydi. Oysa, yeni seriler, “yatirim itisli” ve insaat agirlikli bir buyume patikasini ima etmektedir. Boylelikle, onceki analizler gecersiz hale gelmis...
The Turkish bourgeoisie as a class was instrumental in the shift into neoliberalism in 1980 and s... more The Turkish bourgeoisie as a class was instrumental in the shift into neoliberalism in 1980 and succeeded in controlling the overall orientation of economic policies up until the end of the decade. Coalition governments, which followed, witnessed a drift into populism and generated intra-class conflicts within the ranks of the bourgeoisie. Solutions to accommodate distributional trade-offs with neoliberalism turned out to be temporary. After 2002, the stability of Justice and Development Party/Adalet ve Kalkınma Partisi (AKP)’s one-party-rule was welcomed by all segments of the bourgeoisie since it immediately and fully committed itself to the neoliberal model. However, new problems emerged as AKP gradually moved into rent-generation and appropriation specific to the Turkish variant of neoliberalism. Extreme patterns and magnitudes of corruption followed. The degree of maturity of the Turkish bourgeoisie is being tested on how far it will respond to the tendency to participate in and share the spoils.
Liberalization of capital movements under a high inflation regime in a developing country would m... more Liberalization of capital movements under a high inflation regime in a developing country would most likely lead to an uncontrolled growth of the external growth of the external debt. Adverse consequences on either the rate of investment or on the trade balance are likely to follow as well. These results are valid as long as developing countries face higher rates of inflation and larger margins between loan and deposit interest rates than those observed in capitalist metropoles. Under these conditions, exchange and interest rates lose their traditional and effective functions and policy makers face extremely difficult options
Turkey is not the shining example of successful adjustment that it is often made out to be. The s... more Turkey is not the shining example of successful adjustment that it is often made out to be. The stabilization and adjustment policies followed since 1980 have actually undermined the structure of its economic development without correcting its weaknesses. Indeed, taken with the post-1984 import liberalization drive, these policies have set in motion a gradual de-industrialization of the Turkish economy.It is true that, in terms of overall output, the economy escaped the worst of the depression of the early 1980s, suffering only a mild recession and then recovering slowly. But this was based mainly on an expansion of exports, which has probably reached its maximum potential levels, and on a further inflow of foreign capital. The whole programme was implemented under the 'benevolent' sponsorship of the major international institutions. Even so, per capita GNP regained its 1978 level only in 1984. More important, the policies inflicted permanent damage on the sources of future ...
The problem of primary commodities, as related with international trade, was, at times, the major... more The problem of primary commodities, as related with international trade, was, at times, the major issue which predominated international forea on the so-called "New Inkrnational Economic Order" (NIEO) in the second half of the . 1970s. As the NIEO controversy developed away from a confrontational route into a time -consuming bargaining process, certain potentially explosive demands of the Third World on commodities receded into the background, and the whole set of problems was reduced into the ways and means of securing price stability for a number of commodities,with a Common Fund as the institutional framework to realise this objective.
Turkiye Istatistik Kurumu (TUIK), yeni ulusal gelir hesaplama sonuclarini ve aciklamalarini 2016 ... more Turkiye Istatistik Kurumu (TUIK), yeni ulusal gelir hesaplama sonuclarini ve aciklamalarini 2016 Aralik ortasinda yayimlamistir. TUIK, OECD’nin talebi uzerine ve gecikmeli olarak bu calismayi yapmis ve Birlesmis Milletler’in SNA-2008 ve Avrupa Birligi’nin ESA-2010 cercevelerine uygun veriler elde etmeyi amaclamistir. Yeni ulusal gelir serilerinde, gelir duzeyi yaninda, reel gelirin buyume hizlarinda onemli artislar, gelirin ve hasilanin sektorel dagiliminda koklu degisiklikler gorulmustur. Bu yazinin amaci, yeni ulusal gelir hesaplamalarinda, iktisat degerlendirmelerini ve politikalarini da yanlis yonlendirebilecek, eksiklere ve yetersizliklere vurgu yapmaktir. Ornegin, eski serilerle yapilan incelemeler, Turkiye ekonomisinin yuksek cari aciklarin dis finansmani ile desteklenen “tuketim itisli” bir buyume patikasi izledigini ima etmekteydi. Oysa, yeni seriler, “yatirim itisli” ve insaat agirlikli bir buyume patikasini ima etmektedir. Boylelikle, onceki analizler gecersiz hale gelmis...
The Turkish bourgeoisie as a class was instrumental in the shift into neoliberalism in 1980 and s... more The Turkish bourgeoisie as a class was instrumental in the shift into neoliberalism in 1980 and succeeded in controlling the overall orientation of economic policies up until the end of the decade. Coalition governments, which followed, witnessed a drift into populism and generated intra-class conflicts within the ranks of the bourgeoisie. Solutions to accommodate distributional trade-offs with neoliberalism turned out to be temporary. After 2002, the stability of Justice and Development Party/Adalet ve Kalkınma Partisi (AKP)’s one-party-rule was welcomed by all segments of the bourgeoisie since it immediately and fully committed itself to the neoliberal model. However, new problems emerged as AKP gradually moved into rent-generation and appropriation specific to the Turkish variant of neoliberalism. Extreme patterns and magnitudes of corruption followed. The degree of maturity of the Turkish bourgeoisie is being tested on how far it will respond to the tendency to participate in and share the spoils.
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