Global crisis, Turkey and the regulation of economic crisis

Abstract

The Turkish economy has been crisis-prone since the establishment of the Republic in1923. The various policies that resulted from the series of crises following the 1929 world economic recession have not only shaped the country’s integration into the global economy, but have also determined the specificities adopted by the accumulation regimes. The impact of the current global crisis on Turkey, and the government’s reaction to it, need to be analysed in relationship to the existing accumulation regime shaped by the country’s history. Thus, while this article is concerned with Turkey’s reactions to the current global crisis, it contends that policies from 2008 onwards show a degree of continuity with the policies already in place to cope with the problems generated by the 1994 and 2001 crises experienced in the country. The internationalisation of the Turkish economy, the relationship between core and periphery within the country, and the shifting relations of production and labour relations have all informed the AKP’s response.