It’s time to say goodbye to rigid doctrines for Turkey

With the coronavirus pandemic, major players in the global economy have learned that strict market and trade rules are no longer possible.

Since the late 1990s, the orthodox neoliberal approach, known as the “mainstream” by respected names in economics such as Joseph Stiglitz and Paul Krugman, has been questioned in detail. The understanding itself accepts dogmatically the whole of the relations between production and trade and finance and the mechanism of functioning of the markets. It first caused the Great Depression of 1929 and then sent the second shock wave through the world economy during the 2008 global financial crisis. This situation made the economics course more boring for the new generation. due to the imposition of the teachings of the neoclassical and neoliberal view as a rigid doctrine.

One of the most significant handicaps of the orthodox neoliberal approach is that it is an “advanced economics” approach. For this reason, trying to dictate an understanding of neoliberal orthodoxy to major emerging economies such as Turkey, especially in the order of the complex and multi-layered economic and political relations of the 21st century, is a subject of strong criticism around the world. university.

Global economics and politics between 2020 and 2030 are going through a new ‘design process’. In such a period, under the leadership of President Recep Tayyip Erdoğan, a new economic roadmap, which builds on the “green development revolution” and challenges and destroys the “rigid doctrine” of the neoliberal orthodox approach , is of vital importance in terms of sustainable growth, production, employment and export strategies of the Turkish economy.

Not only developing countries but also developed countries have faced major changes in their economic structures between the 19th and 21st centuries. Neoliberal orthodox understanding, however, did not provide solutions and even worsened the effects of the crises of 1929 and 2008. The primary and secondary effects caused by cost inflation in the world economy are now being discussed. Turkey seeking to create on its own a new unorthodox, non-stereotypical and non-rigid economic roadmap is a projection of research that is already being seen in the global economy.

For this reason, it is vitally important to make new, more effective tools available to Turkish economic policymakers and savers, instead of the rigid monetary and fiscal policy approaches and tools dictated by orthodox understanding.

The fact that the savings of $ 1.75 billion (TL 22.55 billion) were destroyed in a single day and the savings transferred into Turkish lira confirms that the new business model and the new deal announced by Erdoğan have been widely accepted by the public. Pulling Turkey out of the interest rate vortex, focusing on a sustainable competitive route of production-investment-jobs-export, and as an important player in the global supply chain, Turkey holds a share of 1 , 5% in world trade and world gross domestic product (GDP). The green development revolution, which is at the center of the new roadmap, is to consolidate Turkey’s position as a key player in the global eco-political environment.

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