State Capitalism and Financial Governance

ABSTRACT By the end of 2018 Turkey had entered a new economic crisis and a lengthy recession period. In contrast to the previous financial crises of 1994, 2001 and 2009, when the economy shrank abruptly with a spectacular collapse of asset values and a severe contraction of output, the 2018 economic crisis was charact…

This article focuses on the political economy of Turkey in the 1990s to illustrate the importance of analysing economic variables that intersect with the quality of political democracy. In 1989, the debt‐ridden state moved to systematically and completely deregulate Turkey’s financial markets. Together with the ongoin…

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• DURSUN ALİ ALP

Abstract Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financ…

• ÖZGÜR ORHANGAZİ

Turkey experienced a severe economic and political crisis in November 2000, and again in February 2001. The IMF has been involved with the macro management of the Turkish economy both prior to and after the crisis, and provided financial assistance of $20.4 billion, net, between 1999 and 2003. The official stance is t…

A decade after the global financial turmoil, a new wave of crises is haunting the global South. This pattern is different from previous crisis episodes. Powerful shifts in the international order provide new policy space for emerging powers to manage their economic problems in a heterodox fashion. Key Western-led inst…

• MUSTAFA KUTLAY

This article discusses the transformation of the liberal international order, with reference to the ways in which global shifts affect the developmental paradigms among the emerging middle powers. Although it is rarely contested that the liberal order is being severely tested, the dynamics and potential consequences o…

• MUSTAFA KUTLAY

The recent Turkish experience clearly illustrates how markets and politics can interact in producing significant economic transformation. Focusing on the new phase of neo-liberal restructuring in Turkey in the post-crisis era, we highlight the importance of the European Union (EU) and International Monetary Fund (IMF)…

• CANER BAKIR

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• İPEK EREN VURAL

By problematizing the relationship between geopolitics and foreign policy, this paper investigates the discursive assumptions of two different geopolitical visions of Turkish foreign policy. It seeks to explain how different political actors spatialize Turkey's geography and represent it as having a “different,” “exce…

• MURAT YEŞİLTAŞ

Abstract The paper discusses the main characteristics of Turkey's experience of neoliberal industrialization since 1980. We suggest that Turkey has been a “successful follower” in the sense that it has achieved structural transformation in manufacturing output and exports, while its mode of articulation with the globa…

• EBRU VOYVODA

Abstract The Russian government saw the 2008 global financial crisis as both a repudiation of western neoliberalism and as an ideal opportunity to promote its own international economic leadership. Russia's alternative vision encompasses multipolarity, financial nationalism and political illiberalism. These policies a…

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