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Economic Crisis In Turkey Essay

679 words - 3 pages

ECONOMIC CRISIS In recent years' in the ever-changing agenda of Turkey, every issue loses its importance either one day or one week later, but now there is one crucial issue in which Turkey is interested with all of its attention. This vital issue of Turkey is the economic crisis which came on the scene suddenly in February 2001, after some warnings in November 2000. Its importance comes from its effect that influenced the whole of Turkey from worker side to employer side. Eventually, Turkey will overcome this crisis too, like the other crises in 1994 and 1989. However, this time we should learn a lesson from our mistakes. In order to learn a lesson we must bring up the causes, and put forth a certain question for consideration: What are the causes of the economic crises in Turkey? First of all, excessive military expenditures and its policy played an essential role in this crisis. In the last 20 years, Turkey's economy has considered the defence ...view middle of the document...

The militarized economy expands internal tension and hardens the foreign policy by international contacts too. Naturally, it directly affects production, consumption, trade and business.Besides military expenditures and its policy, the second main reason for economic crises is the floating currency. Some of the economy experts and politicians supported the transition to the floating currency because of the Brazil example. This floating currency regime was successful in Brazil's economic crisis in January 1999. So Turkey changed its economic policy. But this was a big mistake for Turkey. Contrary to Brazil, Turkey's importation is 25% of its national income; in Brazil this ratio is only 6% . For this reason foreign currency is very crucial for Turkey. The new technology devices like DVD players, VCRs and computer hardware are all imported goods and their prices change according to foreign currency. So all alterations in dollars or DM directly reflect prices and with the floating currency policy there is no chance to stabilize these changes. So, the economy is disconcerted with this policy.The most important one of all, corruption comes on the scene, if we consider the causes of economic crisis. The unlawful adjudication by the government, bank loans which are not given back, illegal loan sharking, illegal extortion were spread over in every rank of the government. Obstruction the corruption in the society is out of the question, while all of the government supports it in all of its services. Society takes the government as model and there is a Turkish proverb about that: "If a leader makes a small mistake, his followers will then make big mistakes and a system could not go on with such faults." In conclusion, there are three main reasons, corruption of the government, wrong economic policy and excessive military expenditures, which should be put right. Turkey experiences great troubles because of these causes and struggles with great difficulties against economic crisis. Turkey should learn a lesson from the mistakes, after coping with these blunders. A powerful Economy is possible with the right economic policy and legal system for Turkey. Turkey would not experience such a crisis again with its honest and hardworking citizens and politicians.

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