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An overview of the turkish economy: 1920-80

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Chapter Summary

During the 1920s, Turkey's commerce and trade were severely disrupted by the wartime flight of human capital, and both the agricultural and manufacturing sectors were handicapped due to the loss of financial capital and the heavy war debt that had been inherited from the Ottoman government. First, there was the widespread belief in the 'weakness' of domestic economic activities and their inability to compete with established industries abroad. Second, there was a strong suspicion of the market mechanism, and a belief that the government would have to assume responsibility for development. The majority of the manufacturing plants built were in industries such as chemical products, iron and steel. Beginning in the 1970s, a growing number of nations started to rethink their decades-old protectionist policies, and as supply shocks of the 1970s, inflation, and the debt crises continued to destabilize their economies, an outward-looking trade regime, became the dominant development strategy.

Keywords: 1970s; inflation; Ottoman government; Turkey's commerce and trade



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