The Costs of Economic Liberalization in Turkey

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Lehigh University Press, 2005 - Business & Economics - 169 pages
Within a simple dependency-oriented framework this book analyzes the effects of liberalization policies in Turkey. These policies were mostly concerned with allocative efficiency, disregarding distributional efficiency issues. Hence their results were not always desirable, neither socially nor politically. These policies consistently favored capital over labor and created an economic system that made the rich richer and the poor poorer. Privatization, in the name of raising allocative efficiency, contributed to increasing inequality and poverty. Anti-inflationary policies, debt reduction schemes, environmental policies, and agricultural reforms all favored the interests of high-income groups. In addition, their benefits accrued more and more to industrial countries either directly by transferring surplus from the national metropolis to the international metropolis, or indirectly by restructuring the developing countries' output, input, and financial markets in such a way that any exchange between the developing and industrial countries would benefit the latter. An alternative system to neoliberal development strategy is presented in the last chapter, which promotes labor as an equal partner with capital. Memhet Odekon is an Associate Professor of economics at Skidmore College.

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Financial Liberalization
4a Stock Market Traded Value

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About the author (2005)

Mehmet Odekon is an Associate Professor of economics at Skidmore College, Saratoga Springs.

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