The Costs of Economic Liberalization in Turkey
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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4a Stock Market Traded Value
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agri agricultural agricultural sector allocative efficiency argue capital inflow cereal changes consumption core costs crisis cultural decreased deficit democratic developing countries dirty industries distribution domestic economic democracy economic liberalization effects efficiency Emissions energy environment environmental degradation European Union export farmers Figure financial liberalization financial markets foreign capital freedom global capital growth rate human rights important income increase industrial countries inflation institutions interest rates investment Kuznets curve labor labor rights Liberalization in Turkey liberalization program macroeconomic manufacturing ment neoliberal nomic º º OECD OECD Economic Survey percent periphery policies political pollution privatization production profits public sector quintile ratio reforms restructuring result rural semiperiphery share social Source support price targeted ternational tion trade unions Treasury Statistics Turkey Turkey's Turkish agriculture Turkish banks Turkish economy Turkish lira Undersecreteriat of Tresury urban various issues World Bank