The structure of the Turkish economy

Abstract

This essay presents a critical analysis of ozgur Orhangazi's Turkiye ekonomisinin yapisi (The structure of the Turkish economy). The book examines the last four decades of the Turkish economy, accounting for its place in the global capitalist system and focusing on the radical effects of the liberalization of capital mobility in 1989. Moreover, the book describes the growth model of the Turkish economy over the last two decades, consisting of three components: high dependency on foreign capital inflow, debt accumulation, and construction-oriented growth. This review finds that the book lacks in its examination of the internal dynamics of capitalism in Turkey, especially concerning the evolution of the two branches of the Turkish bourgeoisie: construction capital, which is the extension of commercial capital; and industrial capital, which has made its mark on the history of capitalism in Turkey. Class struggle inside the bourgeoisie has in fact shaped the last century of economic and political history in Turkey.