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Turkey, officially the Republic of Turkey, is a country that straddles Eurasia. Turkey's geographical location and geopolitical strategic significance is extremely important, is the crossroads connecting Europe and Asia. Turkey has adopted the European model in the political, economic and cultural fields, and is a candidate for the European Union. Turkey is a NATO member, a founding member of the organization for economic cooperation and development and a member of the G20. With a strong industrial base, it is one of the world's emerging economies and one of the fastest growing countries in the world, which caused by an economic boom in 2000s. In the 20th century, Turkey's economy changed dramatically after the economic crisis. Turkey's economy has prospered thanks to a long period of steady economic growth, well above the average of the 1990s. In addition, Turkey's economic situation was relatively prosperous during the 2008 global financial crisis and will continue to grow in the coming years. The Turkish government has developed a series of macroeconomic policies in accordance with the new economic plan and the Turkish government has used the new government structure and cooperated with the international monetary fund, which has led to some good effects, including reducing unemployment rate, higher education level, and increasing life expectancy. As a result, real GDP growth made Turkey one of the fastest growing countries in the 2000s.

National Flag of Turkey

History

Domestic Politics

After the establishment of the Turkish republic, the new government committed itself to a relatively moderate economic policy. The basic direction of Turkey's economic development has been preliminarily determined, namely, the development of modern national industries, protection of customs duties, encouragement of private investment and absorption of foreign investment. At the same time, Economy Minister Mahmut Isat Pozkur as representative of the "new Turkish economics" illustrates the basic economic policies of the Turkish government in the 1920s, the principle of nationalism and liberalism dual economy, the state-owned economy and non-state economy coexist and mixed structure of national capital and foreign capital, to raise tariffs and restrict imports, to protect national industry, emphasizing the countries in the credit and dominant position in the field of industry.

In the 1930s, the Turkish government abandoned the relatively moderate liberal economic policies and promoted the radical nationalist economic policies, vigorously developed the state-owned economy, emphasized the principle of giving priority to industrial development, and expanded government intervention and investment in industrial production, aiming at accelerating the process of industrialization. Coping with the negative impact of the western economic crisis from 1929 to 1933 on the Turkish economy is the direct cause of the implementation of the nationalist policy in Turkey.

Global Dynamics and Foreign Divestment

The first President, Mustafa Kemal Atatürk announced that foreign companies and foreign businessmen would be allowed to invest in Turkey within the framework of the law in 1921. At the beginning of the republic of Turkey, foreign capital played an important role in Turkey's economic life, with finance, railways and mining under the control of foreign capital. In 1927, Anglo-French controlled Ottoman Banks provided about half of Turkey's production credit and even the right to issue notes. In 1930, the Turkish government established a central bank, which was responsible for the formulation of monetary policies and the regulation of money supply. At the same time, it recovered the right to issue notes and purchased foreign enterprises and railways and ports operated by foreign capital. The degree of nationalization of the national economy was significantly improved. In the 1950s, the Turkish government emphasized the liberal economic policies, encouraged private capital and foreign capital to invest in the industrial sector, and established the Turkish industrial development bank to provide loans to private entrepreneurs who invested in industry.

In 1954, the Turkish government promulgated the Foreign Investment Act (Act no. 6224), offering many preferential conditions to foreign investors, opening up the domestic market and attracting foreign investors. With investors from the us, west Germany, France and Italy following suit, the modern industrial sector is the preferred investment for foreign investors.

The common development of private economy and state - owned economy

During this period, the number and size of private enterprises have shown a trend of substantial growth. According to statistics, there were 660 private enterprises with more than 10 employees in 1951, 1,160 in 1953 and 5,300 in 1960. At the same time, the average number of workers employed by the private sector increased from 25 to 33.

Since the 1960 s, the Turkish government take a series of positive measures, including tax rebates for private entrepreneurs in the emerging industry investment and preferential tariffs on imported equipment imported industrial tariffs and private companies to provide low-interest loans, to encourage the development of private enterprises, private enterprises accelerate the pace of development, production of private enterprises the soaring, the industrial structure of the private enterprises are also changing accordingly. The constitution promulgated in 1961 emphasizes the common development of private economy and state-owned economy, the organic combination of market economy and planned economy, and the leading position of the state in the financial field. Investment in the state-owned economy is mainly concentrated in large enterprises that are capital - and technology-intensive, such as infrastructure construction and metallurgy and chemical industry. The investment sector of the private economy is mainly small and medium-sized enterprises that produce daily consumer goods such as food processing and textiles.

In this period, the mixed economic structure of state-owned enterprises and private enterprises coexisted for a long time, and state-owned enterprises and private enterprises were divided equally. State-owned enterprises are few in numbers but large in scale; The number of private enterprises is large, but the scale is small. State-owned enterprises have advantages in capital, technology and production scale, and private enterprises have higher production efficiency and market competitiveness than state-owned enterprises. The input-output ratio of state-owned enterprises is low while that of private enterprises is high. The size of state-owned enterprises and their proportion in the total industrial output value showed a trend of gradual decline, while the size of private enterprises and their proportion in the total industrial output value showed a trend of gradual increase. Still, the state sector has long dominated Turkey's industrial production.

Recovery and Progression