The 2000–2001 Financial Crisis in Turkey

A Crisis for Whom

Bibliographic Data

ID12229170
AuthorsMathieu Dufour (0000-0003-4395-0105, University of Massachusetts Amherst), Özgür Orhangazi (0000-0002-3122-8206, Roosevelt University, corresponding author)
Year2008
Volume21
Issue1
Pages101-122
Publication date2008-12-04
Open AccessNo
TypeARTICLE
VenueReview of Political Economy (JOURNAL)
Journal identifiersISSN: 0953-8259 • E-ISSN: 1465-3982
PublisherTaylor & Francis (PUBLISHER • GB)
DOI10.1080/09538250802517014
OpenAlexW1485755570
LanguageEN
Citations received5
References cited8

In this paper, we study the consequences of the 2000-2001 financial crisis in Turkey to identify the impacts of the crisis on capital and labor. We uncover three significant empirical effects of this crisis. First, international capital benefited from the crisis by both increasing its total assets in Turkey and income flows from these assets, while large domestic financial capitalists also increased their profits in the aftermath of the crisis. Second, industrial capital benefited via a repression of labor. Third, the attempt to ‘remedy’ the economy by imposing structural changes furthered the interests of capital in general

Business · Capital (architecture · Capital flows · Economic policy · Economics · Financial capital · Financial crisis · Financial system · Geography · Human capital · Macroeconomics · Market economy · Global Financial Crisis and Policies · State Capitalism and Financial Governance

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