abstract: 'After the 2001 crisis, Turkey continued to pursue the radical

  market-oriented reform strategy that had started in the early 1980s and

  followed the philosophy of the Washington Consensus. Gross domestic

  product (GDP) growth in the post-2001 period was relatively high, but it

  was a `jobless{''''} growth caused by substantial productivity increases

  generated largely by intensifying the work process rather than by

  technological advancements. Economic growth in the post-2001 period

  benefited society very unequally. The growth regime of Turkey is

  vulnerable owing to high current account deficit; high currency

  mismatch, particularly in the corporate sector; high income inequality;

  high unemployment; and an unsatisfactory development of the industrial

  sector, despite some successes. We recommend a new development regime

  with selective capital controls, a balanced current account, an active

  industrial policy by the government, stronger trade unions and

  employers'' associations engaged in social dialogue combined with

  coordinated wage bargaining on the sectoral level, and last but not

  least, redistributive policies aiming to achieve a more equal income

  distribution.'
affiliation: 'Herr, H (Corresponding Author), Berlin Sch Econ \& Law, Berlin, Germany.

  Herr, Hansjoerg; Sonat, Zeynep M., Berlin Sch Econ \& Law, Berlin, Germany.

  Sonat, Zeynep M., Free Univ Berlin, Berlin, Germany.'
author: Herr, Hansjoerg and Sonat, Zeynep M.
author-email: 'hansherr@hwr-berlin.de

  zeynep-sonat@gmail.com'
author_list:
- family: Herr
  given: Hansjoerg
- family: Sonat
  given: Zeynep M.
da: '2023-09-28'
eissn: 1305-3299
files: []
issn: 0896-6346
journal: NEW PERSPECTIVES ON TURKEY
keywords: 'Turkey; growth regime; monetary policy; international capital flows;

  financial system'
keywords-plus: 'EXCHANGE-RATE REGIMES; MARKET; GLOBALIZATION; DETERMINANTS; EXPERIENCE;

  ECONOMY; POLICY'
language: English
month: FAL
number: '51'
number-of-cited-references: '98'
pages: 35-68
papis_id: 47355124da2328993f3bd037afac1d93
ref: Herr2014fragilegrowth
times-cited: '1'
title: The fragile growth regime of Turkey in the post-2001 period
type: article
unique-id: WOS:000346327100002
usage-count-last-180-days: '1'
usage-count-since-2013: '12'
web-of-science-categories: Social Sciences, Interdisciplinary
year: '2014'