The capitalist crisis and its implications for the Turkish economy

Mustafa Durmus
2009 SEER. Journal for Labour and Social Affairs in Eastern Europe. Journal of the European Trade Union Institute  
This is not the first crisis of capitalism. However, it is the deepest since the Great Depression of 1929Depression of -1933. It emerged first in the financial sector in the USA, causing a total collapse of the financial system and a credit crunch. This turned into a real crisis by inducing a recession; consequently, economic growth decreased whilst unemployment rates, bankruptcies and financial losses reached a critical stage all over the world. The official view states that, with the
more » ... , with the precautions taken after the 2001 crises in the banking sector, the 2008-09 financial crisis will not affect Turkey severely, but the engines of growth for both local and foreign markets in the country, such as textiles and the automotive and construction industries are badly affected. The Turkish economy has been hit by the crisis starting in these sectors and its related effects are becoming heavier each day. The measures taken by the government thus far are aimed at making the working class and the unemployed pay the bill for the crisis, as always.
doi:10.5771/1435-2869-2009-3-301 fatcat:r6tzqc62ufffdkvsmgj3j45mg4