SUGAR PRODUCTION INVESTMENTS IN TURKEY DURING POST 1929 ECONOMIC CRISIS PERIOD
Abstract
During the 1929 Economic Crisis, prices of agricultural products decreased much
more than industrial products. Turkey, as an agricultural product exporter could not afford
its importation under these new conditions. For the financial structure of Turkey, selfsufficiency
was seen as the most convenient solution. In this period, the Turkish government
aimed at importing substitution in sugar production. But for achieving this, Turkey needed
some additional investments. For the capital needs of these investments, government
primarily evaluated foreign contribution. But Turkish banks provided necessary capital to
sugar industry, with the leadership of İş Bankası. German and Czechoslovak contribution
also supplied machinery and technical assistance to Turkish sugar industry. Government
deeply investigated possible investment places, to reach the most appropriate conditions.
At last, Turkey founded two new sugar factories with their own financial sources in 1933
and 1934. Eskişehir Sugar Factory was the third factory in Turkey and Turhal Sugar Factory
became fourth investment in this field. Government unified the whole sugar production of
Turkey in 1935, in order to reduce production costs. From this date, Turkey experienced rapid
expansion in both beet agriculture and sugar industry. In this article, the state centered sugar
production investments were evaluated under the different financial conditions of the 1929
Economic Crisis. For the time period, subject would be investigated up to the early 1940’s.
Keywords
References
- Prime Ministry Ottoman Archive (Başbakanlık Osmanlı Arşivi) BOA Hariciye Nezareti İstanbul Murahhaslığı (HR. İM) 142/76,148/2.
- Prime Ministry Republican Archive (Başbakanlık Cumhuriyet Arşivi) BCA
- 30-10-166-154-1.
- 30-18-1-2-25-9-6.
- 30-18-1-2-32-78-20.
- 30-18-1-2-135-25-18.
- 30-10-181-249-3.
- 30-10-181-248-3.
Details
Primary Language
English
Subjects
-
Journal Section
Research Article
Authors
Publication Date
October 19, 2018
Submission Date
February 3, 2018
Acceptance Date
August 8, 2018
Published in Issue
Year 2018 Volume: 18 Number: 36