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Global Economic Crisis and Turkey

Year 2009, , 123 - 128, 01.05.2009
https://doi.org/10.1501/Intrel_0000000228

Abstract

Global Economic Crisis and Turkey

Year 2009, , 123 - 128, 01.05.2009
https://doi.org/10.1501/Intrel_0000000228

Abstract

The current global financial crisis starting with the subprime
crisis in the US is by no means new in the history of capitalism yet
outreaching its precedents to the degree that it is recognized as the
worst one since the Great Depression of 1929. Despite the
attempts of the US Treasury, Federal Reserve and mainstream
economists to constrain the current crisis in the financial realm, it
manifests the structural problems of the real economy, which are
no longer possible to ignore. The long-term problems in the
capital accumulation and the weakening of aggregate demand
made advanced economies far less dynamic and more vulnerable
to crisis as such over the last thirty years. The crisis in the financial
markets made these problems visible, while this crisis was not the
real cause of those problems. In late 2007, the housing bubble in
the USA started to deflate, the sub-prime mortgage crisis began to
hit the major Wall Street Investment Banks, and the recession in
the US economy was on the way.

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Details

Primary Language English
Subjects Political Science
Journal Section Miscellaneous
Authors

Nazan Balaban Bedirhanoğlu This is me

Publication Date May 1, 2009
Published in Issue Year 2009

Cite

APA Balaban Bedirhanoğlu, N. (2009). Global Economic Crisis and Turkey. The Turkish Yearbook of International Relations(40), 123-128. https://doi.org/10.1501/Intrel_0000000228