Econ424Lecture2 - Growth and Distribution Selected Topics...

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Unformatted text preview: Growth and Distribution Selected Topics in Turkish Economy Lecture Notes 3 Alper Duman March 11, 2009 Alper Duman Selected Topics in Turkish Economy Lecture Notes 3 Growth and Distribution Yeldan (2005) :Globalization Trap I 1980 is decisive in terms of decision for openness and globalization. I McKinnon-Shaw Hypothesis I Washington consensus I Speculative-led Growth: Dependency and volatility of growth performance Alper Duman Selected Topics in Turkish Economy Lecture Notes 3 Growth and Distribution I During the period of 1981-1988, integration into the global markets was achieved mainly through commodity trade liberalization. More important, both the exchange rate and direct export subsidies acted as main instruments for the promotion of exports and pursuit of macroeconomic stability. The period was also characterized by a severe suppression of wage incomes via hostile measures against organized labor. I The post-1988 structural shift could evidently be financed by taxing the bourgeoisie and by moving toward a more fair tax system. Yet, the strategic preference of the state was the maintenance of its present stance toward evasion of taxable capital incomes and of its lax attitude toward the so-called unrecorded private transactions. The public budget deficit exploded. I Instead the response to public budget deficits was capital account liberalization and explosion of domestic debt....
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This note was uploaded on 08/06/2009 for the course ECONOMICS ECON 424 taught by Professor Alperduman during the Spring '09 term at Izmir University of Economics.

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Econ424Lecture2 - Growth and Distribution Selected Topics...

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