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Econ424Lecture3 - Selected Topics in Turkish Economy...

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Selected Topics in Turkish Economy Lecture Notes 3 Alper Duman March 25, 2009 Alper Duman Selected Topics in Turkish Economy Lecture Notes 3
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RODRIK (2005) I Economic diversification and development is best achieved under a mixed policy regime that combines market discipline with government promotion. I Turkey has now become a major exporter of motor vehicles, auto parts, steel, TVs, and military aircraft. Steel, consumer electronics, and motor vehicles are classic IS industries. It would not have been unreasonable to expect these industries to have been wiped by the competitive forces ushered by trade liberalization, especially in the aftermath of the customs union agreement with the European Union. Instead, these industries have emerged stronger and are leading the way for the productive development of the Turkish economy. Alper Duman Selected Topics in Turkish Economy Lecture Notes 3
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I While markets do a good job of ensuring static efficiency, they often fail to ensure dynamic efficiency.
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