On Turkey’s new development path

Source:Daily SABAH Date:26Oct2018

Erdogan’s chief economics guru Mr Cemil Ertem explains Turkey’s new development paradigm:

The growth paradigms that have been tailored in favor of colonialist-imperialist countries since the mercantilists have also begun to change. Furthermore, the Keynesian and liberal theories which were developed in response to each other imposed the same deadlock on developing countries together. Accordingly, developing economies will be able to grow and develop to the extent that they have borrowed or will borrow from developed countries or the dominant financial system and to the extent of their repayment capacity. Development is a direct debt payment capacity. The monetary and fiscal policy framework is shaped accordingly. If developing countries grow above the world average, this is a so-called disaster.