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“Uneven Centuries: Economic Development of Turkey since 1820” by Şevket Pamuk is an in-depth study of Turkey’s economic progression over the last 200 years. This book is a rich source of knowledge, providing a profound examination of the fundamental factors driving Turkey’s growth.
Pamuk dissects Turkey’s economic past into four distinct phases:
- The era of open economy during the Ottoman period in the 19th century.
- The shift from empire to nation-state across the two World Wars and the Great Depression.
- The sustained protectionism and import-substituting industrialization post-World War II.
- The adoption of neoliberal policies and economic liberalization post-1980.
The author posits that the long-term economic patterns of Turkey cannot be solely attributed to immediate factors such as economic policies, investment rates, productivity growth, and structural transformation. Rather, he probes into the deeper catalysts for economic expansion, especially the social, political, and historical factors that affect the growth rate of inputs and productivity.
A central insight from the book is the crucial role of institutions in Turkey’s economic evolution. Pamuk characterizes institutions as the formal and informal societal rules and their enforcement that shape the incentives for investment and innovation. He underscores that Turkey’s formal economic institutions and economic policies underwent significant transformations over the past two centuries.
In summary, “Uneven Centuries” offers a distinctive viewpoint on Turkey’s economic evolution, underscoring the significance of institutions and their development. It provides valuable understanding of growth patterns in developing nations over the past two centuries. This book is essential reading for those keen on comprehending the intricacies of Turkey’s economy and its position in the global economic framework.
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