The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 8 Periods of transformation in the Turkish economy
Category | 1950–1962 | 1962–1985 | 1985–2003 | Post-2003 |
|---|---|---|---|---|
Macroeconomic factors | ||||
Growth strategy | Based on agricultural production | Based on domestic consumption | Transformation period and conflict between old institutional factors and new growth regime | Based on export growth |
Wage growth | Relatively low | High | High | Relatively low |
Productivity | Based on agriculture | Based on non-tradable goods | Based on export goods | Based on export goods |
Inflation | Low | High | High | Relative low based on inflation targeting |
Trade balance | Deficit | Deficit | Deficit | Large deficit |
Institutional factors | ||||
Employment | Agricultural workers | Agricultural and manufacturing workers | Manufacturing workers | Manufacturing workers |
Trade Union | No | Strong | Strong | Relatively strong |
Exchange rate | Fixed | Fixed and under-valued | Managed and over-valued | Floating and over-valued |
Production base | Agricultural sector | Protected domestic manufacturing | Export goods sector | Export goods sector |
Privatization | No | No | Relatively low | Large |
Mode of economy | Open and liberal economy | Protected economy | Open economy | Excessively open economy |
Government’s intervention | Strong | Strong | Strong | Relatively weak |
Role of Government | Supports agricultural sector | Supports domestic manufacturing | Supports export goods sector | Supports export goods sector (excessively private) |