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Uneven Centuries$
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Sevket Pamuk

Print publication date: 2018

Print ISBN-13: 9780691166377

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691166377.001.0001

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Economic Development and Institutional Change, 1980–2015

Economic Development and Institutional Change, 1980–2015

(p.275) 12 Economic Development and Institutional Change, 1980–2015
Uneven Centuries

Şevket Pamuk

Princeton University Press

This chapter explores how, in the decades after World War II, Turkey had attained unprecedented rates of growth by raising both its savings and investments rates from 11 percent of GDP in the early 1950s to 22 percent of GDP in the late 1970s. Investments in plant and equipment as well as education were financed primarily by domestic savings, even though as per capita incomes continued to rise after 1980, the savings rate did not rise. The growing dependence on short-term foreign capital inflows caused a significant increase in macroeconomic instability. The fluctuations in short-term movements of capital, arising from both global trends and domestic political instability, have led to major fluctuations in the economy since 1980.

Keywords:   Turkey, GDP, 1950s, 1970s, 1980, per capita incomes, foreign capital, macroeconomic instability

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