{"id":28625,"date":"2018-10-24T14:03:45","date_gmt":"2018-10-24T08:33:45","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28625"},"modified":"2018-10-24T14:03:45","modified_gmt":"2018-10-24T08:33:45","slug":"chronicle-of-a-victory-foretold","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/chronicle-of-a-victory-foretold\/","title":{"rendered":"Chronicle of a victory foretold"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/opinion\/lead\/chronicle-of-a-victory-foretold\/article24264883.ece\">Chronicle of a victory foretold<\/a><\/p>\n<p><strong><u>Article:<\/u><\/strong><\/p>\n<ol>\n<li>Ahmet Tonak, an economist, and Vijay Prashad, Chief editor of Lefts words book, analyse the upcoming challenges before Turkey\u2019s newly elected President Tayyip Erdogan.<\/li>\n<\/ol>\n<p><strong><u>Important Analysis:<\/u><\/strong><\/p>\n<p>2. Tayyip Erdogan won recent re-election as President of Turkey.<\/p>\n<p>3. The elections were held in a state of emergency, imposed in July 2016 following a coup attempt.<\/p>\n<p>4. Erdogan called for election a year before they were due as a clever political move. This victory will provide him opportunity to establish his political authority before he tackles the economic weakness of Turkey.<\/p>\n<p><strong><u>5. Turkey after financial crisis:<\/u><\/strong><\/p>\n<ul>\n<li>After 2008 financial crisis Turkey faced lots of problems. Mr Erdogan\u2019s initiated some steps to tackle this crisis situation.<\/li>\n<li>Aftermath of 2008 financial crisis, new money was to break unavailability of credit. Turkey like other middle-income countries (Argentina and Mexico), joined the larger economies to stimulate economic growth.<\/li>\n<li>Turkey and Mexico lose their currency value after the U. S. Federal Reserve began to reduce money supply and raise interest rates.<\/li>\n<li>Erdogan\u2019s financial manager prevented the Turkish central bank from raising interest rates to deal with capital outflow.<\/li>\n<li>Author says that this move was\u00a0\u00a0to protect his allies amongst the mid-level Anatolian business communities and the small artisans, not to protect lira.<\/li>\n<li>The Turkish currency lira dropped in value against the U.S. dollar from 3.75 TL in early 2018 to 4.92 TL by May.<\/li>\n<\/ul>\n<p><strong><u>6. Arab Spring in 2011:<\/u><\/strong><\/p>\n<ul>\n<li>At the start of the Arab Spring in 2011, Mr Erdogan was confident that Turkey would re-emerge as a major player in the region.<\/li>\n<li>A foreign policy outlook named neo-Ottomanism commanded Turkey\u2019s ambitions.<\/li>\n<li>Failure attempt to overthrow Syria\u2019s Bashar al-Assad and defeat of Turkey\u2019s preferred Muslim Brotherhood from Tunisia to Egypt led to the desiccation of Mr. Erdogan\u2019s hopes for Turkish expansion.<\/li>\n<li>Moreover, tensions with the West and failure in Arab world\u00a0\u00a0\u00a0 have driven Turkey back towards relations with Russia, China and Iran.<\/li>\n<\/ul>\n<p><strong><u>7. New Challenges before Turkey:<\/u><\/strong><\/p>\n<ul>\n<li>Turkish republicanism is posing an incoherent challenge to Erdogan\u2019s mix of nationalism and Sunni internationalism.<\/li>\n<li>It is wedded to the EU project, including the North Atlantic Treaty Organisation(NATO).<\/li>\n<li>The new manoeuvres of international finance capital added substantial fragility to Turkey\u2019s economy, which already accumulated external debt of around $ 500 billion.<\/li>\n<li>By the end of the year, Turkey will have to pay down almost half of this debt.<\/li>\n<li>To do so, Mr Erdogan may be compelled to enact policies that favour business community rather than working class and peasantry.<\/li>\n<li>Higher rates of unemployment can be expected.<\/li>\n<li>Higher inflation can be seen in essential goods.<\/li>\n<\/ul>\n<p><strong><u>8. Conclusion:<\/u><\/strong><\/p>\n<ul>\n<li>Edogan\u2019s reelection will mean that Turkey will continue to stumble between its obligations to NATO and the West as well as its need for close links to Russia, China and Iran.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Chronicle of a victory foretold Article: Ahmet Tonak, an economist, and Vijay Prashad, Chief editor of Lefts words book, analyse the upcoming challenges before Turkey\u2019s newly elected President Tayyip Erdogan. Important Analysis: 2. Tayyip Erdogan won recent re-election as President of Turkey. 3. The elections were held in a state of emergency, imposed in July&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/chronicle-of-a-victory-foretold\/\">Continue reading <span class=\"screen-reader-text\">Chronicle of a victory foretold<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28625","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704588989},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28625"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28625\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}