Economic Crises in Turkey and Their Socio-Economic Effects

Abstract

Economic crises have affected states and societies throughout history and have caused social and political changes. The 1929 crisis, which affected the whole world, and the consequences it created, was the first major crisis to show how big effects economic crises can have on societies. 2. The economic crises experienced during the World War II and the oil crisis that emerged at the beginning of the 1970s 20. there have been other important crises that have emerged in the century. The significant political and economic changes experienced after 1980 also changed the structure of the crises. Following the emergence of the phenomenon of globalization, factors of production have started to be able to shift easily between countries. Dec. While developing countries need the capital factor, the owners of capital have been looking for high returns. Many countries have faced crises due to the lack of deepening of financial markets, the lack of necessary regulations, and the lack of ready institutional and legal infrastructure. Turkey, like South American countries and Asian countries, has faced crises during this period. In this article, the emergence of the crises of 1994 and 2001 and the global financial crisis of 2008 and their effects on the Turkish economy, as well as the socio-economic consequences created by them, are examined.