Turkey:
Economy in the 1970s and 1990s
Turkey is a unique country that lies partially in Asia and partly in Europe. The Asian and the European part of the country are separated by the Bosporus, which is the water link between the Black Sea and the Mediterranean. Although the areas constituting Turkey have a very ancient history, the modern day Turkey became a Republic in 1923 under the leadership of Mustafa Kemal (Ataturk) after the collapse of the Ottoman Empire. Turkey's economy is a mixture of modern industry and ancient agriculture that has undergone many ups and down throughout its history. In this paper we will focus on the economy of Turkey in the 1970s & 1990s, and discuss the major economy-related events that occurred during this period.
The 1970s
The decade of 1970s was a period of serious economic crisis in Turkey, which was accompanied by political and social turmoil.
Overview of Major Events
Suleiman Demirel had won the general elections in 1969 to become the Prime Minister, soon confronted by civil unrest and violent clashes between the extreme leftist and rightist factions. There was an ongoing separatist struggle by the country's Kurdish minority that exacerbated the situation. A severe earthquake hit Western Turkey in 1970-71 that resulted in widespread damage. Demirel was followed by a succession of Prime Ministers in the early seventies amidst continuing civil strife and unrest. Under U.S. pressure, the Turkish government banned the cultivation of opium poppy (used in manufacture of heroin) in 1972. Turkish troops invaded the island of Cyprus in mid-1974 and occupied 30% of the island. This was purportedly done to protect the island's Turkish inhabitants following a Greek-inspired coup in Cyprus. Turkey and Greece were on the verge of all out war, which was prevented only by the intervention of the United Nations and the U.S. During most of the decade, Demirel and Ecevit alternated as heads of unstable, minority governments presiding over a worsening economy. The decade ended with a military coup in 1980 following...
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