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Can Effective Industrial Restructuring be Compatible with Market- Oriented Structural Adjustment Policies? The Evidence from Turkey

Published online by Cambridge University Press:  21 July 2015

Fikret Şenses
Fikret Şenses*
Affiliation:
Department of Economics, Middle East Technical University, Ankara
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Extract

One of the main objectives of the Stabilization and Structural Adjustment Program (SSAP) introduced in Turkey in January 1980 was to transform the industrial trade strategy from archetypal import-substitution to export-orientation and to attain a higher level of integration with the international economy through market-based policies. International financial institutions like the IMF and, in particular, the World Bank have been closely involved in this process. Apart from a number of stand-by agreements with the IMF, Turkey received five successive structural adjustment loans from the World Bank during 1980-84 with their conditionality extending into a wide range of spheres like import liberalization, export promotion, and financial liberalization. Not only was Turkey one of the first to conclude such agreements with the World Bank, it was also identified as one of the countries complying with their provisions with “low slippage”.3 Even when there were no formal agreements, successive governments since 1980 have had very close and amicable relations with both of these Bretton Woods institutions.

Type
Research Article
Information
New Perspectives on Turkey , Volume 13 , Fall 1995 , pp. 51 - 74
Copyright
Copyright © New Perspectives on Turkey 1995

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