How the Fed Empowered Erdogan, and How It Now Undermines his Rule
By Barış Soydan
February 11, 2019
It is impossible to understand the electoral successes so far of Recep Tayyip Erdoğan, the undisputed leader of Turkey since 2003, without taking the spectacular growth of consumerism in the country into consideration. Notwithstanding the fact that the neoliberal economic policies of the ruling Justice and Development Party (AKP) have disproportionately benefited the wealthiest in Turkish society, low-income earners have also benefited from the economic growth of the last sixteen years. Yet this growth has to a large extent relied on the quantitative easing program of the U.S. Federal Reserve. The end of quantitative easing will be consequential for Erdoğan and his party. Erdoğan is not going to be able to retain the same level of support that he has enjoyed among low-income earners. Get ready for substantial drops in AKP votes in the municipal elections in March.
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Op-ed Halil Karaveli "The Rise and Rise of the Turkish Right", The New York Times, April 8, 2019
Analysis Halil Karaveli "The Myth of Erdogan's Power", Foreign Policy, August 29, 2018
Analysis Svante E. Cornell, A Road to Understanding in Syria? The U.S. and Turkey, The American Interest, June 2018
Op-ed Halil Karaveli "Erdogan Wins Reelection", Foreign Affairs, June 25, 2018
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Research Article Svante E. Cornell "Erbakan, Kisakürek, and the Mainstreaming of Extremism in Turkey", Current Trends in Islamist Ideology, June 2018
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