Question

Please write your thoughts about economic policy and results implemented between 1950-1960 years in Turkey?

Answer 1

In 1950 for the first time Democratic Party (DP) came into power after the transition to a multi-party period. According to the perception of Democratic Party, the liberalized market was of great help to develop economy spontaneously and naturally. They relied on aid and economic benefits from U.S., thus the policies were used in areas preferred by the USA instead of needs of Turkey. During the initial years, the policy of unpopular and unplanned economic development yielded positive results due to the overlapping of domestic as well as foreign positive conditions. But Turkey economy was inevitably hit by the crisis. The experts of IMF have proposed numerous stabilization programs; however DP government did not ignore these recommendations. The devaluation took place in 1956, and it resulted as 1 US $ was TL 5.20. The DP government visited America to find the crisis solution such as the steady growth of the balance of payments, the increase in imports, the increase in inflation and the proliferation of the black market, however the economic assistance was denied. Due to the rising external debts and the payment delay in such debts, Turkey has now become a sovereign nation.

DP aimed in the 10-year period of power on creating Turkey with a development focused towards the agriculture and trade and capitalization with the creation of the own enlightened strata. However the economy and development plans collapsed at the end of their power, and a repressive and authoritarian regime was created. The party was overthrown from power on 27 May 1960 by a coup