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Öğe Between the two worlds: Turkey’s repositioning in the global economy(Springer International Publishing, 2022) Babacan, MehmetTurkey has demonstrated a unique ability to extend its integration to the global economy in horizontal and vertical axes while taking its own path to indigenous industrialisation as a means of navigating the uncharted waters of uncertainty since the latest financial crisis of 2008. Being named as one of the rising middle powers or a fragile emerging upper-middle-income economy, Turkey now faces a major challenge of repositioning itself between the two worlds, namely a world of mutual existence and dependence, and a world of disruption, renewed protectionism and finally rupture. The perspective of this chapter, therefore, displays first how Turkey has been caught in the middle of these two worlds and then argues that positioning itself once again as a mediator in a number of conflicting ideas, policies and even actions would otherwise be insufficient to further rise as a key player.Öğe Beyond planning and liberalization: Foreign trade and industrial development in Turkey(Palgrave Macmillan, 2018) Babacan, MehmetAfter a brief open-economy experience during the 1920s, the Turkish economy could be regarded as state-controlled, planned, and partially closed for the following half a century. Trade, meanwhile, played a limited role and, aside from imported raw materials and exports of agricultural products, did not constitute a significant portion of economic activity. Industry developed-though limited-under a strategy of import substitution in 1960s and 1970s. Along with other major developing countries, Turkey has also witnessed a period of commercial and financial openness, export-oriented industrial production, and a growth model that led to high growth rates, increasing indebtedness at the state level, and budget and current account deficits in the 1980s. Political and macroeconomic instability for the whole 1990s led to unsteady growth cycles under unfinished industrialization and unregulated liberalization processes. The AK Party period (2002-2017) represents a threshold for Turkish industrial, commercial, and financial expansion within a relatively stable environment that then faced several challenges. The first decade of the AK Party government is often described as the final attempt to do the unfinished job of liberalization, both political and economic. Between 2012 and 2017 however, Turkey’s industry, businesses at all scales, financial, and political institutions have been subjected to difficult stress tests, revealing unresolved structural issues. New challenges due to the changing nature of world politics, regional and internal dynamics, and global economic developments, however, are now forcing Turkey to revisit its export-led growth strategy based on reindustrialization, producing more capital-intensive goods with a greater technology component. This chapter asserts that Turkey’s rising trade around the world could hold strong potential with respect to reindustrialization in strategic sectors. Lastly, a new phase of trade expansion should be launched over not only employment but also the development of a high-skilled labor force, proprietary technology in strategic sectors, and sustainable finance.Öğe Firm size and financing behavior during COVID-19 Pandemic: Evidence from SMEs in Istanbul(Elsevier, 2023) Gür, Nurullah; Babacan, Mehmet; Aysan, Ahmet Faruk; Süleyman, SelimThis paper examines how small and medium-size enterprises (SMEs) in Istanbul managed their financial needs during the COVID-19 pandemic. A unique survey was conducted in May -June 2021 to analyze the effect of the pandemic on financial conditions and access to finance. The paper maps the differences between firms in terms of their financing conditions and behavior based on their size during the pandemic. The novel data set helps to conceptualize the impact of the COVID-19 pandemic on SMEs. The paper makes a contribution to the literature through using a large number of variables related to firms' financial conditions and opportunities (e.g., credit restructuring, debt postponing, capital injection). The paper hypothesizes that SMEs are less likely than large firms to access formal finance opportunities, but they tend to rely more on informal financing. The empirical findings suggest that, during the pandemic, micro and small firms tend to borrow more from their acquaintances, such as relatives and friends. Micro firms are less likely to restructure their outstanding loans, borrow from banks, or inject capital. Furthermore, micro firms tend to cut their costs more to avoid further difficulty in their financiaVl positions. Micro and small firms tend to apply for bank loans less than large firms, while medium-size firms are more likely to apply. Micro and small firms are more inclined to report difficulty in accessing credit.Öğe Gauging the ethicality of students in Turkish institutions of higher education(Springer, 2017) Beekun, Rafik I.; Alayoğlu, Nihat; Öztürk, Ali Osman; Babacan, Mehmet; Westerman, James W.We investigated the ethical behavior of Turkish university students to (a) compare the difference in ethical behavior between business students and non-business students, (b) examine the impact of key contingency variables on how they make decisions when confronted with an ethical dilemma, and (c) investigate the process underlying the ethical behavior of Turkish students. Data were collected from business students (n = 158) at a major private university in Western Turkey. The results indicate that a Turkish student's peers, marital status, and education level exert a significant effect on their ethical behavior. Further, business students specifically differed from non-business students in their enhanced use of egoism when confronted with an ethical dilemma. The results of this research may have important educational policy implications for business ethics in Turkey.Öğe On the path to high-income status or to middle-income trap: The Turkish economy in search of its future(Palgrave Macmillan, 2018) Aysan, Ahmet Faruk; Babacan, Mehmet; Gür, Nurullah; Karahan, HaticeThe growth episode of the Turkish economy in the 2000s was written based on two integrated fundamentals: fixing the deteriorating dynamics and implementing further reforms to stimulate economic activity. This basic formula led to attractive rates of economic growth, fueled particularly by domestic private investments along with revived consumption and exports. Integrated with the political stability established by single-party governments in the post-2002 period, the improving economic outlook also helped Turkey enjoy record levels of foreign investment, adding momentum to the growth story.Öğe Turkish economy: Between middle income trap and high income status(Palgrave Macmillan, 2018) Aysan, Ahmet Faruk; Babacan, Mehmet; Gür, Nurullah; Karahan, HaticeThis book scrutinizes the last 15 years of exceptional growth in the Turkish economy, and presents a model for sustainable ongoing growth that has particular implications for other key emerging economies. The growth of the Turkish economy in the 2000‘s was based on two integrated fundamental factors: fixing deteriorating dynamics and implementing further reforms to stimulate economic activity. This basic formula led to pleasing rates of economic growth, fuelled particularly by domestic private investments along with revived consumption and exports. Driven by political stability established by single party governments in the post-2002 period, an improved economic outlook helped Turkey enjoy record levels of foreign investment, adding momentum to its growth story. The Turkish experience in the post-crisis period implies that in order to achieve a fast and- more importantly- sustainable onward growth, the economy needs a new generation of structural reforms that simultaneously heal fragility and vitalize economic activity. The papers in this book offer professional assessments and assistance- especially for policymakers, and present a new direction upon which the Turkish economy- and emerging markets - can progress successfully for a further 15 years.Öğe Understanding change in disruptive contexts: The role of the time paradox and locus of control(Elsevier Inc., 2023) Manisalıgil, Alperen; Gölgeci, İsmail; Bakker, Arnold B.; Aysan, Ahmet Faruk; Babacan, Mehmet; Gür, NurullahWe examine how the experience of time and locus of control influence organizational change in disruptive contexts. Through the cycles of the COVID-19 pandemic restrictions and their relaxations in Turkey, we found that organizations approached change similarly in the short term but differently in the long term. To unpack the mechanism behind these observations, we analyzed in-depth qualitative data from five organizations from March 2020 to September 2021. We reveal that the change process creates time pressure in disruptive contexts, and a time paradox emerges to the extent that the change outcomes increase the available time under time pressure. Depending on their locus of control, individuals either complement organizational change or resist it even more after triggering events that signal the lastingness of the post-disruption situation. Our framework may enhance organizational resilience to future disruptions by highlighting the requirement for change recipients to make complementary moves to regain control.
