Abstract
Turkey's recovery from its debt crisis during the 1980s provides a good example for study. The most successful aspect of Turkish experience was the remarkable growth in exports. Liberal policies were implemented extensively to restructure the economy. But in terms of their impact on the real economy, the outcome has been disappointing. While income distribution deteriorated, internal resource mobilization failed to materialize. Successful growth in exports was only partly influenced by economic policies such as subsidies, which fell outside the “liberal” category. Under present circumstances, where self-sustaining growth is increasingly urgent, explicit policies targeting private investment have become necessary.
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