The Foreign Debt Policy and the 1929 Economic Crisis: A Synchronic Look at Greece and Iran from Turkey

Abstract

1929 Economic Crisis had especially affected the developed industrialized countries. Yet also, it cannot be ignored that the underdeveloped agricultural countries owning sensitive balances, had been going under the influence of the Crisis. The Crisis had affected these three countries in a similar way. The concrete indicators of the Crisis such as the price decreases of the agricultural products, the negative effects on the peasants, the decrease of the purchasing power, the deflation of the export capacity had been clear to display the effects in Turkey. This study aspired to examine how these two countries had applied the foreign debt policies simultaneously, and it also aimed to display how kind of a future was being prepared for these countries by the applied policies. The foreign debt policies of all of these three countries had been determinant with a large portion on the subsequent policies. The geographical closeness in the Near East, the historical commonalities along with these countries’ geopolitical position open to the political and economic maneuvers of the imperialist powers had been the basic factors determining the selection of these countries.