Turkey's Economic History And Development Turkey is one of the European countries whose economy has gradually grown over time. The phases of growth have seen it grow from a slow and informal country to a modern and great country presently making it a serious trade partner in blocs like EU, OECD, and WTO among others. The economy's history has grown to be what it is now courtesy of a consultative leadership that has been in place since then. The country's position in the European economy has made it get to where it is. The strategic position and location to the continent's trade routes contribute to the country's growth at the time and even today.

The Economic History

Turkey has been through a series of economic changes since the time of the First World War. From 1923 to 1929, the country pursued a policy of private accumulation. The investments that were done were on the issue of building an economy that was driven by a desire to enrich households. Trade between the citizens was promoted as a way of safeguarding the country's dreams and aspirations for a safer, cleaner and more efficient economy. The mistrust among nations after the First World War could not allow them to build relations with each other. That is why the Turks were slow to opt for international trade at first (Nas 10).

Between 1929 and 1945, the...

During this period, there were developments to build the country amidst the challenges that had occurred. As such, the leaders opted to conduct a policy of continuous growth of the economy through an acknowledgment of the fact that countries had to build their economy on a growth pattern that would allow it to stay afloat (Onis and Senses 12).
The period of 1950 to 1980 was characterized as the period of state guided industrialization. The country's leadership wanted to lay down the sufficient infrastructure that was needed to absorb the many idle citizens who needed jobs. The priority could not be ignored as the situation in the country required people to work and earn income. These arrangements were set out from the central bank of Turkey and spilled over to the people in the country. All these arrangements were made because the citizens wanted to grow their wealth to levels enabling to overcome the effects of the recession (Nas 17).

The past forty years have seen the country grow away from its protectionist practices into an open market. Turkey's economy is now seen to accommodating foreign investors, building, and strengthening ties with other global partners. This has enabled them to sustain the previously weak…