The economic emergence of Turkey

For centuries, Turkey has been the nexus of trade and enterprise in Southeastern Europe. Located between the continents of Europe and Asia, Turkey remains the historical portal of the Eastern and Western worlds. Although rooted in an entrepreneurial spirit, the antiquated trade laws in Turkey hindered the sprawling nation’s ability to trade with others. In the late 1980s however, Turkey liberalized its economic legislation, thus enabling the private sector to take the lead in generating growth and employment. This paper examines the evolving Turkish economy through the vehicles of history, the banking system, foreign investments, government apparatuses, and domestic markets and trade policy. Moreover, this paper identifies strategies and market sectors for potential investors. Finally, this paper offers a counterpoint which notes several possible and current economic pitfalls which have and may continue to handicap Turkey in the global marketplace.