economic tumult in turkey: worries of contagion
erdogan’s widening grip trips up efforts to stem crisis
by carlotta gall, new york times
istanbul – president recep tayyip erdogan has long made clear that he considered no part of turkish life beyond his reach, not least the economy. even before he was re-elected in june with sultan-like powers, he had built his popularity on sustained economic growth fueled by signature megaprojects– the latest being plans for a canal bisecting the country. but critics have long charged that much of that expansion was built on budgetary sleight of hand, cronyism and corruption.
now turkey’s worst economic crisis since 2001– the currency hit another new low on monday– has confronted mr. erdogan with the limits of his authoritarian approach and could end his long run of success.
it was interesting that the new york times used the term “contagion” in the article describing president erdogan. contagion is defined as “the communication of disease from one person to another by close contact,” or “the spreading of a harmful idea or practice.” i do wonder how ideas are contagious and spread in the age of the internet. will fear of an economic bubble and a major financial crisis tip things in the wrong direction? or will the market continue to grow?
what do you think?
dr. phil lederer
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