Today, the crisis of Turkey is both a crisis of capitalism and a crisis of the Republic.
To the extent that it is a crisis of capitalism, of a financialized regime of accumulation, its own internal business cycles are synchronous with the cycles of global capitalism. Even though the current economic crisis takes the form of stagflation (a high inflation rate combined with recession), its driving factor is the increased default risk of the highly-leveraged corporate sector. The Justice and Development Party (AKP), governing an economy fully-integrated to the international financial system since 2002, enjoyed the benefits of global liquidity as it consolidated its hegemony. Today, as the crisis hits corporations and households alike, Turkish President Recep Tayyip Erdoğan and the AKP resort to anti-imperialist jargon to pass the proverbial buck, and cover up their helplessness in the face of the vast scope of the crisis.