Credit

The Shifting Politics of Debt in Turkey

State-sponsored credit campaigns are not a new strategy for Turkish governments but the low-interest consumer loans that were extended to almost 7 million people in the first months of the Covid-19 pandemic surpassed all earlier financial inclusion programs. Inviting masses into the financial sector amid stagnating or declining real wages and expecting people to reinvent themselves as entrepreneurs or small-scale investors were the main pillars of the project. It did not, however, solve the problems faced by low-income groups, women and minorities. Ali Rıza Güngen examines the state’s shifting approach to debt and the consequences for borrowers.

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