From Developmentalism to Neoliberalism: The Changing Role of the State and Development of Islamic Business and Finance in Turkey
Journal Title: Türkiye islam iktisadı dergisi - Year 2018, Vol 5, Issue 1
Abstract
In this article, my aim is to examine the development of Islamic business (a class of Islamic entrepreneurs and the holding companies based on multi-ownership) and finance (Islamic banking) in Turkey during the 1980s and 1990s. Particularly, I investigate why Islamic business and finance did not emerge until 1980 and what factors played an important role in its emergence in the 1980s. I examine the relationship between the Turkish developmentalism and “state-initiated social engineering” project aimed at modernizing Turkish society through strict secularization policies, to understand why Islamic business and finance did not develop until the 1980s. However, in the 1980s, similar to many countries, Turkey aimed at reducing the role of the state in the national economy through the implementation of neoliberal policies and shifted its political-economy from state-led developmentalism to market-led development. As a result of this transition, Islamic business and finance emerged by taking advantage of the opportunities of financial and political liberalization.
Authors and Affiliations
Fatih VAROL
Keywords
Related Articles
- EP ID EP300522
- DOI 10.26414/tujise.2018.5.1.1-15
- Views 113
- Downloads 0
İKTİSADİ BÜYÜME VE BATILILAŞMA
Real income differences among human societies has been increasing in the past two centuries, and it is expected that these differences will not improve in the near future. Fundamental causes determining the reel income s...
Economic Sociology of Islam According to The Risale-i Nur
Since economic policies and administrative regulations cannot be differentiated from their own material circumstances and sociological basis, a multidisciplinary analysis is conducted over economics, sociology and relate...
Ibn Khaldun’s Theory of Taxation and its Relevance
Ibn Khaldun, the North African versatile genius scholar of fourteenth century produced his famous work ‘al-Muqaddimah’ (the Introduction) which is considered as one of the most sublime and intellectual achievements of th...
Does Islamic Banking convey more financial transparency than conventional banking?
This study examines the criteria of transparency and disclosure in Islamic banking and compares them to conventional banking. By examining the traditional accounting standards for transparency, namely IAS 1, IAS 24, IFRS...
Interest Rate Risk in Interest-free Banks An Empirical Research on Turkish Participation Banks
Participation banks, which are globally called Islamic Banks or interest-free banks, basically receive funds based on profit-loss sharing principle and make loans via purchasing a commodity or a service and selling it to...