Déjà Vu in Developing Economies? The Intertwined Story of Inflation, Interest Rates and Debt Burden

A glance at the history of the global economy reveals that certain critical junctures have …
  • Following the global financial crisis of 2008, liberal ideology was deeply wounded. The Keynesian ideology, arguing that governments should intervene where necessary (for the public interest) and that institutions should work more effectively, began to gain more popularity. The pandemic of 2020 (and the weaker position of capital) also strengthened this transformation. In emerging economies such as Türkiye and developed countries such as Japan, on the other hand, development policies, public stimulatory interventions and more independent policies came to prominence.
  • The need for the government to play a role in financial crises highlights the problems with American liberal capitalism, which allows for the emergence of large and efficient companies that cannot be allowed to go bankrupt, creating a system that consistently protects "big money."
  • The ongoing military confrontation between Armenia and Azerbaijan continues to escalate despite the recent calls for a cease-fire.

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