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On The Nature and Causes of The Wealth of Nations, 2007/08 A. Erinç Yeldan Bilkent University IDEAs Network.

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Presentation on theme: "On The Nature and Causes of The Wealth of Nations, 2007/08 A. Erinç Yeldan Bilkent University IDEAs Network."— Presentation transcript:

1 On The Nature and Causes of The Wealth of Nations, 2007/08 A. Erinç Yeldan Bilkent University IDEAs Network

2 something significant has changed in the way capitalism has been working since about 1970 David Harvey, 1989

3 Changes in the Global Environment economic limits of Fordist production and mass consumption have been reached by the 1970s. Profit rates in manufacturing in US and elsewhere started to decline as capital intensities increased

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6 Source: Moseley, Monthly Review, 2003

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10 Symbol tick = MAN country TURK cusip = 56418H100 isin = TURK56418H1005 / symbol sign - change = + caltype = percent 2.5 / change price value = If you are still reading the above sentence, you are already too late!

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13 Source: Wolff and Resnick, 2006, Advances in Marxist Theory

14 Source: EconomicPolicy Institute

15 Turkey: Labor Productivity and Real Wages,

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20 Revised Growth Projections OLDNEW IMF, World IMF, Turkey ?2.3? Morgan Stanley, Turkey CBRT3.32.7

21 Revised Growth Projections 2008 January2008 November2009 january IMF, World IMF, Turkey ?2.3? Morgan Stanley CBRT

22 Lessons the argument that this time things are different is a statement that can only be made by fools that fail to take any lessons from history... Kenneth Rogoff, IMF Chief Economist, 2005


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