The process of globalization and the analysis of its impacts on economic policies: The case of Turkey

Globalization is a new phenomenon relatively, that emerges especially in 1970s as a result of societal accumulations of modern ages. Though globalization is described within worldwide trade as from 15th century and within the capitalist development, it (globalization) involves some distinct qualitative-structural developments from in early ages from that it takes root.There exist many theoretical approaches in social sciences to explain globalization. In those approaches, scholars draw attention to that globalization has a holistic meaning, that it is a multidimensional phenomenon and that there is complex connectivity between its dimensions. The ideological, cultural, scientific-technological, political and economic dimensions of globalization affect each other interactively. This network relation reflects to global interconnection and practices of individuals, corporations, states, and so on.The theory of global capitalism highlights the economic dimension of globalization, as a theoretical approach to explaining globalization. For the theory, globalization emerges within transnational practices, and transnational production network or global commodity chain and transnational corporations constitute the quintessence of the economic dimension of globalization. Transnational capitalist class and transnational state in the political dimension and culture-ideology of consumerism in the cultural sense complement the economic dimension. Nation-states construct economic policies in the context of global capitalism. And economic policies transform qualitatively-structurally in the process of globalization.The process of globalization impacts national economic policies in terms of constructing economic system and order policy in conjunction with global capitalist practices. Economic system is liberalized, and liberal governments and supranational institutions make economic policy with regard to the motives of market globalism, supranational conditionality and the interests of transnational capitalist class. As regards, liberalization, stabilization and economic growth become main aims in economic policies. And some instruments of economic policies are applied on the basis of legal-institutional infrastructure and tight monetary and fiscal policies.Economic policies of Turkey are developed in the light of global capitalism as from 1980s, as well. The laws and institutions of economic liberalization create a consistent socio-economic system with global capitalism in the period of post-24 January Decisions. In this process, the governments having liberal economic programs were formed; the governments depend on conditionality and commitments related to the International Monetary Fund, the World Bank, the World Trade Organization, and so forth; the interests of transnational capitalist class along with indigenous capitalist class become overwhelming on economic policy-making.On the other hand, Turkey is not successful on stabilization and growth as the aims of economic process policy. Though the tight monetary and fiscal policies are applied, the results related to these aims are not better than before 1980s.