A study on the impacts of the 1929 world economic crisis on Turkish political life

The focus of this study is to scrutinize the ramifications of the 1929 Global Economic Crisis on Turkish political life. This profound crisis, which originated in the United States of America and subsequently propagated across Europe before reaching Turkey, had a significant impact on our nation, comparable to that experienced by other European states. The crisis emerged during a period when classical economic doctrines were dominant. The inadequacies of classical economic strategies in addressing the challenges posed by the crisis underscored the necessity of Keynesian economic policies as a viable exit strategy from the economic turmoil. Keynesian theory posited that the global dissemination of the crisis was attributable to the reluctance or failure of contemporary policymakers to intervene appropriately in the economy to steer it effectively. By offering critiques of traditional economic policies on multiple fronts, Keynesian approaches facilitated countries in mitigating the adverse effects of the crisis with relatively minimal damage. The Republic endeavored to navigate this challenging period by formulating national development plans rooted in a liberal economic framework. On one hand, the government extended support to private enterprises and implemented various regulatory measures to stabilize economic life; on the other hand, it was believed that societal tensions could be alleviated through a pluralistic political approach. In this context, Mustafa Kemal Pasha established the Serbest Cumhuriyet Parti. However, contrary to expectations, the establishment of the Serbest Cumhuriyet Parti exacerbated existing tensions within the political sphere, ultimately necessitating the party's dissolution shortly thereafter. Keywords:1929 Global Economic Crisis, Serbest Cumhuriyet Fırkası