Power struggles in integrated economies through globalization: An evaluation in the context of energy and recommendations for Turkey

In order to prevent the recurrence of hardships experienced during the First and Second World Wars and to liberalize world trade, institutions such as the IMF, GATT, and World Bank have played a significant role in paving the way for globalization, along with technological advancements. The end of the Cold War, the establishment of the WTO, and the individual use of the internet have accelerated globalization, leading to heightened economic and social interdependence among countries. China has been the greatest beneficiary of these conditions, becoming the manufacturing hub of the modern world, while Russia, as the successor to the USSR, has implemented policies to revive its economy and return to its former days. However, this situation has been viewed as a risk by Western countries, particularly the United States, leading to the implementation of restrictive measures. The sanctions imposed as a result of Russia's annexation of Crimea, the trade wars between China and the US, the Covid-19 pandemic, and Russia's attempted occupation of Ukraine have posed significant challenges to world trade. Issues in supply chains, particularly in food, health, and chip sectors, have negatively affected production processes and pushed global inflation to record levels. The policies pursued by global powers, primarily since the 2010s, in line with their own interests, combined with the effects of globalization, have demonstrated the magnitude of the risk for interconnected economies. Turkey has been affected by these global developments, leading to a decrease in the purchasing power of its population due to high inflation. The country's policies have provided some insulation in terms of food and energy compared to other nations. However, the high level of energy dependency poses a significant risk for a developing country like Turkey. Within the scope of our study, recommendations have been made by comparing Turkey's potential in solar energy, a renewable energy source, in order to reduce or eliminate the identified risks.