Umit Akcay
@umitak.bsky.social
Political economy of development & growth models | Dependent financialization and central banking | Political economy of new authoritarianisms | Turkey | @ipeberlin.bsky.social | https://www.ipe-berlin.org/en/institute/members/uemit-akcay/
My take on NATO Ankara Summit: What the Ankara Summit Reveals: The International Political Economy of NATO 3.0 open.substack.com/pub/umitak/p...
What the Ankara Summit Reveals: The International Political Economy of NATO 3.0
The Ankara summit reveals an Atlantic alliance being reorganized around American relative decline, European rearmament and a new military-industrial division of labour.
open.substack.com
My take on NATO Ankara Summit: What the Ankara Summit Reveals: The International Political Economy of NATO 3.0 open.substack.com/pub/umitak/p...
What the Ankara Summit Reveals: The International Political Economy of NATO 3.0
The Ankara summit reveals an Atlantic alliance being reorganized around American relative decline, European rearmament and a new military-industrial division of labour.
open.substack.com
📢 New Working Paper! by Ümit Akcay and Eckhard Hein Demand and Growth Regimes Revisited: Toward an Integrated Four-Level Research Programme Access the full paper here: www.ipe-berlin.org/fileadmin/in...
I am happy to share our new @ipeberlin.bsky.social Working Paper, co-authored with Eckhard Hein. The paper reviews the expanding literature on demand and growth regimes and growth models in post-Keynesian economics, comparative political economy, and international political economy.
If you haven’t followed @ipeberlin.bsky.social yet, you can do it now. The account will be more active with updates on the institute’s activities.
My brief take on Turkey’s latest political shock and its economic fallout: open.substack.com/pub/umitak/p...
The Removal of CHP’s Leadership: Turkey’s Political Shock and Its Economic Fallout
The CHP decision marks a dangerous turning point: the political field is being narrowed further, while the government still has to maintain the fragile confidence of financial markets.
open.substack.com
My brief take on Turkey’s latest political shock and its economic fallout: open.substack.com/pub/umitak/p...
The Removal of CHP’s Leadership: Turkey’s Political Shock and Its Economic Fallout
The CHP decision marks a dangerous turning point: the political field is being narrowed further, while the government still has to maintain the fragile confidence of financial markets.
open.substack.com
Sharing a great article on the ties between the state and big business under the AKP government in Turkey. It's a review article that compares the books by Esra Çeviker Gürakar, Çiğdem Toker, and myself. Thanks, Naz Yücel! www.cambridge.org/core/journal...
State and capital relations during the rule of the Justice and Development Party: journalistic and academic accounts interweaved | New Perspectives on Turkey | Cambridge Core
State and capital relations during the rule of the Justice and Development Party: journalistic and academic accounts interweaved
cambridge.org
Industrial policy might be “back” but under very different circumstances than in the postwar period. Then: Driven by society-building political projects supported by strong labour unions Now: Driven by geoeconomic state-capital projects with weak unions Good comment by @umitak.bsky.social
The World Bank Rediscovers the State, Not Developmentalism
The World Bank can no longer defend its old market orthodoxy with the same confidence, but it is still not ready to embrace development as a political project.
umitak.substack.com
The World Bank’s new report on industrial policy signals an important shift. Not a full break with neoliberalism, but clear evidence that the old orthodoxy is no longer as defensible as it once was. My brief take: open.substack.com/pub/umitak/p...
The World Bank Rediscovers the State, Not Developmentalism
The World Bank can no longer defend its old market orthodoxy with the same confidence, but it is still not ready to embrace development as a political project.
open.substack.com
The World Bank’s new report on industrial policy signals an important shift. Not a full break with neoliberalism, but clear evidence that the old orthodoxy is no longer as defensible as it once was. My brief take: open.substack.com/pub/umitak/p...
The World Bank Rediscovers the State, Not Developmentalism
The World Bank can no longer defend its old market orthodoxy with the same confidence, but it is still not ready to embrace development as a political project.
open.substack.com
Most commentary on Turkey’s monetary policy rarely ventures into political economy analysis. Instead, the zigzags and shifts in policy are typically explained through President Erdoğan’s personal preferences, institutional erosion, or populist monetary experiments. doi.org/10.1080/1944...
Political Economy of Turkey’s Monetary Policy Experiment (2018–2023): Policy Coalitions, Monetary Unorthodoxy and External Constraints
This article analyses Turkey’s monetary policy experiment between 2018 and 2023. While central banks globally tightened monetary policy in response to rising inflation, Turkey pursued sustained int...
doi.org
📢My article on Turkey’s recent monetary policy trajectory has just been published. It argues that monetary policy is never merely technical. It is deeply political. In moments of crisis, it becomes a central instrument for sustaining growth coalitions. www.tandfonline.com/doi/full/10....
Political Economy of Turkey’s Monetary Policy Experiment (2018–2023): Policy Coalitions, Monetary Unorthodoxy and External Constraints
This article analyses Turkey’s monetary policy experiment between 2018 and 2023. While central banks globally tightened monetary policy in response to rising inflation, Turkey pursued sustained int...
tandfonline.com
Is it a good time for revisiting Zoltan Pozsar’s Bretton Woods‑III after the “Sell America” episode?
The new geoeconomic reality has undermined the external anchors that supported the German model for decades. The era of cheap energy, the US security umbrella, and unlimited access to Chinese markets is over. open.substack.com/pub/umitak/p...
0.2% is Not a Recovery: Managing the Decline of the German Model
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy. open.substack.com/pub/umitak/p...
0.2% is Not a Recovery: Managing the Decline of the German Model
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com
By pursuing criminal charges against Fed Chair Powell, Trump has fueled a fresh debate on central bank independence. Here is my brief note on this:
Umit Akcay@umitak.bsky.social · 9mo agoBetween Wall Street and Trump: The Left’s Central Bank Dilemma open.substack.com/pub/umitak/p...
My new blog post: open.substack.com/pub/umitak/p...
Germany After "Pax Americana": From Green Transition to Military Keynesianism
The collapse of Germany’s export driven growth model is forcing a strategic repositioning in which green industrial ambitions are being replaced by military Keynesianism.
open.substack.com
In my latest blog, I unpack the new Trump Doctrine: By placing economic security at its core, advancing transactional relationships, and openly embracing strategic competition, this doctrine stands as one of the clearest political expressions of the ongoing transformation of global capitalism.
Umit Akcay@umitak.bsky.social · 8mo agoopen.substack.com/pub/umitak/p...
The Trump Doctrine: A National Security Strategy for the Post-Globalization Order
The Trump Doctrine represents the foreign policy manifestation of a new historical bloc, as the US National Security Strategy redefines globalization itself as a national security risk.
open.substack.com
if you came of age in the 20th century then this really sits you down about how much the Worlds changed in 21st century. no going back…. @katemac.bsky.social Germany was 4 times China's GDP in 1990 China is now 4 times Germany's GDP in 2025 www.phenomenalworld.org/analysis/bri...
My brief take on Trump’s first year and the power bloc shaping Trumpism: open.substack.com/pub/umitak/p...
The Trump Administration in its First Year: New Class Alliances and the Alternatives
Behind the noisy politics, Trumpism is not madness but a class strategy born from the crisis of American capitalism.
open.substack.com
On the New York elections and Mamdani’s win: Both left and right can use the cycle of marketization and counter-movements (Polanyi). What matters is turning this energy into a lasting political strategy.