Question

what are the ill effect of corruption

Answer 1

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Answer 2

By 2001, Turkey's economy had been a roller coaster in terms of foreign investment, growth and unemployment. But the inflation was the real threat to stability, and it gradually increased over the last decades continuously.

Being on the frontier between power struggles of the Cold War, governments would come and go with little more to do than complying with the foreign influence, especially influences of the Western powers. Governments were forced to liberalize the economy without putting barriers against the fierce competition from the foreign economies. Turkish economy, with underdeveloped financial institutions and industrial facilities, naturally collapsed slowly under this competition and governments started looking for solutions to save the economy.

There was little need for thinking, because the reason and the result were obvious: competition led to the degradation of the economy. Therefore, administrators tried to reshape the economy, with a relatively closed structure. This meant that Western powers would lose an easily manipulable market.