Turkey has been touted as one of the great ‘emerging market’ success stories. As the advanced capitalisms like the US and UK sunk into the Great Recession, Turkey pulled out of crisis earning the moniker of a key ‘growth market’ in 2011 by Jim O’Neill, the chair of Goldman Sachs Asset Management who originated the term ‘BRIC’. Over the last decade Turkey’s GDP per capita has skyrocketed from about $8500 to about $14 000 as annual growth stayed in the range of 6-8 per cent. Yet such broad indicators often obscure underlying and growing inequality of income and power among social classes. The OECD ranks Turkey dead last in its social justice indicator. Inequality has increased faster in Turkey than in almost all other OECD member states. Turkey also has the lowest employment rate among member states at 44.3 per cent. While GDP growth appears rosy the average Turk made 21 per cent less on average in 2009 than in 2005.[1] By contrast the banks in Turkey have made record profits year after year, averaging more than double that in most other OECD countries. The balance of power between labour and capital has never been more imbalanced in favour of finance.

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