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Umit Akcay

@umitak.bsky.social
6.6K followers 1.2K following 117 posts

Political economy of development & growth models | Dependent financialization and central banking | Turkey | @ipeberlin.bsky.social | www.ipe-berlin.org/en/institute/mem…

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Umit Akcay @umitak.bsky.social · 31/08/2026
📢I'm glad to announce that our paper, co‑authored with Sofía Jorquera Flores, on growth regimes and social blocs in #Chile has just been published: journals.sagepub.com/doi/10.1177/...
journals.sagepub.com
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Umit Akcay @umitak.bsky.social · 21/08/2026
Very nice paper on policy space, and interaction between international financial subordination and domestic political economy dynamics.
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Umit Akcay @umitak.bsky.social · 25/07/2026
open.substack.com/pub/umitak/p...
open.substack.com
The Central Bank Keeps Its Foot on the Brake
Turkey is adjusting its stabilization program, but it is not changing course.
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Umit Akcay @umitak.bsky.social · 08/07/2026
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...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 08/07/2026
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...
open.substack.com
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.
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IPE Berlin @ipeberlin.bsky.social · 23/06/2026
📢 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...
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Umit Akcay @umitak.bsky.social · 24/06/2026
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.
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Umit Akcay @umitak.bsky.social · 22/06/2026
substack.com/@umitak/note...
substack.com
Umit Akcay (@umitak)
As China rockets to nearly 30% of global manufacturing in 10 years, the old geoeconomic order looks less like a rules‑based system and more like a Western fantasy collapsing under its own contradictio...
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Umit Akcay @umitak.bsky.social · 20/06/2026
Geopolitical green industrialism? substack.com/@umitak/note...
substack.com
Umit Akcay (@umitak)
Geopolitical green industrialism? The investment map reveals that the green transition is also a strategic industrial realignment. China’s dominance embeds geopolitical influence into the very infras...
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Umit Akcay @umitak.bsky.social · 18/06/2026
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.
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Umit Akcay @umitak.bsky.social · 21/05/2026
My brief take on Turkey’s latest political shock and its economic fallout: open.substack.com/pub/umitak/p...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 21/05/2026
My brief take on Turkey’s latest political shock and its economic fallout: open.substack.com/pub/umitak/p...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 18/04/2026
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...
cambridge.org
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
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Fabian Schmidt @fabschmidt.bsky.social · 14/04/2026
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
umitak.substack.com
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.
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Umit Akcay @umitak.bsky.social · 01/04/2026
Here is our session in HM İstanbul. You can see the full conference program: hmistanbul.org
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Umit Akcay @umitak.bsky.social · 28/03/2026
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...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 28/03/2026
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...
open.substack.com
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.
151
Reposted by Umit Akcay
Umit Akcay @umitak.bsky.social · 20/03/2026
My Substack blog is now online. open.substack.com/pub/umitak/p...
open.substack.com
What If the U.S. Loses?
A failed U.S. war on Iran would not just be a geopolitical setback. It would show how Washington’s attempt to restore its power is backfiring and weakening the very global system it depends on.
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Umit Akcay @umitak.bsky.social · 20/03/2026
My Substack blog is now online. open.substack.com/pub/umitak/p...
open.substack.com
What If the U.S. Loses?
A failed U.S. war on Iran would not just be a geopolitical setback. It would show how Washington’s attempt to restore its power is backfiring and weakening the very global system it depends on.
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Umit Akcay @umitak.bsky.social · 23/02/2026
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...
doi.org
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...
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Umit Akcay @umitak.bsky.social · 21/02/2026
📢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....
tandfonline.com
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...
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Umit Akcay @umitak.bsky.social · 20/01/2026
Is it a good time for revisiting Zoltan Pozsar’s Bretton Woods‑III after the “Sell America” episode?
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Umit Akcay @umitak.bsky.social · 18/01/2026
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...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 16/01/2026
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy. open.substack.com/pub/umitak/p...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 12/01/2026
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:
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Umit Akcay @umitak.bsky.social · 21/12/2025
My new blog post: open.substack.com/pub/umitak/p...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 14/12/2025
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.
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Umit Akcay @umitak.bsky.social · 12/12/2025
open.substack.com/pub/umitak/p...
open.substack.com
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.
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Albert Pinto @70sbachchan.bsky.social · 24/11/2025
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...
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Umit Akcay @umitak.bsky.social · 22/11/2025
My brief take on Trump’s first year and the power bloc shaping Trumpism: open.substack.com/pub/umitak/p...
open.substack.com
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.
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Umit Akcay @umitak.bsky.social · 05/11/2025
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.
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Alexander McKeever @akmckeever.bsky.social · 28/10/2025
"..independence entrenches capitalist power, while authoritarian control concentrates it. Both depoliticization and personalism depoliticize society itself, denying collective decision-making about the economy. The challenge is to chart a third path: democratic control without executive domination."
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Umit Akcay @umitak.bsky.social · 27/10/2025
Between Wall Street and Trump: The Left’s Central Bank Dilemma open.substack.com/pub/umitak/p...
open.substack.com
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
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Ali Rıza Güngen @argungen.bsky.social · 02/10/2025
For a concise summary of policy shifts and their broader implications in Turkey and Argentina, see the blog post below 👇 "Looking into Argentina’s mirror, Turkey and the wider Global South can see their own reflection."
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Barbora Cernusakova @bcernusa.bsky.social · 02/10/2025
"Both Argentina and Turkey show how class coalitions can briefly expand policy space, but without structural transformation these tactical gains evaporate. In both cases, dependency on volatile capital flows... has forced governments back into orthodoxy and deeper external subordination."
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Umit Akcay @umitak.bsky.social · 02/10/2025
Last week at the EAEPE conference, I presented a co-authored paper on Argentina’s and Turkey’s responses to the 2018 currency crises and their class dynamics. The timing coincided with Milei’s U.S. visit and new support package. Here’s a short blogpost on this: open.substack.com/pub/umitak/p...
open.substack.com
Argentina in Crisis Mode Again
U.S. bailout buys Milei time, but shock therapy deepens poverty. Like Turkey, dependent financialization offers no exit, only a pause before the next crash.
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Umit Akcay @umitak.bsky.social · 20/08/2025
My brief notes on the Turkey’s peace process with Kurds:
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Umit Akcay @umitak.bsky.social · 19/08/2025
Turkey's Peace Process with Kurds: Are We at a Turning Point? open.substack.com/pub/umitak/p...
open.substack.com
Turkey's Peace Process with Kurds: Are We at a Turning Point?
The "peace process" is a top-down power play, but its outcome is far from decided, as it is no one-sided game; the Kurdish movement and the broader opposition hold significant power to shape the peace
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Aaron Benanav @abenanav.bsky.social · 03/07/2025
What could a world after capitalism look like? This two-part article in the @NewLeftReview is the result of five years of research. I’ll be turning it into a book later this year, so I’d love to hear your comments and critiques. newleftreview.org/issues/ii153...
newleftreview.org
Aaron Benanav, Beyond Capitalism—1, NLR 153, May–June 2025
In the first instalment of a major contribution to the reconceptualization of a post-capitalist social order, Aaron Benanav marshals insights from a long century of socialist thought and practice—Cabe...
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Umit Akcay @umitak.bsky.social · 30/06/2025
I discussed three emerging dynamics in the global economy: slowdown, militarization, and geopolitical tensions in my recent piece, referencing discussions from the NATO summit and a recent World Bank report:
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Umit Akcay @umitak.bsky.social · 29/06/2025
open.substack.com/pub/umitak/p...
open.substack.com
The Material Foundations of War
Three emerging dynamics in the global economy: slowdown, militarization, and geopolitical tensions
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Umit Akcay @umitak.bsky.social · 08/06/2025
The strike in an opposition-led municipality (İzmir) revealed how inadequate it is to define democracy and authoritarianism purely through legal-procedural terms. Some brief thoughts on the CHP’s strategy: open.substack.com/pub/umitak/p...
open.substack.com
Democracy Without Labor? The CHP’s Dilemma in Türkiye’s Democratic Renewal
A democratization agenda that doesn’t center labor will never be strong enough to dismantle authoritarianism’s social foundations.
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Umit Akcay @umitak.bsky.social · 07/06/2025
It's actually a civil war within the American capitalist class.
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Umit Akcay @umitak.bsky.social · 05/06/2025
The world's richest man vs. the president of the most powerful state. It looks like a sci-fi movie opening... but this is happening right now!
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Umit Akcay @umitak.bsky.social · 01/06/2025
My take on why Türkiye’s opposition must consolidate its position now:
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Umit Akcay @umitak.bsky.social · 01/06/2025
Time Is Running Out for Türkiye’s Opposition open.substack.com/pub/umitak/p...
open.substack.com
Time Is Running Out for Türkiye’s Opposition
For Türkiye’s opposition, time is the one resource running out fastest.
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Umit Akcay @umitak.bsky.social · 17/05/2025
A brief update on Turkey: open.substack.com/pub/umitak/p...
open.substack.com
The Unintended Consequence of March 19 in Türkiye: A Window to Tame Inflation?
Once again, Türkiye’s ruling bloc has managed to turn crisis into control—this time, by using political turmoil to justify economic orthodoxy.
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