Sign in

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…

PostsRepliesMedia
Umit Akcay @umitak.bsky.social · 31/08/2026
This opened space for redistributive reforms and more flexible fiscal strategies, even as neoliberal rules persisted. journals.sagepub.com/doi/10.1177/...
journals.sagepub.com
Neoliberal Continuity and Functional Change: Growth Regimes and Social Blocs in Chile - Sofía Jorquera Flores, Ümit Akcay, 2026
This article examines Chile’s growth regime between 2000 and 2022 by combining post-Keynesian demand and growth regime analysis with a comparative political eco...
000
Umit Akcay @umitak.bsky.social · 31/08/2026
Chile’s transformation was shaped by the reconfiguration of its dominant social bloc: powerful business conglomerates in mining, finance, and retail saw their veto capacity weaken, while SMEs, social movements, and state actors gained influence.
100
Umit Akcay @umitak.bsky.social · 31/08/2026
This shift was not a clean break with neoliberalism but a reorientation in demand composition and financing structures, driven by external shocks and domestic mobilizations.
100
Umit Akcay @umitak.bsky.social · 31/08/2026
We show that while neoliberal institutions remained resilient, the country experienced a functional transformation: moving from a weakly export‑led regime in the early 2000s, through a crisis and adjustment phase after the GFC, toward a debt‑led private demand regime consolidated after 2012.
110
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
Sage Journals: Discover world-class research
Subscription and open access journals from Sage, the world's leading independent academic publisher.
130
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.
010
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.
021
Reposted by Umit Akcay
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.
022
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.
022
Reposted by Umit Akcay
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...
041
Umit Akcay @umitak.bsky.social · 24/06/2026
Link is here: ipe-berlin.org/fileadmin/in...
ipe-berlin.org
010
Umit Akcay @umitak.bsky.social · 24/06/2026
A key argument is that international embeddedness is not an external add-on, but operates across all four levels, shaping demand generation, financial balances, policy space, and political coalitions. Comments and feedback are very welcome.
120
Umit Akcay @umitak.bsky.social · 24/06/2026
We propose a four-level framework linking: - National income and financial accounting decomposition - Sraffian supermultiplier growth decomposition - Growth drivers and macroeconomic policy regimes - Growth coalitions, dominant social blocs, and growth strategies
110
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.
121
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...
010
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...
020
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.
010
Reposted by Umit Akcay
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.
0165
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.
0165
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
031
Reposted by Umit Akcay
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.
021
Umit Akcay @umitak.bsky.social · 01/04/2026
Here is our session in HM İstanbul. You can see the full conference program: hmistanbul.org
020
Umit Akcay @umitak.bsky.social · 29/03/2026
Hi Stuart, I have only brief notes (substack version) for now.
000
Reposted by Umit Akcay
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
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.
062
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.
062
Umit Akcay @umitak.bsky.social · 23/02/2026
By examining the underlying policy coalition and its internal tensions, the piece offers a broader analytical lens for those interested both in the political economy of monetary policy and in the trajectory of the Turkish economy. 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...
030
Umit Akcay @umitak.bsky.social · 23/02/2026
This article argues that such interpretations are incomplete. It proposes a critical political economy framework to understand monetary policy by focusing on the social forces and class dynamics that shape it.
120
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...
160
Umit Akcay @umitak.bsky.social · 21/02/2026
The first 50 free copies are available here: tandfonline.com/eprint/PZSKZ... If you cannot access the article, please feel free to DM me.
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...
001
Umit Akcay @umitak.bsky.social · 21/02/2026
It also examines how this monetary experiment influenced the run-up to the 2023 elections and contributed to the AKP’s electoral success despite growing economic tensions.
100
Umit Akcay @umitak.bsky.social · 21/02/2026
Focusing on the period between 2018 and 2023, the article explores how changes in interest rates, credit policy, and exchange rate management reshaped the economy.
100
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...
161
Umit Akcay @umitak.bsky.social · 20/01/2026
Safe‑asset demand seems increasingly sensitive to political risk, and investors are becoming slightly more cautious about politically exposed assets, shifting small but noticeable amounts toward safer and more neutral stores of value.
020
Umit Akcay @umitak.bsky.social · 20/01/2026
It seems that today’s “Sell America” episode, with a weaker dollar, lower Treasury prices and higher gold, aligns with themes in Pozsar’s Bretton Woods III framework: a geopolitical dispute produced a shift from inside money (US T-bonds) toward outside money (gold and others).
120
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?
120
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.
010
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.
030
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:
030
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.
032
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.
122
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.
061
Reposted by Umit Akcay
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...
1029788
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.
020
Umit Akcay @umitak.bsky.social · 05/11/2025
If this moment opens new policy space for progressive politics and strengthens the labor movement, the victory could mark a hopeful beginning.
030
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.
172
Reposted by Umit Akcay
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."
021
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.
062