Column: Constitutional Amendment, a chance for a new economic system

Erdal Tanas KaragölBy: Erdal Tanas Karagöl*

Turkey has desired to implement changes in its economic system, its usual structure and, most importantly, its production base. It is exerting strong willpower and determination to ensure this change takes place. However, it isn’t really possible for change to transpire in a day, especially with the current system we have.

We can say that a change in the economy and a system especially while we are seeking a political system change will create a foundation for us to actualize the change we wish and aim for.

While we seek solutions for the structural changes in the economy, the solution needs to be permanent and should convey us to our targets. The questions we seek solutions for;

Why can’t we increase production? How can we avoid coming across a current deficit threat when we increase production? How can we solve this dilemma while energy expenses force us to break during high production? Why can’t we increase our low savings level? How can we remove the rating pressure of the credit rating institutions?

When all the above questions are answered, our country’s economy will be moved to the developed economies category, a category which it has deserved for long. Therefore, the questions and problems we have should be decreased and resolved with the steps we take and the policies we apply.

If we don’t solve these problems, and if we continue to carry the burdens created by these problems, we will waste our energy on the agenda put in front of us (and try to remove the speculative movements) instead of channeling our energy into the economic agenda. And in the last stage, we will come across the perception operations of the finance circles and the credit rating institutions (who threaten us with their credit notes), who will together use these problems to attack Turkey.

Is there any country other than Turkey, which has credit rating institutions on their agenda to this extent, and has its economy under such pressure?

A new beginning for the economy

The new Constitution offers a great opportunity to prevent the plans to create chaos within our economy that has been going on systematically since 2013. Therefore, while the Constitutional amendment allows us to move on to a new administrative system, it will enable the economic field to strengthen itself against such attempts, and even close the economy field to tutelage circles.

When all the articles of the Constitutional amendment are accepted in the second ballot, the Parliament will fulfill its responsibilities. This will be followed by the referendum phase.

The most significant effect of the administration system change on the economy is that it will create a synchronization in the economic administration. In this way, the multiple heads in the economy, just like it is in politics, will come to an end.

Moreover, we will spend the time we normally spend on incompatibilities and civil strife on economic reforms and development. Removing multiple heads and the synchronization of the new system will abolish the atmosphere of uncertainty and will construct an economic development target between the institutions and the political governments.

Turkey will not have to make a new stand-by agreement with the IMF, it will not have to stand by in folded arms (because it is a debtor country) in the international arena. It will not have to be exposed to speculations and manipulations in the finance field and, most importantly, it will not face coup attempts.

Therefore, the Constitution amendment will bring with it an end to the days in which banks and financial institutions determine the future of Turkey’s economy.

Isn’t this exactly what we need?

*Erdal Tanas Karagöl is a Turkish journalist. He writes columns for Yeni Şafak Turkish newspaper.
     (Published in Yeni Şafak on Thursday, Jan. 19, 2016)