Recent economic indicators suggest that at least some of the risks to the Turkish economy that built up in 2010-11 have started to ease. Although this improvement may be partly due to external developments outside of the control of the Justice and Development Party (AKP) government, much of the rebalancing process has been policy-induced.
At its inception in 1945, the IMF was disputed by two rival tendencies. The British group, led by the brilliant economist J Maynard Keynes, envisaged an organisation which would act to regulate capital flow world-wide in order to cap national deficits, and so avoid the employment crises and economic collapses which had wracked the world economy of the 30s.