Upcoming period to witness a capital structuring guided by states

*Cemil Ertem is one of the columnists of Daliy Sabah newspaper

We know that Turkey's economy and economic potential has always been exposed to unfair and malicious perception manipulations. There is a large and highly organized segment that ignores the real problems of the Turkish economy but explains each irrelevant problems as a crisis. This segment has begun saying that the Turkish economy is collapsing after all the terror incidents in the country in domestic and international media - which tells us where it takes its organized power from.
The response that Turkey will give to this power, which is looking forward the collapse of the Turkish economy, also relates to Turkey's response to terrorism. Following the July 15 coup attempt, the representatives of the Turkish business world told the world about the country's potential and the true colors of those behind the coup attempt, especially in the capitals of developed countries, both individually and through their organized structure. This was a first in Turkey's history, given that it was hardly ever seen that the Turkish capital circles found such a common ground without any objection and that different capital groups had the same rhetoric. However, just like in the whole world, Turkish business circles think that a new economy, where the state will support them, is needed now.
At the current stage of the global crisis, it is not possible for the capital power, not only in Turkey but all over the world, get back to normal again without state guidance. More precisely, the capital in the West, especially in the U.S., needs to float again, but the accumulation of capital needs to further open up abroad, reach out to more new markets and become organized in all parts of the world in countries like Turkey that are pushing at their borders. This is why President Recep Tayyip Erdoğan recently said the Turkish economy needs new dynamism. The leaders of many countries are now starting to do things similar to Erdoğan's proposals. The proposals of these leaders, coming at the same time, include a beginning and a strategy of overcoming the crisis.
A couple of days ago, U.S. President-elect Donald Trump criticized the production operations of American automotive giant General Motors (GM) in Mexico. He attributed GM's production activities in Mexico to lower taxes, saying, "Make [production] in the U.S. or pay big border tax!" A while ago, Trump also targeted the U.S. defense industry monopolies Lockheed Martin and Boeing. Following all this, Ford, the U.S.'s second largest automotive giant, announced that it had scrapped its planned $1.6 billion factory in Mexico and will instead invest $700 million at a Michigan factory which will create 700 qualified jobs.
Well, what does Trump want to do? And more importantly, why have these giant monopolies, which are all global powers, come to follow Trump's advice? Trump knows that the U.S. will not be able to recover in this way regardless of whether the U.S. Federal Reserve (Fed) hikes or reduces interest rates. Or rather, the mind that brought Trump to power is redesigning the global capital starting from the U.S. Contrary to what is claimed, Trump was not elected coincidentally. In fact, no U.S. president comes to power as a result of a coincidence or chance. What is happening and will happen is that the upcoming period will witness a capital structuring which is guided and supported by the states. Unfortunately, we will put Adam Smith's philosophy to cold storage for a while. However, here is the other side of the coin: State support and guidance cannot be unilaterally achieved.
The private sector must also act in accordance with the current internal and external policies of states. In short, global U.S. companies that pay attention to Trump's advice are doing the necessary things for the sake of their interests, which are in line with the U.S.'s national interests.
Does the same go for the private sector, especially for large capital circles, in Turkey? Certainly, it should for Turkey more than the U.S. and all other countries in the world, as Turkey is in the midst of all this change.
The Middle East and North Africa, one of the main areas where sovereign powers had a free hand in the last quarter of the 19th century and the entire 20th century, is going through a paradigm shift starting from its borders. Moreover, all global agreements that were signed in Eastern Europe and the Caucasus are dissolving. These territories and Turkey's new political path are one of the main areas of this dissolution and the upcoming reconstruction.
Turkey is taking peace-oriented steps in Syria, where the civil war continues, and in the entirety of the region, where there is a potential of civil war, independent of all dominant states and powers of the previous period. This is why it is facing intensive terror attacks. Indeed, this is a new warfare concept, and the terror is supported by the dominant states of the previous period. Is it possible for a country, which is facing all these attacks and taking up an independent political stance, to continue with an outdated economic approach and institutions?
Definitely not! Therefore, both business circles and nongovernmental organizations which bring them under the same roof are literally following a national mobilization path these days. Unlike previous periods, Erdoğan has begun receiving support from Turkey's large capital circles as well. A large majority of the business world supports the constitutional amendments that will be made this year. This is because the escalating terror attacks bring together all segments of society in Turkey and creates a significant resistance line against terrorism. In this respect, Erdoğan and Turkey's next path will be more exciting for everyone.

Daily Sabah