“…Yet, the fall of the inflation rate from three digit-figures in 1980 to 35-40% in the subsequent few years and the achievement of an approximately 6% annual growth rate of the GDP during 1981-1988 that were praised by the IMF as a successful implementation of structural adjustment reforms occurred in a highly oppressive environment created by the military coup of September 1980 (Akyuz & Boratav, 2003;Boratav et al, 2001;Ertugrul & Selcuk, 2001). Moreover, this internationally promoted growth model, which was dependent on short-term foreign capital flows, increased the vulnerabilities and imbalances in the Turkish economy, paving the way for recurrent crises following short periods of economic boom as experienced in 1994, 1998(Orhangazi & Yeldan, 2021Yalman et al, 2018). The 2001 financial crisis, according to official figures, left 390,000 people unemployed in just 1 year and resulted in a 14.4% decline in real wages in the manufacturing sector (Ozdemir, 2020).…”