The Political Economic Sources of Policy Non-design, Policy Accumulation, and Decay in Policy Capacity

Abstract

This article problematizes the political economic drivers of policy (non-)design, instrument choice, and how prolonged non-design could trigger policy accumulation with serious implications for policy capacity. Focusing on the currency crisis-induced economic crisis in Turkey and relying on elite interviews and secondary resources, it argues that the design space, which is defined by the interactions between the credit-led growth model and the growth regime that prioritizes loose monetary and bank regulatory policies for higher economic growth rates, led to haphazard crisis response. Prolonged non-design in response to the crisis triggered policy accumulation and decay in systemic and organizational policy capacity.

Türkiye’de 2002-2023 arası uygulanan para politikalarının ekonomi politiği

“…TEM'in ve onun parasal ayağı olan 2021'deki para politikası deneyinin temel sorunu, net ve açık bir politika çerçevesinden yoksun olmasıdır (Coban, 2023). İkinci sorun, cari fazla veren ekonomi hedefine ulaşmada izlenecek yolun hatalı olmasıdır.…”