By Hasan Cömert & T. Sabri ÖncüThis article first appeared in the Economic & Political Weekly on 18 March 2023.This article is the second in a series of articles on monetary policy debates in the age when deglobalisation became a buzzword. Here, we begin our discussion of the ongoing economic experiment in Turkey as an example to elaborate on these debates. In the third article, we will turn our attention to the post-2018 Turkish currency crisis phase of the experiment by focusing on macroprudential measures, capital controls and central bank independence, as promised in the first article.IntroductionIn the first article of this series, Öncü and Öncü (2022) established a link between the imperialist–liberalist hegemonic mode cycles of Karatani (2012) and their globalisation–deglobalisation

By Hasan Cömert & T. Sabri ÖncüThis article first appeared in the Economic & Political Weekly on 18 March 2023.This article is the second in a series of articles on monetary policy debates in the age when deglobalisation became a buzzword. Here, we begin our discussion of the ongoing economic experiment in Turkey as an example to elaborate on these debates. In the third article, we will turn our attention to the post-2018 Turkish currency crisis phase of the experiment by focusing on macroprudential measures, capital controls and central bank independence, as promised in the first article.IntroductionIn the first article of this series, Öncü and Öncü (2022) established a link between the imperialist–liberalist hegemonic mode cycles of Karatani (2012) and their globalisation–deglobalisation