Western Economies Need Serious Reform: Turkey

It is a wonderful turn of the tables when the lecturer becomes the lecturee — in this case the United States and well developed Europe, who for decades have been demonstrating the uses of carrots and sticks to make other countries model themselves  into smaller images of presumed success.  Something funny happened in 2008 when the paragons of well-being and economic scientism blew up, wounding the well-off and leaving a ringing in the ears all over the world.

Turkey now, has some words of wisdom for the old masters of the universe: mind your own business, and if you need an example, we’ll show you ours.

Growing like gangbusters, Turkey says Western economies need ‘serious reforms’

Deputy Turkish Prime Minister Ali Babacan, a former foreign minister and Turkey’s point-man for economic policy … speaking at the Fletcher School of Law and Diplomacy at Tufts University …  said neither the US nor the eurozone countries have yet to deal with the underlying causes of the global economic slowdown: a weak financial sector, weak corporate balance sheets, risky public financial positions.

Babacan contrasted the Western economic turmoil, with Turkey’s booming economy which he said grew at 9.2 percent growth rate in 2010, and 8.5 percent in 2011.