Summary of “Turkey’s Financial Crisis Shows the Risks of Strongmen”

During ErdoÄŸan’s first decade in power, Turkish growth surged, inflation fell, and per capita income multiplied.
The U.S. and other democracies embraced ErdoÄŸan as a rising power and promising partner on the international stage.
The more concentrated power gets, the more unaccountable it becomes.
The result, unsurprisingly, is that while strongman regimes can be successful for a while, sometimes dazzlingly so, they usually end up reproducing the problems they were supposed to solve.
This dynamic has been particularly evident in Turkey in recent months, as ErdoÄŸan-who has long espoused unconventional ideas about monetary policy-repeatedly thwarted the central bank from enacting the interest-rate hikes that might have quelled the financial crisis before it reached critical proportions.
The bank at last succeeded two weeks ago in sharply raising rates, but doubts about its independence remain-fanned not least by ErdoÄŸan himself, who framed the rate increase as a grudging concession that he might withdraw at any time.
Fans of strongman regimes elsewhere will argue that Turkey’s upheaval reflects the peculiar personality of ErdoÄŸan and therefore does not implicate their own preferred leaders, who are invariably described as more restrained, thoughtful, and disciplined.
The problems bedeviling Turkey aren’t random or accidental.

The orginal article.