This is not the first crisis of capitalism. However, it is the deepest since the Great
Depression of 1929-1933. It emerged first in the financial sector in the USA, causing
a total collapse of the financial system and a credit crunch. This turned into a
real crisis by inducing a recession; consequently, economic growth decreased
whilst unemployment rates, bankruptcies and financial losses reached a critical
stage all over the world. The official view states that, with the precautions taken
after the 2001 crises in the banking sector, the 2008-09 financial crisis will not
affect Turkey severely, but the engines of growth for both local and foreign markets
in the country, such as textiles and the automotive and construction industries are
badly affected. The Turkish economy has been hit by the crisis starting in these
sectors and its related effects are becoming heavier each day. The measures taken
by the government thus far are aimed at making the working class and the unemployed
pay the bill for the crisis, as always.