Remarks
Why Investors Have Become Skittish About Turkey
Erdogan saved Turkey and made a new generation rich. So what happened?
Recep Tayyip Erdogan.
Photographer: Felicity McCabe for Bloomberg Businessweek
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The world is finally catching on to what the skeptics in Turkey were saying all along.
For the better part of 16 years, Turkish leader Recep Tayyip Erdogan, a self-styled economic reformer and the world’s great hope for Muslim democracy, had a compelling story—and for most of that time, everyone bought it. Everyone, that is, except Turkey’s old guard—the secular establishment, the billionaires, generals, and educated elites who stood to lose their monopoly on power, wealth, and influence.