The Triumph of Conservative Globalism: The Political Economy of the AKP Era

The Adalet ve Kalkınma Partisi (AKP), following its third successive electoral victory appears to be far more entrenched than its earlier center-right counterparts in Turkish politics. This article highlights the key political economy fundamentals that have rendered the AKP experience unique within the Turkish context. Accordingly, strong economic performance in context of “regulatory neo-liberalism” helped by a favorable global liquidity environment in the early parts of the decade was a key contributor to the party's continued electoral success. The party also made effective use of a variety of formal and informal redistributive mechanisms, which is referred as “controlled neo-populism” in this article, to enlarge its electoral coalition. Furthermore, the fact that Turkey did not suffer a typical old-style economic crisis in the context of the global turmoil of 2008–2009 was important for the AKP's electoral fortunes. Concomitantly, the AKP government was quite effective in managing the global financial crisis politically and it took advantage of its assertive “new” foreign policy approach. Finally, this study argues that the AKP also benefited from the fragmented opposition.