Umit Akcay

Argentina in Crisis Mode Again U.S. bailout buys Milei time, but shock therapy deepens poverty. Like Turkey, dependent financialization offers no exit, only a pause before the next crash.

Last week at the EAEPE conference, I presented a co-authored paper on Argentina’s and Turkey’s responses to the 2018 currency crises and their class dynamics. The timing coincided with Milei’s U.S. visit and new support package. Here’s a short blogpost on this:
open.substack.com/pub/umitak/p...

For a concise summary of policy shifts and their broader implications in Turkey and Argentina, see the blog post below 👇 "Looking into Argentina’s mirror, Turkey and the wider Global South can see their own reflection."

Thanks for sharing.

"Both Argentina and Turkey show how class coalitions can briefly expand policy space, but without structural transformation these tactical gains evaporate. In both cases, dependency on volatile capital flows... has forced governments back into orthodoxy and deeper external subordination."

Argentina in Crisis Mode Again U.S. bailout buys Milei time, but shock therapy deepens poverty. Like Turkey, dependent financialization offers no exit, only a pause before the next crash.

Last week at the EAEPE conference, I presented a co-authored paper on Argentina’s and Turkey’s responses to the 2018 currency crises and their class dynamics. The timing coincided with Milei’s U.S. visit and new support package. Here’s a short blogpost on this:
open.substack.com/pub/umitak/p...

My brief notes on the Turkey’s peace process with Kurds:

Turkey's Peace Process with Kurds: Are We at a Turning Point? The "peace process" is a top-down power play, but its outcome is far from decided, as it is no one-sided game; the Kurdish movement and the broader opposition hold significant power to shape the peace

Turkey's Peace Process with Kurds: Are We at a Turning Point?
open.substack.com/pub/umitak/p...

Aaron Benanav, Beyond Capitalism—1, NLR 153, May–June 2025 In the first instalment of a major contribution to the reconceptualization of a post-capitalist social order, Aaron Benanav marshals insights from a long century of socialist thought and practice—Cabe...

What could a world after capitalism look like? This two-part article in the
@NewLeftReview
is the result of five years of research. I’ll be turning it into a book later this year, so I’d love to hear your comments and critiques. newleftreview.org/issues/ii153...

Thank you

I discussed three emerging dynamics in the global economy: slowdown, militarization, and geopolitical tensions in my recent piece, referencing discussions from the NATO summit and a recent World Bank report:

Doğru, soğuk savaş örneği de harcama artışının savaşla sonuçlanmayabileceğini gösteriyor

The Material Foundations of War Three emerging dynamics in the global economy: slowdown, militarization, and geopolitical tensions

open.substack.com/pub/umitak/p...

Democracy Without Labor? The CHP’s Dilemma in Türkiye’s Democratic Renewal A democratization agenda that doesn’t center labor will never be strong enough to dismantle authoritarianism’s social foundations.

The strike in an opposition-led municipality (İzmir) revealed how inadequate it is to define democracy and authoritarianism purely through legal-procedural terms. Some brief thoughts on the CHP’s strategy:
open.substack.com/pub/umitak/p...

It's actually a civil war within the American capitalist class.

The world's richest man vs. the president of the most powerful state. It looks like a sci-fi movie opening... but this is happening right now!

Time Is Running Out for Türkiye’s Opposition For Türkiye’s opposition, time is the one resource running out fastest.

English version
umitak.substack.com/p/time-is-ru...

Excellent overview of the economic situation in Turkey. If it's worsening now, which coincides with an acceleration of repression against the CHP, in the medium term, it could be to the government's advantage -with interest rates falling and the inflation target met.
www.evrensel.net/yazi/97039/m...

My take on why Türkiye’s opposition must consolidate its position now:

Time Is Running Out for Türkiye’s Opposition For Türkiye’s opposition, time is the one resource running out fastest.

Time Is Running Out for Türkiye’s Opposition
open.substack.com/pub/umitak/p...

Many thanks.

The Unintended Consequence of March 19 in Türkiye: A Window to Tame Inflation? Once again, Türkiye’s ruling bloc has managed to turn crisis into control—this time, by using political turmoil to justify economic orthodoxy.

English version of this piece is available, fyi: open.substack.com/pub/umitak/p...

The Unintended Consequence of March 19 in Türkiye: A Window to Tame Inflation? Once again, Türkiye’s ruling bloc has managed to turn crisis into control—this time, by using political turmoil to justify economic orthodoxy.

A brief update on Turkey:
open.substack.com/pub/umitak/p...

From the Plaza Accord to Trade Wars: The 'Coercion' No Longer Backed by 'Consent' How does a global hegemon respond when its dominance begins to erode from within?

From the Plaza Accord to Trade Wars: The 'Coercion' No Longer Backed by 'Consent'
open.substack.com/pub/umitak/p...

Umit Akcay on Substack Trump, the Fed, and the Power Bloc As Poulantzas reminds us, “the state is not a thing, but a relation—an institutional material condensation of a relationship of forces among classes.” Central bank ...

Trump and the Fed:
substack.com/profile/8694...

Reindustrialize America? Then Undermine the Dollar What happens when the empire that runs the global economy wants to become a developmental state?

What happens when the empire that runs the global economy wants to become a developmental state? my brief comments are here: open.substack.com/pub/umitak/p...

Reindustrialize America? Then Undermine the Dollar What happens when the empire that runs the global economy wants to become a developmental state?

What happens when the empire that runs the global economy wants to become a developmental state? my brief comments are here: open.substack.com/pub/umitak/p...

The Hidden Agenda Behind Trump’s Tariffs: Politics or Economics? Do Trump’s tariffs serve solely as political bargaining tools, or do they address a broader political-economic purpose?

Do Trump’s tariffs serve solely as political bargaining tools, or do they address a broader political-economic purpose? Here’s what I think::
open.substack.com/pub/umitak/p...

What Makes the U.S. Turn Against Globalization? Arrighi Had the Answer Today, while the U.S. remains dominant in military and financial spheres, its declining supremacy in production signals a shifting global balance.

open.substack.com/pub/umitak/p...

Saat farkı nedeniyle kaydı gece geç saat ve sabah çok erken yapıyoruz o yüzden ikimiz de normalden yavaş konuşmuşuz :)

Globalisation as Imperialism: A US Vice President’s Unexpected Admission When a U.S. Vice President openly admits that globalization was designed to keep rich countries on top, it’s worth paying attention.

open.substack.com/pub/umitak/p...