The psychological response of Turkish business persons towards the economic crises of 2000/2001

Abstract

The consequences of the economic crises that hit Turkey first in November 2000 and next in February 2001 have been severe. They have become deep and sustained, like many other economic crises over the world. (Mexico in 1994, to be followed by Indonesia in 1997, Thailand in 1997, Russia in 1998, and Argentina in 2001)This work approaches the Turkish twin crises from the perspective of Turkish business persons. The major study objectives are to map out attitudes and responses of business people in relation to the crises; to evaluate by in-depth interviews the severity of the last economic crises for them; to clarify some developments within the relevant sectors; to find out if the psychological resilience of business people towards crises is a relevant factor among many other factors explaining the problem; to see if it was difficult for Turkish business people to cope with the crises and to learn how they evaluate their psychological crisis-coping mechanisms.The in-depth interviews show that even though it was difficult for Turkish business people to cope with economic problems during the crises of 2000/2001, their psychological crises-coping mechanisms (resilience towards crises) have become stronger after that difficult period. They evaluate themselves as having become more experienced towards such challenges.