The economic history of the Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: 1923–1929, when development policy emphasised private accumulation; 1929–1945, when development policy emphasised state accumulation in a period of global crises; 1950–1980, a period of state guided industrialisation based on import substituting protectionism; 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions. Wikipedia