Umit Akcay
@umitak.bsky.social
Political economy of development & growth models | Dependent financialization and central banking | Political economy of new authoritarianisms | Turkey | @ipeberlin.bsky.social | https://www.ipe-berlin.org/en/institute/members/uemit-akcay/
Is it a good time for revisiting Zoltan Pozsar’s Bretton Woods‑III after the “Sell America” episode?
January 20, 2026 at 8:21 PM
Is it a good time for revisiting Zoltan Pozsar’s Bretton Woods‑III after the “Sell America” episode?
The new geoeconomic reality has undermined the external anchors that supported the German model for decades. The era of cheap energy, the US security umbrella, and unlimited access to Chinese markets is over.
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
0.2% is Not a Recovery: Managing the Decline of the German Model
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com
January 18, 2026 at 1:13 PM
The new geoeconomic reality has undermined the external anchors that supported the German model for decades. The era of cheap energy, the US security umbrella, and unlimited access to Chinese markets is over.
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
0.2% is Not a Recovery: Managing the Decline of the German Model
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com
January 16, 2026 at 4:39 PM
The new GDP growth data from Destatis is out. Here is my short take on Germany's economy.
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
By pursuing criminal charges against Fed Chair Powell, Trump has fueled a fresh debate on central bank independence. Here is my brief note on this:
Between Wall Street and Trump: The Left’s Central Bank Dilemma
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
open.substack.com
January 12, 2026 at 4:14 PM
By pursuing criminal charges against Fed Chair Powell, Trump has fueled a fresh debate on central bank independence. Here is my brief note on this:
My new blog post:
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Germany After "Pax Americana": From Green Transition to Military Keynesianism
The collapse of Germany’s export driven growth model is forcing a strategic repositioning in which green industrial ambitions are being replaced by military Keynesianism.
open.substack.com
December 21, 2025 at 4:33 PM
My new blog post:
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
In my latest blog, I unpack the new Trump Doctrine:
By placing economic security at its core, advancing transactional relationships, and openly embracing strategic competition, this doctrine stands as one of the clearest political expressions of the ongoing transformation of global capitalism.
By placing economic security at its core, advancing transactional relationships, and openly embracing strategic competition, this doctrine stands as one of the clearest political expressions of the ongoing transformation of global capitalism.
December 14, 2025 at 1:27 PM
In my latest blog, I unpack the new Trump Doctrine:
By placing economic security at its core, advancing transactional relationships, and openly embracing strategic competition, this doctrine stands as one of the clearest political expressions of the ongoing transformation of global capitalism.
By placing economic security at its core, advancing transactional relationships, and openly embracing strategic competition, this doctrine stands as one of the clearest political expressions of the ongoing transformation of global capitalism.
Reposted by Umit Akcay
if you came of age in the 20th century then this really sits you down about how much the Worlds changed in 21st century. no going back…. @katemac.bsky.social
Germany was 4 times China's GDP in 1990
China is now 4 times Germany's GDP in 2025
www.phenomenalworld.org/analysis/bri...
Germany was 4 times China's GDP in 1990
China is now 4 times Germany's GDP in 2025
www.phenomenalworld.org/analysis/bri...
November 24, 2025 at 7:22 PM
if you came of age in the 20th century then this really sits you down about how much the Worlds changed in 21st century. no going back…. @katemac.bsky.social
Germany was 4 times China's GDP in 1990
China is now 4 times Germany's GDP in 2025
www.phenomenalworld.org/analysis/bri...
Germany was 4 times China's GDP in 1990
China is now 4 times Germany's GDP in 2025
www.phenomenalworld.org/analysis/bri...
My brief take on Trump’s first year and the power bloc shaping Trumpism:
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
The Trump Administration in its First Year: New Class Alliances and the Alternatives
Behind the noisy politics, Trumpism is not madness but a class strategy born from the crisis of American capitalism.
open.substack.com
November 22, 2025 at 9:50 AM
My brief take on Trump’s first year and the power bloc shaping Trumpism:
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
On the New York elections and Mamdani’s win: Both left and right can use the cycle of marketization and counter-movements (Polanyi). What matters is turning this energy into a lasting political strategy.
November 5, 2025 at 5:32 PM
On the New York elections and Mamdani’s win: Both left and right can use the cycle of marketization and counter-movements (Polanyi). What matters is turning this energy into a lasting political strategy.
Reposted by Umit Akcay
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
By
@umitak.bsky.social
substack.com/app-link/pos...
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
By
@umitak.bsky.social
substack.com/app-link/pos...
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
substack.com
October 29, 2025 at 3:29 PM
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
By
@umitak.bsky.social
substack.com/app-link/pos...
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
By
@umitak.bsky.social
substack.com/app-link/pos...
Reposted by Umit Akcay
"..independence entrenches capitalist power, while authoritarian control concentrates it. Both depoliticization and personalism depoliticize society itself, denying collective decision-making about the economy. The challenge is to chart a third path: democratic control without executive domination."
Between Wall Street and Trump: The Left’s Central Bank Dilemma
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
open.substack.com
October 28, 2025 at 8:53 AM
"..independence entrenches capitalist power, while authoritarian control concentrates it. Both depoliticization and personalism depoliticize society itself, denying collective decision-making about the economy. The challenge is to chart a third path: democratic control without executive domination."
Between Wall Street and Trump: The Left’s Central Bank Dilemma
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Between Wall Street and Trump: The Left’s Central Bank Dilemma
Between the technocrats of Wall Street and the populists like Trump, the left must reclaim central banking as a site of democratic struggle.
open.substack.com
October 27, 2025 at 9:10 PM
Between Wall Street and Trump: The Left’s Central Bank Dilemma
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Reposted by Umit Akcay
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."
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...
open.substack.com/pub/umitak/p...
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.
open.substack.com
October 2, 2025 at 5:51 PM
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."
Reposted by Umit Akcay
"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."
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...
open.substack.com/pub/umitak/p...
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.
open.substack.com
October 2, 2025 at 2:34 PM
"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."
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...
open.substack.com/pub/umitak/p...
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.
open.substack.com
October 2, 2025 at 2:24 PM
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...
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?
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
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
open.substack.com
August 20, 2025 at 5:01 PM
My brief notes on the Turkey’s peace process with Kurds:
Turkey's Peace Process with Kurds: Are We at a Turning Point?
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
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
open.substack.com
August 19, 2025 at 3:31 PM
Turkey's Peace Process with Kurds: Are We at a Turning Point?
open.substack.com/pub/umitak/p...
open.substack.com/pub/umitak/p...
Reposted by Umit Akcay
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...
@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...
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...
newleftreview.org
July 3, 2025 at 7:02 AM
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...
@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...
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:
June 30, 2025 at 3:10 PM
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:
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...
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.
open.substack.com
June 8, 2025 at 9:55 AM
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...
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!
June 7, 2025 at 3:22 PM
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!
June 5, 2025 at 7:45 PM
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!
Reposted by Umit Akcay
English version
umitak.substack.com/p/time-is-ru...
umitak.substack.com/p/time-is-ru...
Time Is Running Out for Türkiye’s Opposition
For Türkiye’s opposition, time is the one resource running out fastest.
umitak.substack.com
June 2, 2025 at 7:08 PM
English version
umitak.substack.com/p/time-is-ru...
umitak.substack.com/p/time-is-ru...