The corporation in Turkey is
in a major breakthrough what has not been in sight for more than 50 years. The
1956 Code of Commerce is to be completely and practically abolished by 1st
July 2012. The New 2011 Commerce Law dictates the corporation to be extremely
transparent and ready to stand firmly in a global stance.
The evolving globalization
which I would relate with some developments in the 1970s and onwards hit the
Turkish borders in the early 1980s. Aside by the bulldozing effects of the end
of the gold standard that had shaped the world’s politics and the economic
establishment for more than 40 years, chiefly with the deregulatory
developments achieved in the US in the mid-1970s (i.e., abandonment of fixed brokerage
commissions in 1974, the relaxation of credit conditions for a larger part of
US population during this decade) provided a solid basis for the liberalization
of the markets. The UK’s Big Bang in 1986 paved the way for a more efficient
functioning of the City and making it the financial hub of the world following
the New York’s lead. Finally the demise of the Iron Curtain seemed to be the
major extent blow to the closed connections of some groupings of the countries
over the world. This had been the time where freeing the markets forces seemed
to be more than a need and mostly the inevitable.
Turkey started to position herself
for the ride in the early 1980s. By the repealing of the regulations on foreign
currency holdings of the general public and corporations with rather strict rules
where incarceration was regular for the one caught with any amount of foreign
denominated currency without government consent and/or legal cause, Turkey
initiated an open economy policy which would spur import-export activities of
the corporate Turkey. Many economists see this stage as a turning point at the
initiation of Turkey’s integration with the international economies. Starting
on the first day of 1996 the agreement for customs union with the European
Union paved the way for corporate Turkey to be more competitive and quality and
productivity oriented though many people see the prism over the vulnerability
of the low quality product manufacturers to be harmed rather than to reap any benefits
of the new order.
It is clearer nowadays that to
the detriment of the struggle of the entrepreneurial Turk with his/her own endeavor
through the advancement of the qualitative and productive capabilities of
his/her manufactures or services, the legal framework for the company does not
help him/her in such application. That is the point where the New Code of
Commerce is highly expected to provide much more comfortable environment for
the Turkish corporation to be a prominent member of the internationally
competitive corporate club in the foreseeable future.
I personally am with this
point.
