Anatolian Tigers or Islamic Capital: Pr ospects and Challenges” (with Ö. Demir and M. Toprak), Middle Eastern Studies, Vol. 40, No. 6 (November 2004)


Turkey has been witnessing a new phenomenon in the last two decades: emergence of Anatolian, or what some call Islamic, capital. This is basically the process of capital accumulation by growing Anatolian-based religious-conservative merchants and industrialists. From one perspective, newly emerging capitalists will likely be a threat to traditional Istanbul-based capitalists for they will sooner or later demand market-sharing in a relatively large market hitherto controlled almost entirely by existing industrial giants. From another perspective, these industrialists can be regarded as new partners to expand the market, increase product variety and bring “fresh blood” and increased dynamism to the market, thereby benefiting Istanbul-based capitalists as well. This article evaluates the roots and emergence of Islamic or Anatolian capital, as well as its prospects and challenges.

Key words: Anatolian tigers, Anatolian capital, Islamic capital, capital accumulation, Turkey.