Turkish Economic Review

The postulate of the three regimes of economic growth contradicted by data

2025-10-31T11:31:34+00:00

Economic growth in Western Europe, Eastern Europe, Asia, countries of the former USSR, Africa and Latin America were analysed. It is demonstrated that the fundamental postulate of the Unified Growth Theory about the existence of the three regimes of growth (Malthusian regime, post-Malthusian regime and sustained-growth regime) is contradicted by data. These regimes did not exist. In particular, there was no escape from the Malthusian trap because there was no trap. Economic growth in all these regions was not stagnant but hyperbolic. Unified Growth Theory is fundamentally incorrect. However, this theory is also dangerously misleading because it claimsa transition from the endless epoch of stagnation to the new era of sustained economic growth, the interpretation creating the sense of security and a promise of prosperity. The data show that the opposite is true. Economic growth in the past was sustained and secure. Now, it is supportedby the increasing ecological deficit. The long-term sustained and secure economic growth has yet to be created. It did not happen automatically, as suggested incorrectly by the Unified Growth Theory.

Keywords. Regional economic growth; Gross Domestic Product; Unified Growth Theory; Malthusian stagnation; Post-Malthusian regime; Sustained-growth regime; Industrial Revolution; Hyperbolic growth.

JEL. A10; C12; C20; F00; N00; O10.

Jackson’s early economic vision: Finance, black capitalism, and prescience in the post-industrial era

2025-10-31T11:33:28+00:00

This paper re-examines the underappreciated economic dimension of Jesse Jackson’s early civil rights career, particularly his keen focus on finance and credit for African Americans, which anticipated the decline of industrial capitalism. While Jackson is widely recognized for his rise within the Southern Christian Leadership Conference (S.C.L.C.) and his advocacy for black capitalism half a century ago, his profound interest in monetary and financial mechanisms has received little scholarly attention. The analysis centers on Jackson's foundational work in Chicago, tracking the process by which Martin Luther King Jr.'s protégé quickly evolved into a dedicated proponent of black economic empowerment. Crucially, Jackson became a leading voice for a wealth-transfer agenda, setting him apart from most contemporary civil rights and labor leaders who primarily championed the equitable distribution of income. This study challenges the reductive portrayal of the young Jackson as merely an ambitious deal-maker with minimal analytical capacity for the era's economic shifts. Instead, it highlights his remarkably forward-thinking approach. His developing mastery of money and finance enabled him to be one of the few civil rights figures who genuinely understood the dynamics of the emerging post-industrial economy, an insight that fundamentally informed his later pan-Africanist endeavors and broader economic policy advocacy.

Keywords. Black Capitalism; Wealth Transfer; Post-Industrial Economy; Civil Rights Movement; Jesse Jackson.

JEL. B25; G20; J71; N32; P16.

Digital audit model in Islamic financial institutions: Integration of Turkish accounting standards (TAS) and computer-assisted audit techniques (CAATs)

2025-10-31T11:49:32+00:00

The rapid digitalization of financial systems has profoundly transformed audit processes, requiring the integration of technological tools with traditional accounting frameworks. This study aims to develop a conceptual digital audit model by integrating Turkish Accounting Standards (TAS) and Computer-Assisted Audit Techniques (CAATs) within the context of Islamic financial institutions. Islamic finance operates under principles of transparency, justice, and Shariah compliance, which necessitate unique approaches to auditing and financial reporting. Within this scope, the study first examines the role of TAS in ensuring standardized, reliable, and ethical reporting for Islamic finance entities. Secondly, it discusses the contribution of CAATs to audit efficiency, fraud detection, and continuous monitoring. Finally, a model framework is proposed that combines both TAS-based compliance and CAATs-driven digital assurance to strengthen audit reliability and Shariah compliance. The study contributes to the literature by offering a technology-supported and ethically grounded digital audit perspective that can enhance accountability, transparency, and stakeholder trust in Islamic finance.

Keywords. Islamic Finance; Turkish Accounting Standards (TAS); Computer-Assisted Audit Techniques (CAATs); Digital Audit; Shariah Compliance.

JEL. G20; M41; M42.

The Reshaping of China's Industry Chains. By CICC Research, CICC Global Institute. Springer, 2024

2025-10-31T11:53:21+00:00

This book examines the fundamental forces and strategic imperatives reshaping China’s position within global industry chains, shifting the national focus from "efficiency first" to a critical balance between efficiency and security. Driven by increasing geopolitical risks, "deglobalization," and technological non-neutrality, the book argues that China must leverage its unparalleled economies of scale to build resilience and enhance its irreplaceability in the global supply network. A key advantage is its massive domestic market, which can serve as a potent engine for growth and innovation, especially for digital platform companies. The analysis details how industrial policy is returning to the spotlight, advocating for a "dual-pillar national system" where big, state-supported companies mitigate vertical risks (dependence on key upstream technologies) through integration, while diversified small and medium-sized enterprises (SMEs) mitigate horizontal risks (supply chain disruption) through decentralization and competition. Sector-specific analyses cover critical areas—from raw materials security to the green transformation, and the leap forward in high-end equipment and new energy vehicles—providing a comprehensive roadmap for navigating the complexities of the new global economic landscape.

Keywords. Global Industry Chains (GICs); Deglobalization and Geopolitics; Economies of Scale (China); Supply Chain Security; Industrial Policy.

JEL. F62; L23; O25; R38; F13.

Front Matter

2025-10-31T12:03:49+00:00

Front Matter