preview

Is Turkey A Free Enterprise Economic System?

Decent Essays
In 1776, Adam Smith argued in The Wealth of Nations that the free-enterprise economic system, all over the world encourages entrepreneurship because it permits individual 's freedom to create and produce. This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but only 6% of the population of entrepreneurs because they have limited capital, large ponderous bureaucracy with many regulations though the regulations fail to protect the intellectual property. Let us consider Uganda on the other hand, contrary to the stable government of Turkey, Uganda has a violent past, but they have the highest entrepreneurship rate of 28%, from hand crafted furniture, trinkets, cobblers, honey makers, everyone is selling something. There may not be a Steve jobs or Bill gates but most people embody the entrepreneurial spirit. High unemployment and survival rate are the key factors driving the entrepreneurial spirit in Uganda, there are also other factors in place. The initiative to lay down fiber optic cables has enabled the country to link even the rural villages to various resources. In this case we can observe two important factors such as necessity (Uganda) and choice (Turkey) at play here which are mainly based on the culture and history
Get Access