Ataturk created the independent economy.

Mustafa Kemal Atatürk, the founder of the Republic of Turkey, implemented “miraculous” plans, programs, strategies and policies in the economic field. The economic foundations of the war-torn country were laid so firmly that the banks, factories and companies established at that time have survived to this day and played a vital role in turning the economic wheel. Ataturk, who inherited a completely collapsed economy of the Ottoman Empire, which had become inextricable with large debts and capitulations, took all his steps with the awareness that it was possible to establish an independent Republic by establishing an independent economy. The mortar of the economy was mixed with this consciousness, the foundations were built on this consciousness.

A BANK FOR EVERY SECTOR

In 15 years, 12 banks were established for each of the critical sectors such as industry, commerce, agriculture and maritime. Thanks to these banks, which were established with the savings and support of the people, the sectors grew rapidly. Agriculture receives support through the restructured Ziraat Bank, industry with the newly created Türkiye İş Bankası, development projects with Türkiye Sınai ve Maadin Bankası, housing with Emlak ve Eytam Bankası, textile and large manufacturing industry with Sümerbank, mining and energy with Etibank and Denizbank. Halkbank supported maritime and small-scale businesses.

Ataturk’s statement: “Every factory is a castle”, which best describes economic independence, sums up the economic policy of the time both literally and figuratively. Ataturk established 42 factories in 15 years. The factories were designed to produce weapons and ammunition instantly, prioritizing the risks of a possible war and the need to defend the homeland at all times, and began operating throughout the country.