As the plane descended into Turkey, excitement brewed among us. This wasn’t just a trip; it was an exploration of history, economics, and politics, an opportunity to step out of the classroom and into the living complexities of a country shaped by both its past and the forces of globalisation.
Weeks of studying U.S. dollar hegemony and Turkey’s development had left us eager to connect theory with practice. How does the dominance of the U.S. dollar translate into the daily lives of Turkish citizens? What does political instability look like in real-time? These questions would come alive during our field trip, where scholars from Thailand and Turkey joined forces to shed light on their nations’ political realities.
The Power of the Dollar: A Hidden Force
At first glance, the dominance of the U.S. dollar seemed like an abstract phenomenon—distant from the streets of Istanbul. But as we navigated the markets and spoke with merchants, its influence became undeniable. Turkish shopkeepers preferred dollars or euros for their goods, and their reluctance to trade in the lira was a tangible expression of the currency’s volatility. Our local tour guide, too, requested pounds, only to convert them later into lira when needed. These experiences were small but powerful indicators of the dollar’s grip on global trade and Turkey’s economy.
Scholars during the trip explained this dynamic in depth. According to Bertaut, Beschwitz, and Curcuru (2023), the dominance of the U.S. financial markets—fuelled by the size of its economy, stable legal framework, and openness to trade—drives countries like Turkey to favour the dollar. For Turkey, this dependency on the dollar isn’t just about convenience; it’s a symptom of larger structural issues like inflation and political instability.
Currency Volatility and Economic Policy
Why is Turkey’s currency so volatile? Discussions with Turkish academics revealed three key culprits: inflation, political instability, and fluctuating demand. From the fall of the Ottoman Empire to President Recep Tayyip Erdoğan’s rise, Turkey has been no stranger to upheaval. Coups, military rule, and waves of reform have created a perception of instability, deterring foreign investors.
During one lecture, a scholar broke down Erdoğan’s economic policies. As a populist and neoliberal leader, Erdoğan’s tenure has emphasised free-market strategies, labour market liberalisation, and privatisation. However, rather than stabilising the economy, these policies have contributed to rising inflation and further destabilising the lira. Merchants’ and citizens’ hesitation to trade in their currency reflects a deep-seated lack of trust in its value.
Traces of History and Identity
The trip also illuminated the intersections of economics and identity. Streets were lined with Turkish flags and portraits of Atatürk, a testament to the enduring nationalism rooted in his leadership. While Turkey grapples with its current challenges, pride in its history remains a unifying force for many of its citizens.
Field Trips: A Bridge Between Theory and Reality
One of the most profound realisations during the trip was how fieldwork enriches academic study. Multicultural conferences, interactions with local scholars, and casual conversations with everyday people brought theories to life. Observing the demographics on the streets of Istanbul or hearing a tour guide’s candid take on economic struggles provided insights that lectures and textbooks alone could never offer.
While field trips like this can’t replace theoretical study, they are invaluable complements. They add texture and depth, helping bridge the gap between abstract concepts and lived realities.
Conclusion
As the field trip ended, the lessons we learned became clear. Turkey’s development journey and the hegemony of the U.S. dollar are not isolated topics—they are interconnected, shaping individuals’ lives and nations’ trajectories. From the bustling markets of Istanbul to the scholarly discussions in conference halls, every moment of the trip brought us closer to understanding these complex dynamics. This experience reaffirmed the importance of stepping out of the classroom and into the world where learning takes on new dimensions and theories find their true meaning.
Olivia Coker-Appiah