Organized by the Department of Economics at Istanbul Medeniyet University’s Faculty of Political Science, the 1st Political Economy Symposium was held on Friday, October 24, 2025, at the IMU Ziraat Bank Conference Hall with the strong participation of academics, representatives from the finance sector, and students. Throughout the day, the symposium addressed the effects of inflation on sustainable development, income distribution, interest rate policies, and the financial system from multiple perspectives.
The event began with an opening speech by Prof. Dr. Faruk BAL, Dean of the Faculty of Political Science. In his remarks, he emphasized the importance of evaluating global economic fluctuations through the lens of political economy. BAL stated, “We believe that economic problems should be addressed not only through market mechanisms but also by taking into account their ethical, social, and environmental dimensions. The purpose of this symposium is precisely that.”
Following him, İsmail VURAL, Secretary General of the Participation Banks Association of Türkiye (TKBB), highlighted the growing role of the participation finance system in the Turkish economy in recent years, noting that strengthening the connection between financial instruments and the real economy is the key to sustainable development.
Prof. Dr. Gülfettin ÇELİK, Rector of the University and also a faculty member in the Department of Economics, underlined the university’s mission of contributing to society through policy-making and scientific research. ÇELİK said, “Academic discussions held in a multifaceted field such as political economy will shed light on our country’s future economic vision.”
After the opening speeches, Prof. Dr. Mehmet ASUTAY from Durham University delivered the keynote lecture titled “An Islamic Moral Political Economy Proposal for Resource Access: Ihsani Governance.” In his presentation, he explored the relationship between the moral principles of Islamic economics and sustainable finance and development, emphasizing the need to rethink financial systems within a framework centered on human dignity and justice. He also discussed the shortcomings of the current system and potential ways for improvement.
The first session, chaired by Assoc. Prof. Dr. Hakan KALKAVAN, focused on how sustainable growth interacts with inflationary pressures from various angles. Prof. Dr. Murat TAŞDEMİR, a faculty member at IMU’s Department of Economics, presented his study titled “Sustainable Development and Inflationary Pressures,” in which he empirically demonstrated how environmentally sensitive and inclusive growth targets face difficulties in high-inflation environments. Prof. Dr. Mehmet BABACAN from Marmara University, in his talk titled “Green Central Banking, Sustainable Finance, and Growth,” discussed how central banks can integrate climate risks and environmental sustainability into their monetary policies. The last speaker of the session, Dr. Melikşah UTKU, in his presentation “Participation Finance System and Sustainable Development,” evaluated the compatibility of interest-free financial systems with long-term development goals.
After the lunch break, the second session was chaired by Prof. Dr. Murat TAŞDEMİR. The first presentation was delivered by Prof. Dr. Hüseyin KAYA from IMU’s Department of Economics. In his study titled “The Effects of Inflation on Social Justice and Welfare,” he analyzed the differing inflation experiences across income groups, highlighting the decline in purchasing power among low-income households and discussing measures to mitigate welfare losses. Prof. Dr. Mevlüt TATLIVER from the National Intelligence Academy, in his presentation “Minimum Wage, Real Incomes, and Inflation,” discussed the effectiveness of wage policies against inflation and emphasized that price stability is a fundamental condition for social welfare. Finally, Dr. Muhammet Bedrettin TOPRAK from Marmara University, in his presentation “Must Income Distribution Be Unequal for Growth?” examined income inequality from a historical perspective, arguing that development can be sustained without conflicting with justice.
The third session, chaired by Prof. Dr. Hamdi GENÇ from IMU’s Department of Economics, featured Prof. Dr. Nurullah GÜR from Marmara University, who gave a talk titled “Economic Growth in the Grip of Inflation, Interest Rates, and Exchange Rates,” evaluating the effects of high interest and exchange rate pressures on Turkey’s growth dynamics. Dr. Ömer EMEÇ, General Manager of Albaraka Türk Participation Bank, in his presentation “The Impact of Inflation on Banking and Credit Markets,” illustrated how inflation influences financial stability through credit channels using concrete examples. The last speaker, Dr. İbrahim ARI from IMU’s Department of Business Administration, presented “The Performance of the Participation Finance System in Turkey During and After the Pandemic,” in which he analyzed the resilience and recovery capacity of participation banks during crisis periods.
The closing session, chaired by Assoc. Prof. Dr. İsa YILMAZ from IMU’s Department of Economics, concluded the symposium. Prof. Dr. Murat TAŞDEMİR, Dr. Melikşah UTKU, and Prof. Dr. Hüseyin KAYA provided a general evaluation of the symposium’s findings. The speakers emphasized that inflation is not merely a macroeconomic indicator but also a phenomenon directly linked to social justice, income distribution, and development policies.
GALLERY
