Over the past three centuries, starting with the dawn of the Industrial Revolution, all major transformations have occurred in the first quarters of centuries, or the course of centuries has been determined in the first quarters. To give an example, in the first quarter of the 19th century, the periphery of the Industrial Revolution, which left its mark on this century, became apparent. This century, along with the Industrial Revolution, witnessed a great change in Europe and therefore of the system. Nation-states, which replaced empires in Europe, were identified during this period of time. In America, the other side of the ocean, the slave-owning southern side was defeated by the northern side that was poised to be the new center of capital as a result of the Civil War. And a new nation-state emerged in America that would become a partner to the hegemony of Britain and Europe.
At the beginning of the 20th century, the first Great War on sharing broke out - wiping out three great empires: Austro-Hungarian, Russian and the Ottoman Empire. In Europe, on the other hand, nation-states came to emerge that strove to catch up with Britain, which built the first colonialist state of capitalism through the Industrial Revolution. The struggle for sharing made by new nation-states that emerged after World War I was shaped in the first quarter of the 20th century. Everything that happened since then rose above the foundations laid in the first 25 years. The Great Depression of 1929, the subsequent Keynesian reconstruction and the consequences of World War II on sharing determined the whole century.
Right now, we are undergoing a similar process. We are coming to the end of the first quarter of the 21st century and again everything will have been set in the first 25 years. Again, in all these processes, two basic dynamics have emerged: First, the repartition of energy and market areas has come up and borders have been redrawn. Second, new money and trade systems have emerged in line with re-regulation of the global economy. The gold-based monetary system, which Britain pursued as a result of mercantilist colonialism, ended in the years following the 1929 crisis and was replaced by the current fiduciary currency system. The U.S. was the executive of the fiduciary currency system, which was defined as the Bretton Woods system.
Today, the political and economic system that started with the hegemony of Britain at the beginning of the 20th century and continued under the hegemony of the U.S. after World War II is ending. China's leadership in the Pacific region is about to overwhelm the global economic leadership of the U.S. Other Pacific countries are duly accompanying China and are taking technological superiority back from the West.
In Eurasia, the period of emerging economies is beginning with Turkey. Turkey and Russia are moving significant energy resources in the Middle East and the Caspian region to Europe. Turkey is rapidly promoting its defense industry and technology and is entering a new industry and export-oriented growth and development path.
All these developments are accompanied by the emergence of a new currency and trading system. Today, digital currency systems are mentioned as decentralized structures such as blockchain (network) and bitcoin (instrument) based on a data network; furthermore, these new alternative digital currency systems will spread as central digital currencies and commodity-based digital currencies. The digital monetary system to be formed by central practices is already a structure that central banks can develop immediately. Today, it is already unreasonable for central banks and the banking system to keep physical money at very low or zero interest rates. On the other hand, the informal circulation of soft money and the related terrorism and funding of drug networks is a serious systemic risk. It is now inevitable to switch to a digital central bank currency based on a central database.
More importantly, however, emerging economies should create digital currencies based on precious metals and commodities. Certainly, currency systems such as goldcoins and oilcoins based on commodities and material wealth should go beyond academic debates and be within the scope of interest and work of governments and national central banks.
In this sense, Turkey should begin working on the creation of new digital currencies and new trading systems based on underground wealth and valued and measurable values. To this end, it can cooperate with countries with comparative superiority and advantages.
As can be seen, Turkey having a say in the region in line with its interest and against developments that threaten its security befits the spirit of the time we are in. We will no longer leave the wealth and trade of the Middle East and the vast region we are in to foreigners and their proxies. As it was in previous centuries, a new world is being established in the first quarter of this century. And our 2023 vision goals specifically indicate this.