Erdoğan calls for justice-based financial paradigm
President Recep Tayyip Erdoğan has criticized the global financial system as unsustainable and prone to recurring crises, arguing that a new economic model centered on justice, ethics, production and equitable wealth distribution is needed to ensure long-term stability.
“Financial crises cannot be prevented without transitioning to an economic and financial paradigm that places justice, morality, production and fair sharing at its core,” Erdoğan said on June 5 at an event in Istanbul focused on participation finance and Islamic economics.
The president pointed to a recent report by the Institute of International Finance showing global debt reached $350 trillion in the first quarter of 2026, calling it a troubling indicator for the future of the world economy.
“You cannot treat an illness requiring surgery with a bandage,” Erdoğan said, arguing that the debt and interest-based financial system failed to address the root causes of the 2008 global financial crisis and instead relied on temporary measures.
