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The Documentary Podcast

MINT - Turkey - Beyond the Silk Road

The Documentary Podcast

BBC

Documentary, Society & Culture

4.32.7K Ratings

🗓️ 3 February 2014

⏱️ 40 minutes

🧾️ Download transcript

Summary

For centuries, Turkish traders have exploited their location on the historic Silk Road between east and west, selling to merchants travelling in both directions. And, as Jim O'Neill reports Turkey's geography remains important to this day as the country becomes an aviation hub, a conduit for gas and oil, and a unique visitor destination. Yet Turkish plans go much further too. So can this ambitious country combine its deep-rooted trading skills with ultra modern technology to develop world-beating manufacturers? Or will its much lauded potential remain just that?

Transcript

Click on a timestamp to play from that location

0:00.0

BBC World Service. My name's Jim O'Neill, and I'm an economist, and this is the final part

0:06.0

of Mint, the next economic giants. About 12 years ago, I came up with an acronym you might

0:12.0

have heard of, BRICS, that's BRIC, Brazil, Russia, India and China. Countries I could see

0:19.9

were poised to join the world's economic top table. And that's pretty much of course

0:24.3

what's happened. Ever since then, people have constantly been asking me where the next

0:29.0

economic giants will come from. Now I think I know the answer. The Mints, M-I-N-T, Mexico,

0:36.0

Indonesia, Nigeria and Turkey. If the Mints reach their potential, they could also change the

0:41.8

world. But can they do it? I'm traveling to each of them to try and find out. And today, I'm in

0:48.2

the Sea of Mint, Turkey. The Silk Road is back, and Turkey is the gateway to all the four

1:00.2

regions around us. We are manufacturing these products in Turkey, Romania, Russia, China

1:09.2

and South Africa. How much would it cost me to buy this apartment? It's about 8 million

1:17.3

500. I ate half a million dollars. Yes.

1:26.0

I ran into a classmate online, and he offered me a job on the board of a bank that he was about

1:32.1

to buy. I told him, I said, I don't know nothing about banking. In fact, I didn't even have a

1:36.3

bank account. But he said, he didn't know anything about banking either. So it made no difference.

1:42.2

I mean, that we'd learn together in a way. Who's new as a jeggins? One of Turkey's most successful

1:47.7

businessmen. And in some ways, his extraordinary career sums up the Turkish economy. They've both

1:53.1

been volatile. And then I decided to find my own bank. I established a bank with only one million

1:59.5

dollars cash. But that was now in 87. 87. I started the bank a week after black Monday.

2:04.8

That was a pretty bold time to do. Turkey's been through pretty wild roller coaster rides since then.

2:13.1

Well, I'll give you an example of the roller coaster. The shares hit an all-time high back in

2:20.0

September 2000. It was 700 million dollars. And then in June of 2001, the shares came down to

...

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