2nd EMIDWORLD Congress at Altınbaş University

At the opening ceremony of the congress organized by Temar Foundation, Altınbaş University Vice Rector Prof. Dr. Argun Karacabey, Temar Foundation Honorary President Tevfik Altınok, Foundation President Prof. Dr. Hasan Eken, Altınbaş University Faculty of Business Dean Prof. Dr. Zeynep Özsoy, Crown HSY Partner Assoc. Prof. Dr. Hasan Yalçın and many academicians took part in the opening ceremony of EMIDWORLD 2nd International Economy Finance Business & Social Sciences Congress at Altınbaş University.

Prof. Dr. Kozanoğlu: “Trump's economic policies are not realistic”

EMIDWORLD 2nd International Economy Finance Business & Social Sciences Congress was hosted by Altınbaş University. Speaking at the opening, Altınbaş University Faculty Member Prof. Dr. Hayri Kozanoğlu stated that the economic policies of Donald Trump, who was re-elected as the US president, are not realistic and said, “He plans to reduce the corporate tax to 9%. Although it looks attractive to the average person, there will be a serious loss of revenue.”

EMIDWORLD 2nd International Economics Finance Business & Social Sciences Congress, an international academic congress covering the main fields of Economics and Administrative Sciences and Social Sciences, provides a platform for academics, researchers, business and public administrators from all over the world to present their research results and evaluate innovations, opportunities and expectations in the fields.

“Sustainability is one of the main themes”

At the opening ceremony of the congress organized by Temar Foundation, Altınbaş University Vice Rector Prof. Dr. Argun Karacabey, Temar Foundation Honorary President Tevfik Altınok, Foundation President Prof. Dr. Hasan Eken, Altınbaş University Faculty of Business Dean Prof. Dr. Zeynep Özsoy, Crown HSY Partner Assoc. Prof. Dr. Hasan Yalçın and many academicians were present. In his opening remarks, Prof. Dr. Argun Karacabey stated that the congress will make great contributions to Turkish science, economy and business life. Stating that one of the main themes of the congress is “Sustainability”,

“As a university, we attach great importance to this issue. We have to create strategies that will shape the society and raise our graduates and students with this awareness. We attach great importance to both integrating sustainability into curricula and explaining that it is a part of life. For the last 2 years, we have been providing awareness trainings on sustainability as well as academic processes in our university orientation program.”

“The struggle for global hegemony is escalating”

Altınbaş University Faculty Member Prof. Dr. Hayri Kozanoğlu gave information about the general situation of the world and Turkish economy in the first part of the congress. He stated that the struggle for hegemony between the US and China will escalate after Trump's re-election as President. Kozanoğlu said, “America has difficulty in reflecting its ‘Global Hegemon of the World’ qualification, which it achieved after World War II, to the economic field despite its military power and proving that it is the world's most superior power in technology. Noting that China is not seen as an alternative to the US despite its challenges, Kozanoğlu said, “Everyone agrees that China is a rising power in the economy and has made a leap in technology. But we think that China has not made its culture, its lifestyle, its regime attractive enough as an example for others.”

“Trump's economic policies are attractive to the average person”

Referring to Trump's economic policies, Kozanoğlu said that although these policies appeal to the average person, economists find them unrealistic. Stating that Trump foresees zeroing income taxes, Kozanoğlu said, “He plans to reduce the corporate tax to 9%. Although it looks attractive to the average person, there will be a serious loss of revenue.” He stated that Trump's policies are based on the so-called “supply-side economics”, which claims that tax revenues, investments and employment will increase as tax rates fall. However, Kozanoğlu underlined that this is not a proven thesis in any country,

“He also said he would impose a 60% tariff on imports from China and a 10% tariff on imports from other countries. However, calculations show that it will reach 28% of the current budget revenues, the budget will have a huge deficit, and the economy will not hold together. But because he made people believe this, we can say that he managed to win the election.”

“Inequalities in the world are increasing”

Kozanoğlu also noted that we are going through a period of multiple crises all over the world. Kozanoğlu says this is made up of five components: Covid, the Ukraine war, the energy crisis, inflation, the climate crisis. “But we also see how they are interconnected, intertwined and aggravate the consequences of each other.” Referring to the increase in inequalities in the world, Kozanoğlu reminded that according to the research conducted by the World Bank, there is a serious increase in poverty in the world. “8.5% of the world's population, that is 700 million people, earn an income below the daily absolute poverty line of 2.15 dollars. 44% of the population, or 3.5 billion people, have an income below 6.85 dollars a day, which is called relative poverty. Both rates are on the rise. According to the OXFAM Survey covering 164 countries, inequalities have increased in 90% of these countries.”

“Military spending is increasing in all countries”

Prof. Dr. Hayri Kozanoğlu from Altınbaş University concluded his speech by mentioning the reasons for the increase in these inequalities as follows: “We see a decline in the course of health, education and social spending. The share of labor in the production pie is declining all over the world. The most important reason for this is the increase in military expenditures in all countries, especially in China and the USA, which had relatively decreased with the end of the Cold War. Debt servicing in the world is also very high. The fact that a significant portion of resources goes to paying the principal and interest on the debt makes these problems widespread. This trend is especially evident in some poor African countries that have difficulty in repaying their debts.”

In the second part of the congress, “Sustainsbility: Business of the Future” was discussed under the moderation of Altınbaş University Faculty of Business Administration Faculty Member Assoc. Prof. Dr. Dicle Yurdakul. Hediye Güral Gür, Chairman of the Board of Directors of NG Hotels, was the guest of this section, where information was given especially about sustainable activities in the tourism sector. The congress then continued with sessions where research and studies in different fields were presented.