Economic crisis continued with soaring trade deficits, declining currency reserves, high inflation rates, and the shift of capital from productive to non-productive activities. Turkey’s creditors began to plan a rescue operation in 1980. The philosophy behind this operation was associated with Friedmanist (also known as Chicago School) economics which became new panacea for the crisis in the global economy and welfare state in the 70s and a response to rising unpopularity of Keynesian demand-based economics. The minority government of AP, with a standby agreement with IMF, prepared the structural adjustment programs (SAP) known as ‘24 January measures’.