This from Dani Rodrik, who is Professor of International Political Economy at Harvard’s Kennedy School.
There is less uncertainty about what is likely to happen next. The coup attempt will add potency to Erdoğan’s venom and fuel a wider witch-hunt against the Gülen movement. Thousands will be sacked from their positions in the military and elsewhere, detained, and prosecuted with little regard for the rule of law or the presumption of innocence. There are already alarming calls to bring back the death penalty for putschists, which recent experience shows is a very broad category for Erdoğan. Some of the mob violence against captured soldiers portends a Jacobinism that would jeopardize all remaining due-process protections in Turkey.
The coup attempt is bad news for the economy as well. Erdoğan’s recent, somewhat skin-deep reconciliation with Russia and Israel was likely motivated by a desire to restore flows of foreign capital and tourists. Such hopes are now unlikely to be realized. The failed coup reveals that the country’s political divisions run deeper than even the most pessimistic observers believed. This hardly makes for an attractive environment for investors or visitors.