The world economy has largely been liberalised in 1990s. This liberalisation manifests itself mainly as financial liberalisation. The financial liberalisation in the emerging market economies makes them more fragile against external shocks and financial crises. Being a less developed country, Turkey, after a long period of protectionist trade policy, has emerged on the free world market with a high inflation rate and high real interest rates, and has become an attractive market for speculative, short term capital flows. These foreign capital flows have been fostered by huge public budget deficits which are no longer sustainable. Turkish economy has suffered three serious financial crises in the 1990s as a result of these liberal policies. What about the expected consequences of the liberal doctrine and the benefits of liberal foreign trade policy? Who is responsible for these financial crises which frequently take place especially in the emerging market economies? Those who cannot realize the distinction between the liberal doctrine and the policy implications of liberalisation should bear the responsibility.