In this thesis, after explaining the development of Asian crisis, an attempt is made to show how the Asian crisis affected the Turkish economy within the framework of deficiencies of developing countries during the economic globalization process. Here, it is aigued that globalization in itself is not a bad thing for developing countries, but rather, ‘imperfect globalization’ creates problems for them as the recent Asian crisis demonstrated. Although the Asian crisis did not cause total collapse in the Tmkish economy, it triggered discussions about overhauling of the current economic policies. Without structural adjustments and revision of outmoded mechanisms, no country can be able to catch up with developed countries and benefit from riclmess that globalization promises to bring.