This chapter examines the facts and processes characterizing the dynamic macroeconomic adjustments in Turkey since the start of its reforms toward global integration. The study is organized as follows. Section 2 focuses on the analytics of macro adjustments of the two distinct (i.e., 1980-1988/1989 and 1989-2000) phases of liberalization. Section 3 quantifies the macro adjustments via a set of decomposition exercises and traces the evolution of real output and sources of aggregate demand. Microlevel adjustments and related decomposition exercises, in turn, are investigated in Section 4 for the manufacturing sector. The distributional effects of liberalization of commodity trade and finance are summarized in Section 5, and Section 6 gives a conclusion. © Oxford University Press, 2013.