We sketch the history and development of the Turkish aviation system and we analyze the position and strategy of Turkish Airlines as the major player in this system. Turkish international aviation was liberalized in 1983, but domestic aviation was only liberalized in 2003. Combined with Turkey's economic development, this opened up the aviation system and ensured its growth. Turkish Airlines was the first company in the system, established 1933. It is still the dominant player, shaping the system as well as profiting from its growth. We provide a strategic analysis of Turkish airlines based on data from 2001 to 2011. We analyze the qualitative development of its business model, the quantitative development of its financial value creation, and the (in)consistencies between these.