THE CONNECTION BETWEEN ECONOMY AND POLITICS

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There are many approaches about what is the relationship between politics and economics. Their outcomes and factors are linked each other. However, there is a very strong bond in the relationship that likes organs and brain of our body. If we have only brain, it would not manage anything and also, if we have only a body, it could not act. Moreover, we have both of them and our brain sends the message to our body and it works systematically. As in this example, political factors are crucial in determining economics outcomes, and economics factors are crucial in determining political outcomes.[1] In short, there is no another situation.

One parts of politics that international relationship. Many times, we see relationships between two countries impact their economies in good way or in a bad way. For example, last year after the Turkish f16 shout down the Russian warplane, CNBC said that this could be significant for both countries, Turkey is Russia’s second most important trading partner after Germany and, if Russia goes ahead and cuts economic ties, both countries will feel the effects, analysts warn[2]. So, it means that no tourist will came from Russia, no trade between Russian and Turkish companies. Because of this event many companies have to close their factory in Russia or also in Turkey, and then many people became workless. Economy of the each country effected badly. They had to find new ways to regulate their economics. So, the political crisis shaped the economics of Russia and Turkey.

Elections are significant part of politics in modern world. Most of countries have a democratic system. In during elections, parties need sponsorships for their campaigns. They contract lobbies, companies, businessmen and so on because the factors effects election magnificently or badly. For example, next weak there will be election in the USA. People will decision on one party so, only two parties very strong in the USA   because of their sponsorships and big lobbies like oil companies, coca cola, shell and so on these are economic factors for the election because big lobbies have many membership that means if the big lobbies support parties their membership support the same party. On the other hand every party need huge money for doing election campaign. For example in the USA amount raised so far by candidates: $1.3 billion and amount raised so far by super PACs supporting them: $594 million. When we see the rating of able to be chosen of parties is balanced the spending of parties. Democrats spend $723,456,000 and their ability of chosen is %46 and republics spend $630,345,453 so their ability of chosen is %41. So, economics factors like sponsorship impact the important political election in the USA.[3]

As we see that sometimes politics facts affect economics result, and also economics events impacts political situation. This is in a good way or bad way, however politics and economics are parts of each other and they are inseparable.

 

[1] Heywood, Andrew. Politics forth edition. England. Palgrave macmillian.2013.pp,129

[2] Ellyat, Holly. “This is how Russia could hurt Turkey’s economy”. CNBC. Nov 26, 2015. Nov 22, 2016. http://www.cnbc.com/2015/11/26/this-is-how-russia-could-hurt-turkeys-economy.html

[3] https://www.opensecrets.org/pres16

About Author

Muhammed İsmail AKKAYA

IR (Researcher on Russia and Central Asia) muhammedismailakkaya@gmail.com

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