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The Problem of Global Turmoil in The Dilemma of Globalization-Multilateralism: Long-Term Interactions Between Democracy and Economy within The Framework of Political Regimes

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  • Kaplan, Emin Ahmet
  • Erul, Rana Dayıoğlu

Abstract

Recent inabilities to find an escape point from the global crisis has demonstrated that multilateral institutions cannot fulfill the functions expected from them anymore. In this respect, the policies to be adopted by democratic countries are thought to be essential in the escape from global turmoil and crisis. Therefore, the objective of this study is to measure the effects of institutional and socioeconomic variables on economic growth with regard to the significance of political regime types or democracy, within a government. Thus, 85 countries in four types of political regimes were included in the analysis by the period of 1984-2015. As a result, it has been acknowledged that multilateral institutions, which have been ineffective in producing a solution, should be reassessed within the context of recent global developments, these assessments should be performed by countries within the framework of their tendencies towards democratization and developing their sociocultural infrastructures.

Suggested Citation

  • Kaplan, Emin Ahmet & Erul, Rana Dayıoğlu, 2019. "The Problem of Global Turmoil in The Dilemma of Globalization-Multilateralism: Long-Term Interactions Between Democracy and Economy within The Framework of Political Regimes," MPRA Paper 98280, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:98280
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    File URL: https://mpra.ub.uni-muenchen.de/98280/1/MPRA_paper_98280.pdf
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    Keywords

    Globalization; global turmoil; multilateralism; democracy and economic growth; political regimes;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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