THE PROBLEM OF GLOBAL TURMOIL IN THE DILEMMA OF GLOBALIZATION-MULTILATERALISM: LONG-TERM INTERACTIONS BETWEEN DEMOCRACY AND ECONOMY WITHIN THE FRAMEWORK OF POLITICAL REGIMES

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.