Economy and Democracy

The question of whether the economy determines democracy or democracy determines the economy presents itself as a complex structure in our country. In fact, it is a reality that the economy has a democratic dimension and democracy has an economic dimension.

The role and weight of the state in the economy are closely related to democracy. The development of an economic growth environment is sometimes defined as an obstacle to democratic demands. Society is sometimes steered toward making a choice, as if it must choose between either democracy or the economy. For this reason, the relationship between the economy and democracy has reached a complex and sensitive point.

Making the state economically efficient and achieving an ideal structure will perhaps lead to the more effective functioning of democratic demands. Some also argue that economic development is not possible with democracy and that democracy and economic development are incompatible. Both schools of thought find support in our country. Political leaders who champion democracy have been known to implement anti-democratic practices in the economic sphere.

It is also a fact that intellectuals who sincerely believe in democracy and struggle with dedication in this regard have sincerely defended models in the economic field that are incompatible with democracy.

The fundamental problem here is that the common denominator between democracy and the economy has not been clearly established. What is important is the necessity for demands for democratization to include the democratic dimension of the economy and the economic dimension of democracy. In addition to the political institutions and rules of democracy, the institutions and rules of the economy must also be included in discussions regarding democratization. Otherwise, the contradiction of implementing economic policies that destroy democracy at the same time that the political institutions and rules of democracy are applied in countries, or exhibiting an economic management style that is incompatible with democracy, will never be overcome.

Democratization in the economy has its own unique dynamics. The economic institutions and rules of democracy must be taken into account in the definition of the democratization process.

Democracy and economic relations must proceed not from the results of economic development, but from the universal institutions and mechanisms that enable it. The fundamental characteristic of these institutions and mechanisms is the creation of a self-sustaining process in increasing social welfare.

Errors made in the selection of economic indicators or excessive pragmatism have been one of the fundamental factors preventing the correct establishment of relations between democracy and the economy.

It is a fact that every improvement achieved in the economic development environment will bring societies closer to democracy. Conversely, moving away from a healthy economic development environment will also lead to moving away from democracy in political and cultural terms. The economic indicators of moving away from democracy are inflation, protectionism, unfair competition, waste of human capital, and excessive domestic and foreign debt.

The economic indicators of approaching democracy are an environment of stability, an environment of competition, an environment of consensus, and an environment of cooperation.