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Politico-Economic Evaluation of Current Issues: Historical, Theoretical and National Perspectives


Selçuk KOÇ
Ayhan Orhan
Sema Yilmaz Genç

Synopsis

The decision makers throughout the world are still dealing with the issues such as income inequality, ongoing poverty, increasing environmental problems, proving that it is not enough to examine the economic events from a mere economic point of view. Increasing economic ties between countries also makes it difficult to solve problems and leads to new challenges. Global economy is increasingly more complicated, which requires new problems to be approached with alternative disciplinary perspectives. For this reason, economic methods and theories must be adjusted in such a way that they take insights from other disciplines into account. To look from a diversified perspective will provide a multi-faceted solution to the same problem.

Therefore, this book contains chapters which are examining economic issues from both theoretical and historical perspectives with an aim of offering new insights and solutions to today’s problems. Without understanding theoretical debates, originating from world crisis term and their historical background, it is not possible to comprehend current economic issues which affect our daily lives.

Despite interconnectedness of the global economy, national economies and regional developments, especially developments in Africa- the poorest continent in the world merits consideration and special elaborations. Scientific study of economics cannot be thought without methodology and econometric to which this book pays attention. Most of the chapters in the book benefits econometric and mathematical models to enhance their study.

Within this framework, Haktan Sevinç, Sema Yılmaz Genç and Hamza Kadah, in the first chapter –present a comprehensive outlook to the critics of Neoclassical capital theory by reviewing the style of discussion of the Neoclassical school to analyze value and distribution problems and the Neo-Ricardian criticism. The topics to be discussed in the chapter of their research are place of capital and distribution problem in classical economic theory; François Quesnay’s contributions for entering value and distribution problem in classical economics; opinions of Adam Smith, Thomas Robert Malthus and Jean-Baptiste Say; general framework of labor theory of value of Ricardo, innovations brought by the Neoclassical school to producer theory and accordingly, different approaches on distribution issue, opinions of Neo-Ricardian school Piero Sraffa who suggested a return to the classical method in relations of production and emerged as a criticism for Neoclassical school.

In the following chapter, Ümran Gümüş, Ayhan Orhan and Şevket Alper Koç employed the game theory method to analyze effect of fan support to the success of football teams by looking fan seeking competition between Kocaelispor and Nusaybin Demirspor- two local teams in Turkey. They concluded that the teams should spend a high level of expenditure in order to have the benefit of the advantage of early information of providing fan support.

Güller Şahin, Halil İbrahim Aydin and Hüseyin Yıldırım, in the third chapter studies an important issue- interrelationship between rule of law and economic development. They re-underline the interaction between economic development and rule of law which actualizes in a positive direction. According to them, the rule of law properly contributes to the developmental side of societies by providing progress between economic, social and cultural dimensions of the development and by implementation of legal and institutional reforms and protection of the social rights. However, they emphasize that the relationship between economic development and rule of law is a big problem in underdeveloped and/or developing countries.

Özlem Ülger is studying a similar issue with a specific attention to money laundering and tax fraud bitcoin. Despite the attention she is trying to attract to the fact that Bitcoin can be used not only for commercial purposes but also for illegal activities by many organizations in terrorist activities and to the inability of the money traffic to be monitored by the states; she proposes an appropriate method of the evaluation of the risks that such currencies would cause instead of directly opposing the crypto moneys and warning people against manipulations and speculation.

Şimal Çelikkol is choosing to look at totally different area- consumer behaviors and studies the importance of logo selection for companies as it would affect company image for years and necessity of having successful logos for successful companies by evaluating use of typography, forms, shapes and logo design strategies, color and message content.

Importance of international agencies on national economies is undeniable in the todays globalized world. Seyfettin Erdoğan, Ayfer Gedikli and Sema Yılmaz Genç handle whether the evaluation and rating processes of international credit rating agencies are based on objective criteria in a political-economic perspective. They concluded that It is a well-known fact that CRAs can be affective on deteriorating macroeconomic performance by manipulative increase in exchange rates, and by triggering volatility as well as by downgrading ratings. In order to protect the national economies from these global financial attacks, they should perform wise strategies to make wages and price adjustments in national currency, to procure intermediate goods and investment goods from the local markets, to make collaborations and contracts to use national currency in bilateral and regional trades and to increase the share of high technological products in total export.

Agnieszka Wicha examines a similar issue – effect of European supervision on financial markets. By limiting its analysis to the differences of supervision on financial market of EU before and after 2008 crisis, she tries to measure efficiency of European System of Financial Supervision (ESFS) which is composed by European Systemic Risk Board (ESRB), European Banking Authority (EBA), European Security and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA) and national supervision authorities and she concluded that establishment of these authorities in 2010 are compromised solution between a need to control the financial markets on European level and the need to respect entitlements of national supervision authorities.

Chapter 7 and Chapter 11 are two specific chapters which are dealing with the developments in Africa. In the former, Nuray Terzi looks at establishment of African Continental Free Trade Area and its effect on Turkey’s economy. In the latter, Selçuk Koç and Hassan Faycal Adassoukhi examines macroeconomic performance of the Central African Economic and Monetary Community since 1994 and deals with the emergence of the group, its objectives and the regional efforts during its establishment.

Historical development of two goods- mobile communication technologies and Diyarbakır’s Kadayıf are tackled in chapter 8 and 9. In the chapter 8, Ferhat Pehlivanoğlu and Muhammet Rıdvan İnce looks at mobile communications market in Turkey by using market concentration analysis and concluded that mobile communication market in Turkey has a completely oligopoly structure between 1994 and 2017. In the following chapter, Osman Eroğlu and Murat Pıçak deal with the historical adventure of Kadayıf- a centennial traditional delicacy of the Diyarbakır and its registration by the Turkish Patent Institute as a local specialty in November 2017.

Developments at national levels are always important for economics. Two special chapter which pays attention to Brazil and Turkey take place as the last chapters in this book. Ana Paula Mussi Szabo Cherobim and Gutemberg Ribeiro, with their chapter on economic aspects of innovation in Brazil and Seyfettin Erdoğan, Ayfer Gedikli and Sema Yılmaz Genç with their chapter on Turkey’s national energy policies contributed this chapter.

The awareness of the price transmission mechanism has raised in many countries due to the globalization and market reforms. The integration levels of countries to the World has special importance for economies. The inquiry of the integration has different dimensions. Thus, Burak Darıcı, Hasan Murat Ertugrul, Halis Kıral and Fatih Ayhan examines the transmission of international cotton price increases in Turkey economy in the period between 2000 and 2014 with their analysis. They investigate the integration level of cotton market in Turkey with the global market.

This book which was prepared by intense efforts of all author and editor will have a wider contribution in the field of historical and theoretical research of economics. There are several dimensions of economic to the extent that it is impossible to cover all them in a book. However, this book may serve as a starting point to elaborate economic issues with a multidisciplinary approach.