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In the United States the state of the economy has a lot to do with who is in the executive office. The economy is a very important aspect of political life as the economy is a very widespread indicator of economic prosperity in the country. If the economy is bad, the people will be suffering. Whenever there was a economic crisis, United States population rallied behind a leader that had a solution or projected that he had the right solution to fix the economy. During the Great Depression it was Franklin D. Roosevelt, during the 80s it was Ronald Reagan, and now it is President Obama. A lot of political power can be captured in times of crisis. The faith in the executive branch could be misplaced because many experts say that the powers of the executive branch does not much influence in the welfare of the economy. Although there are a lot of institutions that are not held democratically held accountable for their actions. Many of the positions at the Federal Reserve, a major institution that affects the economy are appointed and not elected democratically. Also many of the decisions made by the Federal Reserve are confidential and cannot be held up to public scrutiny. There are other international financial institutions that are not democratically elected either like the International Monetary Fund, the World Bank, and the World Trade Organization.

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15y ago
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10y ago

The political beliefs of political party members and their political philosophy consultants play a significant role in the economics of any nation. One clear example was the political beliefs of Lenin when he was in power in the Soviet Union. He was a Marxist and believed that all the means of production in the Soviet Union should be in the hands of the government. This of course directly affected the economy of his country as private enterprise was banned and central economic planning brought changes to Russia's economy.

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12y ago

Economics is Politics! Without them both neither survive. Economics requires Law and Order, Politics does that. While economics provide profit ect for government.

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Q: How does economics play a part in politics?
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