Makroekonomik Kuramlar ve Ekonomik Sistemler
Macroeconomic Theories and Economic Systems

Author(s): Hasan Alpago
Subject(s): Supranational / Global Economy, Economic policy, Political economy, Financial Markets, Globalization
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: Macroeconomic Theories; Economic Systems; globalizing world economy;
Summary/Abstract: In the globalizing world economy, a controlled free market mechanism dominates under the auspices of the state. This mechanism is based on an economic and political system in which property, commerce and industry are controlled by private owners rather than the state for profit. However, as seen during the COVID 19 pandemic process, the state needs to step in as a regulator in case the private sector loses its functions partially or completely due to economic, health, legal and security-related problems. On the other hand, macroeconomic theories are based on the development of a balance and sustainable policy at the point of meeting the endless needs of scarce resources. These macroeconomic theories are shaped in the light of liberal and socialist ideas. However, both liberal and socialist macroeconomic policy practices have been the subject of intense criticism in every period. In addition, as the economic and social developments in the world have gained a global dimension, Keynesian mixed macroeconomic models are gaining weight instead of purely liberal or socialist macroeconomic policies. Due to this importance of the subject, liberal and socialist macroeconomic theories are examined with a comparative analysis in this study. Thus, whether these theories are alternative, complementary or contradictory to each other has been evaluated within the framework of their common aspects and basic differences. These evaluations suggest making a conscious choice in the economic policy-making process. Since the subject has been comprehensively evaluated with a wide literature review and a descriptive evaluation in the study, it foresees to make an important contribution to the field.

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