Question

How politics shape institutions and how institutions also affect politics

Answer 1

Answer:

ssessing the role of political institutions in economic performance is not an easy task. Long-standing, deep-rooted political and social challenges have shaped each national institution and economy today. Similar political institutions, set in two different countries, can affect their respective economy in different ways. And at the same time, institutions that differ politically, set in two different countries, can lead their countries to similar economic performance. What can account for these inconsistent and distinct results? What is the effect of political institutions on economic performance?

It has been already demonstrated that economic institutions (such as property rights, regulatory institutions, institutions for macroeconomic stabilization, institutions for social insurance, institutions for conflict

Answer 2

Political along with the social institutions frame the stability of the society as a whole and are responsible for the economic growth of the country. They integrate with the political institutions for the betterment of the people, society and the democracy of the country.

Explanation:

• The social institutions and politics move together through the various political and social challenges that have shaped the national economy.
• The political system and the government have the responsibility of making and enforcing the rules of the society and for the growth of the economy.
• The political systems affect law, economy, culture, and society and they directly affect the business environment and the activities of the economy. The political system helps to allocate the resources and the legislation for the social institutions to follow.

To know more about the growth of the economy

Impact of unemployment in growth of economy?

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