Political behavior is any action by any follower of a society that disturbs the distribution of the power to create decisions for that community. A balanced political leadership advertently leads to continuous economic development (Nur-Tegin & Czap, 2012). Stability comes with its perquisites; assurance of a positive marketplace, increased savings and development of a nation’s intellectual capital, which are all substantial indicators of improvement in any economy (Fatas & Mihov, 2013). On the other hand, instability at the influences of civil conflict and non-compliance condone weakness, underutilization of the capability of the adolescence, discourage savings, occupation and creation of revenue. This is a red banner being deliberately abandoned at the stakeholders and tax financiers prohibiting them from undertaking any savings and work. This in turn exploits the development of the economy (Lewis, 2013). Moreover, by political stability, one tries to comprehend the position or the state where public can cooperate easily and responsively by following the guidelines and legislations. When the persons get to offer their say in running the country, political stability is being generated. The aim of the report is to analyze the relationship between the political stability of a country and economic development. It also focusses on how the data has been collected and also emphasizes its focus on the limitations of the research.
The major objective of this report is to recognize the connection between the economic progress and political stability. It further emphasizes its focus on how the economic development and political stability are profoundly interconnected. It will also further investigate about impact of stability and instability aspects of politics on the economic development of the nation. The report also addresses how political constancy can be accomplished via persecution or through having a governmental party in position that does not have to participate to be re-elected. It should also scrutinize the core causes of the unbalanced political situations in order to achieve the substantial growth.
The scope of the project would be to analyze the relation between political stability and economic development of a country. The scope of the project is extensive because this report could be used as a valuable source of information in order to have proper knowledge about the causes of the instability in the political scenario of the situation and for determining the variations of economic growth as per the situations of political situation. The topic will be beneficial for the individuals as this will help them in gaining sufficient knowledge regarding the transformations of the economic growth and how such economic progress can be valuable for the country.
Economic progress and political constancy are deeply connected. The ambiguity associated with an unstable political atmosphere may decrease savings and the rapidity of economic development. However, reduced financial performance may lead to management failure and governmental conflict. The selection of a constitutionally stable government is vital for good governance, national cohesion and economic growth (Cox & Weingast, 2018). Only a stable administration can make sure social coordination, law and order, the rule of regulation and good governance that are fundamentals to economic growth. Moreover, it can also be said that political stability is most significant for financial policy generating, particularly for implementation of long-term strategies that are enormously imperative for socio-economic expansion (The Sunday Times, 2018). In addition, the next management must have a long-term viewpoint on strategies that would certify constant economic growth. These procedures include good financial, monetary and exchange rate procedures. In regard, there must be constancy, inevitability and probability of economic guidelines. Bold and detested decision making is required to reestablish economic constancy and to put in position economic procedures that are valuable in the long run.
Political stability is being generated by the rebellions, eliminations and coups. There is a positive and a very substantial relationship between the economic growth and political stability (Macatta, 2017). The administrations should investigate about the root causes of the unbalanced political environment and should also try to alleviate the effects of the variability so that a continued growth can be accomplished in the economy. In addition, political stability is the stability and honesty of the government body in the nation which is presiding at present. It rather covers four measurements which are steady government, constant political structure, internal regulations and rules and external constancy. However, there is also a strong connection between foreign investment and economic development. Greater inflows of foreign investments are essential for the nation to accomplish a high trajectory of economic development. Furthermore, rapid economic progress cannot be attained with domestic assets and reserved investment alone. It is rather vital to attract enormous foreign direct savings for instituting export industries. FDI in such savings are risk free to the nation and thereby bring with it the benefits of innovative technology, managing practices and assured marketplaces (Caselli & Tesei, 2016).
Numerous policies were being adopted aiming at accomplishing rapid conversion of the socio-economic structure and refining the quality of life of women and men comprising children and youths of which sensitization of the community at huge for the objective of realizing effective execution of these procedures was accorded high importance. A steady political scenario is one where the dominant management is being preferred by the population and thereby does not experience solid pointers of societal disturbance (Aisen & Veiga, 2013). The connection between financial development and stability denotes to the method in which the governmental constancy of a country can lead to its economic development. The shared denominator and the utmost noticeable connection amongst financial progress and constancy is the fact that a constant situation nurtures economic development. However, the insecurity related with an unbalanced political atmosphere may decrease savings and the rapidity of economic growth. In other words, a political unstable situation generally means that the administration is exploiting or mishandling the resources of the country or the assets of the firm are not being used to their optimum capability or in an approach whereby economic expansion could be exploited. The more will be the foreign direct investments the more it will lead to expansion and growth but unbalanced political environment lowers down the foreign direct investment and thereby the chances of evolution. The lack of constancy in the economy will lead to lower travelers, lower savings and a lower amount of incomes. An unstable government would not be able to undertake the alterations, which would improve the productivity and efficiency in the long run (Hart & Spero, 2013). Furthermore, the political variability, unpredictable economic policies and insufficient economic procedures and inadequate trained employees for hi-tech industry have discouraged foreign shareholders in thepast. Only a stable government can resolve the issues in order to make the nation attractive for foreign investment. In addition, the constancy and probability in economic procedures and political stability are requirements for attracting FDI (Masry, 2015). Political stability is being considered as a positive reflection to alleviate economic variations and applying of democracy guidelines being the major element for economic growth.
Based upon the previous literature analysis, it has been noticed, that the researchers had focused upon various aspects associated with the impact on the economic stability of a country. hence, under such circumstances, political analysis is not given much importance, due to the presence of different human perceptions on that topic. This has stood as a major research gap in the literature, over the years. Hence, this paper would focus on analyzing the impact of only political conditions of a country over its economic stability.
Based upon the research gap, the associated hypothesis that could be illustrated is as follows:
H0: political instability has a negative relation on economic stability
H1: political instability has a positive relation on economic stability
Research methodology helps in representing the outline of the essentials of the complete investigation. It thereby involves research method, research design as well as the data gathering process for the specific research study (Neuman, 2013). The methodology is being assumed to be appropriate for achieving the research goals and objectives. The objective of conducting the research is to determine the reaction to the research questions. The researcher has selected qualitative method for analysis of the data.
In this research study, the researcher will be using secondary data for investigating about the relationship between the economic progress and political stability. In addition, the researcher has concentrated on collection of secondary data so that the research objectives can be accomplished. Furthermore, the researcher plans to recognize the reasons for the deeply connection between the political constancy and economic development. In addition, the secondary data can be gathered from journals, books, trusted websites, academic papers and newspaper articles etc. The researcher would use qualitative research because this research would help them in enhancing the quality of the information (Taylor, Bogdan & DeVault, 2015). Additionally, the researcher has found this research as analytical as he or she has to use the facts and information that are already accessible. The researchers generally conduct the research on the basis of diverse types of research philosophies like realism, positivism, interpretivism and pragmatism. In this case, the researcher will be using the positivist research as its emphasizes its focus on the significance of carrying out a qualitative research so that these can be tested for applicability and thereby the final outcomes of the data analysis procedure can be compared with the information specified in the literature review (Lewis, 2015). The researcher has preferred qualitative data because it will help them to gain adequate knowledge regarding the political stability and economic growth and thereby will also benefit the researcher to achieve the research goals and objectives.
The qualitative research that has been selected for this research study is also associated with several limitations. The quality of the information which is being collected in qualitative research is highly independent (Silverman, 2016). This is where the private nature of information gathering in qualitative research can also be a negative constituent of the procedure. In addition, having individual viewpoints and comprising instinctive decisions can rather lead to unbelievably comprehensive information. It can further lead to information that is widespread or even erroneous because of its belief on investigator subjectivisms (Smith, 2015). Furthermore, data inflexibility is more difficult to measure and validate in case of qualitative research. In regard, since the perceptions of the individuals are often the substance of the information that is being gathered in qualitative research, it is thereby more challenging to prove that there is inflexibility in the information that is shared (Ritchie, Lewis, Nicholls & Ormston, 2013).
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Conclusion
The economic development and political stability are interconnected and thereby it has major effects on the economic growth of the country. It has been observed that by political stability, one tries to realize the position or the state where public can collaborate effortlessly and quickly by following the rules and legislations. It can also be said that political stability is most important for financial policy producing, mostly for implementation of long-term policies that are extremely imperative for socio-economic development. It has also been observed that the researcher will be using qualitative data for carrying out the research procedure smoothly and effectively without any hassle. In addition, the qualitative research can help the researcher in gaining sufficient knowledge regarding the connection between the political constancy and economic development of the country.
References
Aisen, A., & Veiga, F. J. (2013). How does political instability affect economic growth? European Journal of Political Economy, 29, 151-167.
Caselli, F., & Tesei, A. (2016). Resource windfalls, political regimes, and political stability. Review of Economics and Statistics, 98(3), 573-590.
Cox, G. W., & Weingast, B. R. (2018). Executive Constraint, Political Stability, and Economic Growth. Comparative Political Studies, 51(3), 279-303.
Fatas, A., & Mihov, I. (2013). Policy volatility, institutions, and economic growth. Review of Economics and Statistics, 95(2), 362-376.
Hart, J. A., & Spero, J. E. (2013). The politics of international economic relations. Abingdon, Oxfordshire: Routledge.
Lewis, S. (2015). Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), 473-475.
Lewis, W. A. (2013). Theory of economic growth. Abingdon, Oxfordshire: Routledge.
Macatta, M. (2017). Political Stability and Economic Development are deeply connected. Retrieved from https://www.ippmedia.com/en/features/political-stability-and-economic-development-are-deeply-interconnected
Masry, M. (2015). The role of political stability in achieving economic development. Journal of Economics and Sustainable Development, 6(16).
Neuman, W. L. (2013). Social research methods: Qualitative and quantitative approaches. London, United Kingdom: Pearson education.
Nur-Tegin, K., & Czap, H. J. (2012). Corruption: Democracy, autocracy, and political stability. Economic Analysis and Policy, 42(1), 51-66.
Ritchie, J., Lewis, J., Nicholls, C. M., & Ormston, R. (Eds.). (2013). Qualitative research practice: A guide for social science students and researchers. California, United States: Sage.
Silverman, D. (Ed.). (2016). Qualitative research. California, United States: Sage.
Smith, J. A. (Ed.). (2015). Qualitative psychology: A practical guide to research methods. California, United States: Sage.
Taylor, S. J., Bogdan, R., & DeVault, M. (2015). Introduction to qualitative research methods: A guidebook and resource. New Jersey, United States: John Wiley & Sons.
The Sunday Times. (2018). Political stability vital for governance and development. Retrieved from https://www.sundaytimes.lk/150816/columns/political-stability-vital-for-governance-and-development-160663.html
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