The relationship between economic globalization, political stability and economic growth in BRICS countries

Economy and politics are concepts that constantly affect each other. In analyzing the economic processes of a country, it is significant to consider the political conjuncture of the country. In this context, evaluation of the relations between economic growth, economic globalization and political stability is included in the scope of the purpose of the thesis. The reason why the mentioned relations are evaluated over the BRICS countries is that these countries, which are expressed as emerging markets, are considered to have a shaping effect on the world economies as a global power. In addition, the fact that the reasons underlying the rapid economic growth success of the BRICS countries are guiding for other developing countries has also been effective in selecting these countries for analysis. In this study, the relationship between economic growth, economic globalization and political stability in BRICS countries has been observed using variables such as, the Polity2 index (in the light of the definition of democratic political stability), which expresses the grading of regimes between -10 (autocracy) and +10 (democracy) between 1970 and 2018, the KOFEcGI index expressing economic globalization and the GDP growth rate and GDP per capita. Observation results differ according to countries and variables. As a result of the observations made in the BRICS countries, it has been observed that democratic political stability (measured using the polity2 index) has a positive effect on the economic performance of countries except for China. It has been observed that there is a parallel relationship between economic globalization and economic performance (GDP per capita) and that the relationship between democratic political stability, economic growth and economic globalization varies according to countries. Finally, it has been observed that there is a parallel relationship between economic globalization and economic growth, and the economic globalization process has a positive effect on growth.