Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

2 pointsyonibot2y ago5 comments

Economic theory is pretty confident that lowering interest rates only fans the flames of inflation - so why have the Turkish people re-elected Erdogan, who has made it clear that he will continue his policy of lowering interest rates even further?

I know that Erdogan is a strongman leader and that government propaganda is on his side - but as far as I’m aware, Turkey still has free access to the Internet. So why has reason not prevailed? Did he just squash the reputation of his opponent Kilicdaroglu?

5 comments

hunglee22y ago

Erdogan's party has 11 million members, about 1/8th of the whole population, dwarfing the competition. It's a formidable vote generating machine, never surprising for Erdogan win it, its the default setting under the current set up

goodguysstick2y ago

Because Erdogan is the best, just ask anybody! Vote Erdogan! Vote Often!

NickC252y ago

Religious conservatives and right wing nationalists re-elected Erdogan.

Also, given the fragile nature of Turkey's geopolitical importance (and the fact that they are part of NATO), foreign actors probably all figured the status quo was better than an unknown, and thus he got re-elected.

yonibotOP2y ago

The foreign actor point is a good one. But I’m still confused as to why right wing nationalists would not have gotten the information from the internet that Erdogan’s policies are destroying their economy. Is his voter base largely less educated?

Finnucane2y ago

It's the homeopathic theory of economics.

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